Xinhua
Foreign accountants and auditors will be no longer allowed to certify financial statements from 2014, said a senior finance official on Monday.
"Even if the mutual agreement between Cambodia and other countries has not been implemented, the foreign professional accountants and auditors are welcomed and allowed to freely practicing their profession in Cambodia," Ngy Tayi, Secretary of State for the Ministry of Economy and Finance and Chairman of the National Accounting Council, said on Monday at the National Conference on Accounting "Accountants for Business: Changing Roles for Accountants" in Phnom Penh.
Today, there are 31 accounting and auditing firms operating and practicing their service in Cambodia, however, "from 2014, only Cambodian accountants and auditors will be allowed to certify on company's financial statements", he said.
"This is our challenges, especially, when securities and exchange markets are placed into operations in mid 2011," he said.
He said that accountant is an important element of economic activities for both companies and regulators, however, Cambodia is far short of these human resources.
"Until today, we have about 46 Association of Chartered Certified Accountants (ACCA) students and 76 Certified Accountants Technician (CAT) students graduated," he said. "We expect that another about 100 candidates will be graduated by the end of this year."
He said that Cambodia also has huge university graduates but their quality is limited.
"Even if the mutual agreement between Cambodia and other countries has not been implemented, the foreign professional accountants and auditors are welcomed and allowed to freely practicing their profession in Cambodia," Ngy Tayi, Secretary of State for the Ministry of Economy and Finance and Chairman of the National Accounting Council, said on Monday at the National Conference on Accounting "Accountants for Business: Changing Roles for Accountants" in Phnom Penh.
Today, there are 31 accounting and auditing firms operating and practicing their service in Cambodia, however, "from 2014, only Cambodian accountants and auditors will be allowed to certify on company's financial statements", he said.
"This is our challenges, especially, when securities and exchange markets are placed into operations in mid 2011," he said.
He said that accountant is an important element of economic activities for both companies and regulators, however, Cambodia is far short of these human resources.
"Until today, we have about 46 Association of Chartered Certified Accountants (ACCA) students and 76 Certified Accountants Technician (CAT) students graduated," he said. "We expect that another about 100 candidates will be graduated by the end of this year."
He said that Cambodia also has huge university graduates but their quality is limited.
5 comments:
maybe that's for a good reason because foreign company can encourage corruption. anti-corruption law can dictate to them to stop doing so for their own good, really!
cambodia changed a lot, really! get used to new law, etc; be educated, please! nothing is the same anymore in my country cambodia, ok!
CPP new laws are to protect and evade corruption from foreign accountants and audits this way only CPP are doing their own accounting nobody can say or know anything to the world most corrupted government.
Those pesky foreign accountants must have given the CPP and their business cronies such aweful headaches, that the CPP decides not to let them practise anymore. If reports and financial figures are rubbery now, wait until everything is done inhouse by the CPP and their approved accountants. Corruption will plum new depths.
Goodnes can those monkies know how to say anything right befor they start doing something by their own????
You motherfucker not a communist country any more! Why instead of saying not allow tom pratice just say you motherfucker not reconize their signature!!!!!
Auditor have no resposible like medical doctor or inginure that can cause accident to mpeople!
Do you fucking know waht auditor all about!??????
Can company hire private foreigne auditor for the internal controle???
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