Best Accounting & Auditing Lawyers in Cambodia

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Davies SM Attorneys-at-Law

Davies SM Attorneys-at-Law

Phnom Penh, Cambodia

Founded in 2022
10 people in their team
ABOUT OUR FIRMAt Davies SM Attorneys-at-Law, we are committed to delivering high-quality, affordable legal services.Registered with the Bar...
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About Accounting & Auditing Law in Cambodia

Accounting and auditing in Cambodia are governed by a combination of laws, regulations, and standards designed to ensure accuracy, reliability, and transparency in financial reporting. The Cambodian law mandates that companies maintain proper accounting records, which reflect the true financial position of the company. Auditing is a requirement for certain types of companies, particularly those that are publicly listed, to provide assurance that their financial statements are free from material misstatement. The practice is regulated by the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA) and is guided by the International Financial Reporting Standards (IFRS), with adaptations to fit the local context.

Why You May Need a Lawyer

You may require legal help in accounting and auditing for various reasons, including setting up a new business, ensuring compliance with local financial reporting requirements, dealing with taxation matters, resolving disputes over financial transactions, or responding to a government audit. Additionally, legal counsel can be invaluable if you are subjected to a financial investigation or need guidance on implementing internal controls and compliance programs to mitigate financial risks.

Local Laws Overview

The key aspects of local laws in Cambodia relevant to accounting and auditing include the Law on Corporate Accounts, Their Audit, and Accounting Professions, which outlines the responsibilities of companies regarding their financial record-keeping and reporting. The law also establishes auditing requirements and regulates the accounting profession. In addition, there are various regulations regarding taxation, such as the Law on Taxation, which dictates tax obligations for individuals and businesses and requires accurate financial reporting for tax assessment purposes.

Frequently Asked Questions

What financial records must a company in Cambodia keep?

Companies in Cambodia are required to maintain accurate and complete accounting records that reflect all business transactions and are to be kept for at least ten years.

Are companies required to have their financial statements audited in Cambodia?

Yes, specific categories of companies, such as public limited companies, subsidiaries of foreign corporations, and large private companies, are required to have their financial statements audited annually.

What accounting standards are used in Cambodia?

Cambodia has adopted the International Financial Reporting Standards (IFRS), with certain modifications to suit the Cambodian context.

Who can perform audits in Cambodia?

Audits must be conducted by auditors registered with the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA).

Is it mandatory for accounting professionals to have a license in Cambodia?

Yes, accounting professionals need to be licensed by the KICPAA to practice in Cambodia.

What penalties exist for non-compliance with accounting laws in Cambodia?

Penalties for non-compliance can include fines, prohibition from conducting business, or even criminal charges depending on the severity of the offense.

Can a foreign company conduct accounting and auditing in Cambodia?

A foreign company can provide accounting and auditing services in Cambodia, but it must comply with local regulations and use auditors registered with the KICPAA.

What role does the government play in auditing companies?

The government, through its relevant bodies, may audit companies to ensure compliance with taxation and other financial regulations.

How often should financial audits be conducted in Cambodia?

Financial audits are typically conducted annually, as required by law for applicable companies.

Are there any exceptions to public disclosure of audited financial statements?

Generally, public limited companies must disclose their audited financial statements, although there might be some exceptions for sensitive information or certain small enterprises.

Additional Resources

For those seeking legal advice in accounting and auditing in Cambodia, resources like the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA), the Ministry of Economy and Finance, and the General Department of Taxation can be useful for guidance and compliance information. Additionally, consulting firms and legal experts specializing in Cambodian financial law can provide assistance tailored to specific business requirements.

Next Steps

If you need legal assistance in accounting and auditing, consider taking the following steps: identify the specific areas where you require help, seek recommendations for a reputable lawyer or consultancy firm specialized in Cambodian accounting law, and schedule a consultation to discuss your situation in detail. Ensure you have all necessary financial documentation available to allow for comprehensive advice.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.