All of the corporations in Cambodia including private, listed or foreign companies have the liability to receive the financial audit in Cambodia if they satisfy the two conditions of three as follows. And they also have to submit the financial statements of accounting years to registered independent auditors.
- The yearly sales across 750,000 dollars
- The average value of assets in the audit year across 500,000 dollars
- The average employees in the audit year across 100 people
The Cambodian Standards of Auditing (CSA) are as follows:
- Objective and General Principles Governing and Audit of Financial Statements
- Term of Audit Engagements
- Fraud and Error
- Audit Materiality
- Audit Evidence
- Subsequent Events
- Going Concern
- The Auditor’s Report on Financial Statements
Related to the CSA, the followings are the Cambodian Accounting Standards (CAS).
- Presentation of Financial Statements
- Cash Flow Statements
- Accounting Policies, Changes in Accounting Estimates and Errors
- Events After the Balance Sheet Date
- Construction Contracts
- Income Taxes
- Property, Plant and Equipment
- The effects of Changes in Foreign Currency Rates
- Borrowing Costs
- Related Part Disclosures
- Consolidated and Separate Financial Statements
- Provisions, Contingent Liabilities and Contingent Asset
- Intangible Assets
- Investment Property
The laws that related to accounting and audit are Law on Corporate Accounting, Audit and Accounting Profession, Sub-Decree on the Kampuchea Institute of Certified Public Accountants and Auditors and Sub-Decree on the Functioning of the National Accounting Council.
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