The Ministry of Economy and Finance’s Accounting and Auditing Regulator (ACAR) on September 13 reiterated a call for business owners to fully honour their accounting and auditing obligations.
The call was made at a virtual meeting on cooperation between the ACAR and the Logistics Business Association (Loba) to demand the fulfilment of accounting and auditing obligations.
ACAR director-general Bou Tharin, who chaired the meeting, underscored the importance of the private sector’s compliance with applicable laws and regulations related to accounting and auditing.
“Enterprises have to meet three fundamental obligations: hold accounts, prepare financial statements in accordance with applicable standards, and submit financial statements for an independent audit,” he said.
Loba president Chea Chandara, who attended the meeting, told The Post on September 14 that the association is committed to doing its part and advise members, and other enterprises, on how to prepare accurate accounting reports in accordance with the standards.
He said the ACAR requires Loba members, as well as other business owners, to conduct audits in accordance with the Law on Accounting and Auditing (LAA).
“The association has a duty to disseminate information related by the accounting and auditing regulators to a wide range of enterprises, through the organisation of more training courses for enterprises and other businesses to understand in depth,” he said.
The meeting agreed in principle to establish a mechanism for cooperation to promote the fulfilment of the obligations required by the LAA and related regulations, which includes dissemination and training among Loba members.
The ACAR is the unit under the Non-Banking Financial Services Authority (NBFSA) tasked with designing, applying and enforcing a framework of laws, regulations and standards governing the accounting and auditing profession in the Kingdom.
Prime Minister Hun Sen on July 14 signed a sub-decree on the organisation and functions of units under the auspices of the NBFSA, in a move widely-believed to spur further progress and improvement in the non-banking financial services sector.