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:
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:
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:
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:
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/ANA 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:
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.
