Ministerial Decision No. 195-3 of 2024 On Adopting Professional Standards for Practising the Accounting and Auditing Profession

Minister of Economy:
- Having reviewed Federal Law No. 1 of 1972 on the Competencies of Ministries and the Powers of Ministers and the amendments thereof,
- Cabinet Decision No. 40 of 2023 on the Organisational Structure of the Ministry of Economy,
- Federal Decree-Law No. 41 of 2023 on the Regulation of the Accounting and Auditing Profession,
- Ministerial Decision No. 403 of 2015 on International Standards for the Auditing Profession,
- Based on the presentation of the Undersecretary of the Ministry,

has decided:

Article 1 – Definitions

The same definitions contained in Federal Decree-Law No. 41 of 2023 referred to herein shall apply to this Decision, unless the context requires otherwise.

Article 2 – Built-in Criteria

For the purposes of practising the profession, the Accounting Office and the Chartered Accountant shall, in accordance with the requirements of the contracted works, and in a manner consistent with the provisions of the Decree-Law and the decisions issued in implementation thereof, apply the provisions of the following standards:

1. Standar...