EGYPT: EGX not responsible to review or audit financial statements of listed companies

Wednesday May 21 2014

EGX has issued a statement expressing that its authority is not to audit the financial statements, as this is the responsibility of the auditors of the company first and the shareholders who vote in the general assemblies to adopt the financial statements and finally the administrative body that owns the company.

EGX address all the parties to revise the laws and regulations that clearly states the authority of the Egyptian Exchange before throwing responsibility. Please refer to the Capital Market Law No. 95 of 1992 and Law of shareholder Firms No. 159 of 1981 as well as the Presidential Decree No. 191 of 2009, which clear governing the management of the Egyptian Stock Exchange and its financial affairs. Laws and decrees mentioned clearly shows the limits of the duties and responsibilities of the Egyptian Stock Exchange. EGX cannot overcome respected powers, duties and responsibilities of the other parties of their respective.

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