The Mirror, Vol. 11, No. 520
“Phnom Penh: On 7 August a press conference was held at the National Accounting Council of the Ministry of Economy and Finance to publicize the announcement of the Ministry of Economy and Finance requiring all kinds of enterprises – whether owned by Khmers or by foreigners – to submit their financial reports to independent auditors for auditing according to the law. Such audits can be performed only by registered auditors whose name is on the list of auditing professional at the Institute of Accounting and at the National Audit Authority of Cambodia.
“The announcement publicized in the press conference Provision 1 in accordance with article 16 of the law on enterprise accounting, on the auditing of enterprise accounting, and on accounting professionals. This auditing requirement will at first be applied on enterprises which have an annual turnover of Riel 3 billion [approx. US$750,000] and up, secondly it is for enterprises which have total assets of Riel 2 billion [approx. US$500,000] or more in the year of auditing, and thirdly it is for enterprises which have 100 or more employees.
“Provision 5 states that all enterprises can propose to the Ministry of Economy and Finance reasons requesting exceptions, for example, first when the arrangements for their financial reports are not made according to Cambodian accounting standards, and secondly, not to be audited by an independent auditor, if an enterprise did not have trading activities for more than 12 months after the completion of an audit during the previous year.
“The press conference was chaired by Mr. Ngy Tayi, undersecretary of state of the Ministry of Economy and Finance. Mr. Ngy Tayi said that this announcement is the first step to define the obligations of about 400 companies which have to submit financial reports for auditing. However, in future, the National Accounting Council will further define qualifications and criteria in order to oblige more companies to undergo auditing.” Koh Santepheap, Vol.40, #6112, 8.8.2007
Newspapers Appearing on the Newsstand:
Wednesday, 8 August 2007
Areyathor, Vol.14, #1259, 8-9.8.2007
- [About 12] Doctors from Ho Chi Minh City Come to Give Treatment to Cambodian Citizens in Phnom Penh [free of charge]
Deum Ampil, Vol.2, #30, 8-14.8.2007
- Ministry [of Interior] Economic Police Secretly Set Up Checkpoint on National Road 5 [Kompong Chhnang – Phnom Penh] to Extort Money from Trucks Transporting Wood
- World Bank President [Robert Zoellick] Calls on Cambodia to Fight Corruption and Conduct Good Governance
Kampuchea Thmey, Vol.6, #1412, 8.8.2007
- Drunken Man Uses Unexploded Mortar Shell to Frighten People throughout Village [he is arrested – Angk Snuol, Kandal]
- Bangladesh Calls for Flood Relief
Khmer Amatak, Vol.5, #288, 8-9.8.2007
- Nov Sovathero [Funcinpec spokesperson]: Door Is Still Open for Samdech Krom Preah
Koh Santepheap, Vol.40, #6112, 8.8.2007
- Ministry of Economy and Finance Announces that About 400 Companies Will Have to Undergo Audit
Rasmei Kampuchea, Vol.15, #43567 8.8.2007
- Government Provided already Policy for Ing Holding Company to Construct Satellite City at Tumpun Lake and Choeung Ek Lake [on an area of 2,572 hectares in Dangkao and Meanchey districts, Phnom Penh]
- Laotian President [Choummaly Sayasone] Discusses Border Issue with Cambodian Leaders
