Egypt's newly elected parliament formed a committee at the end of Sunday's session to investigate the allegations by Egypt's top auditor Hisham Geneina that state corruption led to the loss of LE600 billion from 2012 to 2015.

The parliament committee will start its investigation into Geneina's statements after the House approves the laws passed in the absence of parliament.

Geneina is chairman of the Central Auditing Agency (CAA), which acts as the country's main watchdog on public authorities. The CAA has been under the purview of the president of the republic since 1996.

Last week, a large number of MPs affiliated with the Support Egypt coalition requested parliament's speaker Ali Abdel-Al to entrust a parliamentary fact-finding committee with opening an investigation into Geneina's statement.

Abdel-Al said that the findings of the committee, which accused Geneina of "deliberately defaming state authorities," will be reviewed by all 596 MPs.

The committee says that the claims are "misleading, exaggerated and lacking credibility."

However, Geneina stood his ground following the committee's accusation, insisting that he can support all his statements with evidence.

The report said that the committee – which consists of a number of officials from the justice, planning, finance and interior ministries – had contacted Geneina on 27 December to verify his statements before he sent the study he prepared through CAO based on which he released his statement to the committee.

The study was undated, according to committee's report, although Geneina says it covers the period from 2012 to 2015. However, the committee said his statements were about incidents that took place over the course of 10 years.