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Accounting and Auditing in Tangerang, Indonesia are governed by the laws enacted by the Indonesian government and regulated by the Indonesian Financial Services Authority (OJK). The legal framework ensures an efficient and transparent financial system, with the aim of enhancing public trust and orderliness of accounting and auditing practices.
A lawyer is essential when facing complex issues related to the interpretation of accountancy and audit laws, tax complications, potential litigation, fraud investigations or when your company is subject to an audit. In addition, a lawyer can effectively navigate regulatory compliances, mergers, and acquisitions, manage contracts, and guide on corporate governance. If you are a multinational company operating in Tangerang, legal advice is crucial to comply with the Indonesian business atmosphere.
Accounting and auditing laws in Tangerang are harmonized with the Indonesian regulations set forth by the OJK and Indonesia's Ministry of Finance. The regulations require companies to prepare and present their financial statements in accordance with the Indonesian Financial Accounting Standards (IFAS). OJK Regulation No. 15/POJK.03/2020 obligates an external audit for financial services institutions. Moreover, Indonesia adopted the Code of Conduct in line with IFAC’s guidelines for auditing ethics.
Yes, companies in Tangerang, as with the rest of Indonesia, must adhere to the Indonesian Financial Accounting Standards (IFAS).
If your business falls under the category of a financial services institution, according to OJK Regulation No. 15/POJK.03/2020, an external audit is mandatory.
While it's possible, it's not advisable. Non-compliance can lead to significant legal issues, fines or business closure.
Generally, Indonesian law requires companies to conduct audits annually. However, the frequency may be increased due to regulatory issues or internal company policies.
Noncompliance can attract sanctions from regulatory bodies, including penalties and potential withdrawal of license.
For further advice, you can refer to the Indonesian Financial Services Authority (OJK), the Ministry of Finance in Indonesia, and the Indonesian Institute Of Certified Public Accountants which oversee compliance and enforce accounting and auditing Standards in Indonesia.
If you require legal assistance in accounting and auditing, you should seek advice from legal experts specializing in Indonesian business law. Additionally, a partnership with an experienced local accountant and auditing firm can be productive, as they comprehend the ins and outs of the regulatory landscape and can ensure the company stays in compliance with the latest regulations.
