Audit & Assurance Services
Blue Chartered Accountants and Auditors Co., Ltd. is an accounting and auditing firm practiced and registered in Cambodia with the Ministry of Commerce in 2019. We are a member of KICPAA and a licensed accounting and auditing firm by ACAR and a professional tax agent licensed by GDT.
Our professional team has many years of working experience in national and international auditing and accounting firms where we had the opportunities to work with both local and international clients. Our team members also possess both local and international professional certificates including CPA and ACCA.
Our clients are located in Phnom Penh, and other provinces in Cambodia, and they operate in a variety of industries including:
- Event Management
- Hotel and Casino
- Imports and Exports
- Non-profit Organization
- Oil and Gas (reseller)
- Property Developers
- Special Economic Zone
- Software Development Services
Our Audit & Assurance Services Include
- Statutory audit
- Financial audit (CIFRS and CIFRS for SMEs)
- Review of financial statements and financial information
- Compilation of financial information
- Agreed-Upon procedures
Criteria to Have Financial Statements Audited by an Independence Auditor in Cambodia
Not all of the entities that operate in Cambodia, by law, are required to have their financial statements audited by an independent auditor.
Based on the Prakas no. 563 MEF. Prk, date, 25 May 2021, from the Ministry of Economy and Finance regarding the Obligation to Submit Financial Statements for Independent Audits, the criteria for submission of financial statements to audit by independent auditors are as the following:
- All Public Enterprises, Public Limited Enterprises, and Qualified Investment Projects (QIP) must submit their financial statements for an independent audit.
- Enterprises other than those listed in number 1 above and meet two of the three criteria below need to submit their financial statements for an independent audit.
- Annual turnover above KHR 4,000,000,000 (approximately USD 1,000,000).
- Total assets above KHR 3,000,000,000 (approximately USD 750,000).
- Total employees at least 100 employees.
Non-profit organizations with total annual expenses exceeding KHR 2 billion (Equivalent to USD 500,000) and having a total of at least 20 employees must submit their financial statements for an independent audit.
The entity that meets the above criteria should have its financial statements audited by an independent audit firm and submitted to ACAR no later than six months from the accounting closing date.
Fine For Not Submitting Financial Statements to ACAR and Independent Audit
Under Sub-decree No No. 79 អនក្រ.បរ, date 1 June 2020, article 4, large taxpayer enterprise fails, or delays in submitting the financial statements to ACAR is subjected to a provisional fine of KHR 2,000,000 (around USD 500) and failure to submit the financial statements for an independent audit shall subject to a provisional fine of KHR 20,000,000 (around USD 5,000).
For the medium-taxpayer, under the same Sub-decree, article 5, failure or delays in submitting the financial statements to ACAR is subjected provisional fine of KHR 2,000,000 (around USD 500).
Failure to submit the financial statements for an independent audit shall be subject to a provisional fine of KHR 16,000,000 (around USD 4,000).
For a non-profit organization, on the other hand, under article 6, failure or delays in submitting the financial statements to ACAR shall be subject to a provisional fine of KHR 1,200,000 (around USD 300).
Failure to submit the financial statements for an independent audit shall be subject to a provisional fine of KHR 1,600,000 (around USD 400).