Ashraf El-Sharkawy, head of the Egyptian Financial Supervisory Authority (EFSA), has denied that he has been nominated to succeed Gawdat El-Malt as head of the Central Auditing Agency (CAO).

El-Sharkawy told Egypt’s MENA state news agency he had received no call from the authority regarding the CAO post but that he would be honoured to serve in any position to which he has appointed.

The CAO is currently without a head after the government failed to assign a replacement for Gawdat El-Malt, whose controversial mandate ended last Sunday.

The CAO supervises the management of public sector companies and government departments. 

With the top post vacant, the CAO is unable to properly perform its functions, as the head’s approval is required on periodic reports as well as those requested by the prosecutor general and other investigatory bodies such as the Illicit Profiteering Authority.

Initial rumours that El-Malt’s mandate would be extended by four months met dissent from CAO employees and other political groups who have accused him of corrupt practices and gathered in front of the authority’s Cairo headquarters last Sunday to protest.

El-Malt has not been reappointed, nor has a replacement yet been named.

The head of the CAO is appointed by the Egyptian president, whose duties are now performed by the Supreme Council for Armed Forces (SCAF). 

The paralysis of the CAO, which monitors financial and business irregularities, is especially worrying to many given Egypt's post-Mubarak pledged to rid itself of corruption.