Setting-up accountancy practice. In Indonesia, according to Law No. 5 of 2011, the provision of public accountant services require license from the MOF. The CPA practice can take the following forms:
a. individual;
Setting-up accountancy practice. Individual Public practice is governed by the Act, the Rules and the By-Laws (On Professional Ethics, Conduct and Practice) of MIA. Under the Act, the person must be a member of the MIA, and is prohibited from public practice through a body corporate save where this is allowed by other statutes for limited areas of public practice, namely tax. Only members registered as Chartered Accountants with valid practicing certificate can describe and hold themselves out as Chartered Accountants in public practice and are able to set up firms providing public practice services. Members in public practice may carry out public practice services such as accounting, audit, liquidation, tax and other related services. However, the practice of audit, liquidation and tax are licensed under other legislation i.e. the Companies Act, the Bankruptcy Act and the Income Tax Act. Members also have to have their principal or only place of residence in Malaysia to be in public practice in Malaysia. Members who wish to set up a practice must first obtain the approval of the MIA on the use of the firm's name. It should not be a trade or association name. To be an auditor a member must be in possession of an audit approval granted by the MOF, pursuant to the Companies Act 1965. The requirements for applying audit approval are as follows:
a. Must be a member of the MIA under the Chartered Accountant category;
b. Must hold valid practicing certificate issued by MIA;
c. Must have attended the Public Practice Programme organized by XXX;
d. Must possess five years accumulative working experience which can be either Pre & Post MIA membership but:
i. At least one year after being MIA member;
ii. At least three years out of five years’ experience must be in audit;
iii. One year (out of above three years) in audit supervisory role. Supervisory experience is consider as ‘taking responsibility for managing an audit, which includes consulting with the audit partner on forming an opinion on the financial reports and being involved in the planning of the audit’. The member must commence public practice within six months from the date of issuance of the practicing certificate and shall practice on a full time basis. The member issued with a practicing certificate but is unable to commence practice within the 6 months is to return the practicing certificate to the Institute immediately upon the expiry of the period. The certificate will be renewed automatically on a year to year basis for a period of...
Setting-up accountancy practice. No person shall act as an auditor without holding a Certificate of Practice as a Practicing Accountant. Any CPA who wishes to practice accountancy as a profession must apply to the MAC for enrolment on the register of Practicing Accountants. In order to register as Practicing Accountant, the person shall be the CPA. Under this law, only the citizens of the Union of Myanmar who hold the Certificates of Practice are allowed to practice Professional Auditing. Currently, MAC registers individuals Practising Accountants and the existing law does not allow registration of Accounting/ Auditing Firm. Public Accountant firm Business organisations such as partnership firms, and limited companies, which are formed in Myanmar, shall register at the Company Administration Department of the Directorate of Investment and Company Administration. The rights and obligations of a partnership firm are governed by the partnership agreement and the Partnership Act of 1932. Registration of a partnership firm is optional. However, if registered, it shall have the right to sue and to be sued. Registration of limited companies is compulsory. The governing laws for the limited companies are the Myanmar Companies Act 1914; Special Company Act 1950; Myanmar Companies (Amendment) Act 1955 and Myanmar Companies Regulations 1957. Limited companies are classified into Myanmar companies, foreign companies and joint venture companies. Foreign companies are required to apply for a permit, before registration, under section 27A of the Myanmar Companies Act. A joint venture with the participation of the State capital shall be registered under the 1950 Special Company Act and the Myanmar Companies Act.
Setting-up accountancy practice. Under the law, the practice of accountancy shall include, but not limited to, the following:
Setting-up accountancy practice. Public Accounting Firm Only a public accountant may apply to set up a public accounting firm to provide his public accountancy services to the public. The following requirements will be necessary:
a. one of the primary objects of the proposed firm must be to provide public accountancy services (audit and reporting on financial statements that are required by any written law to be done by a public accountant);
b. if the public accounting firm is a partnership, at least two-thirds of the partners in the firm must be public accountants. For partnership with only two partners, one of them must be a public accountant; and
c. the business of the partnership, as far as it relates to the supply of public accountancy services in Singapore will be under the control and management of one or more partners who are public accountants ordinarily resident in Singapore. Public Accounting Corporation Only a public accountant may apply to set up a public accounting corporation to provide his public accountancy services to the public. A public accounting corporation, apart from being registered under the Accountants Act, is also registered as a company under the Companies Act. The requirements for the approval of accounting corporations in the Accountants Act are as follows:
a. one of the primary objects of the company or proposed company is to provide public accountancy services;
b. the share capital of the company or proposed company that is paid up or to be paid up is not less than $50,000 or such other sum as may be prescribed;
c. the articles of association of the company or proposed company provide that-
i. not less than two-thirds, or such other proportion as may be prescribed, of the directors (including the chairman) shall be public accountants, or if the company or proposed company has only one director, that that director shall be a public accountant;
ii. or if the company or proposed company has only 2 directors, that one of those directors shall be a public accountant;
iii. not less than two-thirds, or such other proportion as may be prescribed, of the voting shares of the company or proposed company shall be owned by corporate practitioners; and
iv. only natural persons may own any shares of the company or proposed company;
d. the business of the company or proposed company, so far as it relates to the provision of public accountancy services in Singapore, will be under the control and management of one or more directors of the company who are public accountants...
Setting-up accountancy practice. PA may practice as an individual or through a company, LLP or a partnership, which may be registered at the Registrar of Companies and Business Names (ROCBN), under the MOF. Unless otherwise provided for, an accounting corporation must meet the following criteria:
a. having a paid the share capital of not less than B$20,000;
b. not less than 2/3 (including the chairman) shall be PA, (but (i) if the company or proposed company has only one director, that director shall be a PA; (ii) if the company or proposed company has only 2 directors, one of those directors shall be a PA;
c. not less than 2/3 of the voting shares of the company or proposed company shall be owned by corporate practitioners, who is generally a licenced auditor;
d. only individuals may own any shares of the company or proposed company;
e. the company or proposed company is or will be covered by professional indemnity insurance, whichever is the higher B$250,000; a sum equal to the total of B$150,000 for every corporate practitioner in the accounting corporation or accounting LLP; or where applicable, a sum equal to two and ½ times the gross income of the accounting corporation or accounting LLP in the last completed financial year of the accounting corporation or accounting LLP, subject to a maximum of B$10,000,000. To set up an accounting firm, the organisation must meet the following criteria:
a. at least 2/3 of the partners are PAs, or if the partnership has only 2 partners, one of those partners is a PA; and
b. the business of the partnership, so far as it relates to the supply of public accountancy services in Brunei Darussalam, will be under the control and management of one or more partners who are PA ordinarily resident in Brunei Darussalam. Unless otherwise provided by the law, an LLP must comply with the following criteria:
a. the paid-up capital of the LLP is not less than B$20,000;
b. at 2/3 of the partners are PA or, if the partnership has only 2 partners, one of those partners is ordinarily resident in Brunei Darussalam;
c. the accounting LLP or proposed accounting LLP shall be covered by professional indemnity insurance (requirements are similar to Accounting Corporation as mentioned above); and
d. the business of the accounting LLP, so far as it relates to the supply of public accountancy services in Brunei Darussalam, will be under the control and management of one or more partners who are ordinarily resident in Brunei Darussalam. Practitioners are allowed to use internati...
Setting-up accountancy practice. Under the Accounting Law, accounting consultants and accounting experts are allowed to provide advice on accounting, to set up accounting system, to maintain book-keeping, to conduct follow-up, analysis, evaluation and problems solving in accounting of the accounting entity (the budget, technical and administrative entities, public funds, enterprises and not-for- profit organizations who are subjected to the obligation of book-keeping). Under the Audit Law (No: 05/NA 2007), independent auditor is an accounting consultant or accounting expert who conducts audit mission and has been registered on the list of members of LICPA and on the registry of the company under the terms of the Enterprise and Tax Laws.
Setting-up accountancy practice. In order to perform accounting and auditing profession in Cambodia, registered active member firms should get a formal authorization from the NAC and must be on the list of CPA at KICPAA. Although foreign nationals may offer services as CPA, up to 31 December 2014, only qualified members of KICPAA, who are Cambodian citizens, can provide audit services, after which the Government will decide whether to allow foreign auditors to provide audit services. A KICPAA Active Member is allowed to sign the audit report as an approved auditor. An approved auditor is a person who in his own name and under his own responsibility certifies the true and fair presentation of the accounts of natural and legal persons which have entrusted him with this engagement as a result of regulatory provisions in force or a contractual agreement. To register as a Statutory Auditor with KICPAA an applicant will have to comply with the same requirement as the registration of a CPA. A new law is being drafted to require all auditors to obtain relevant audit license from NAC before being allowed to sign audit reports. CPAs are allowed to incorporate partnership or corporate entity to practice their profession. Firms providing audit services are required to register their business with the Council for The Development of Cambodia/ Cambodian Investment Board. A partnership must meet the following conditions:
a. majority of the partners are active member of the KICPAA, and
b. it is authorised to practice the profession of public accountants by KICPAA; A corporate entity must comply with the following requirement:
a. its object is to practice the profession of CPA;
b. majority of the partners are CPA and hold majority of the share capital;
c. the chairman, executive director, managers and delegated officers form among the partners are members of KICPAA;
d. it is not, directly or indirectly, under the control of any person or group of enterprises whose corporate purpose is not related to accountancy;
e. it does not hold, directly or indirectly, any financial share in industrial, commercial, agricultural or civil society businesses except for firms whose corporate purpose is related to accountancy; and
f. it is authorised to practice the profession of public accountants and is on the list provided for in Article 9 of the Anukret referred to in Section 2 of KICPAA by-laws. In case of a share company, further conditions shall apply as follows:
a. it has the list of the partners and, the admission ...
Setting-up accountancy practice. An individual is authorised to sign the audit report and providing audit opinion only if the individual is a Certified Public Accountant (CPA) or if has been authorised by the competent authority to do so.
Setting-up accountancy practice. In Cambodia, active members of KICPAA may start up a firm to practice their profession. The conditions and requirement of sole proprietorship must be met as follow: Registered with Ministry of Commerce then submit the latest memorandum of article of association and certificate of incorporation to KICPAA Contact tax department to get VAT and Patent; then submit to KICPAA Owner must be active member of KICPAA The company is recognised as being authorised to practice the profession of public accountant by KICPAA The conditions and requirement of Partnership Company must be met as follow: Registered with Ministry of Commerce then submit the latest memorandum of article of association and certificate of incorporation to KICPAA; Contact tax department to get VAT and Patent; then submit to KICPAA The majority of partners are active members of KICPAA and hold majority of the share capital Chairman, executive director, managers or delegated officers shall be selected among the partners who are active member of KICPAA It is not directly or indirectly under the controlled of any person or group of enterprises whose company objective is not related to accounting; It does not directly or indirectly hold any financial share in industrial enterprises, commercial, agricultural or civil society businesses except for company whose objective related to accounting; In case of a share company, further conditions shall apply as follows: Has the list of the partners and the admission of any new partners shall be subject to prior authorisation from either the board of directors of the company or from the majority of the shareholders It conveys to the Governing Council of KICPAA the list of the partners as any change to such list, and retains this information similarly available to the public authorities and all concerned third parties.
