Notification on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit

Pursuant to the Law on Accounting and Audit, enterprises have an obligation to keep accounting records, prepare financial statements in accordance with the existing standards, submit audited financial statements and other obligations as stipulated in the law .

So far, the Ministry of Economy and Finance has delayed the implementation of Sub-decree 79 OrNKr.BK dated 1 June 2020 on Interim Fines for Violations of Law on Accounting and Audit for 01 (one) year through Circular 007 MOEF dated 11 September 2020 and this delay will expire on 11 September 2021.

After the above expiration date, the Accounting Auditing Regulator will begin conducting an inspection visit and impose fines in the event that the Accounting and Auditing Regulator has found that any enterprise has violated the Law on Accounting and Audit and related regulations.

The Accounting and Auditing Regulator of the Non-Banking Financial Services Authority strongly believes that all enterprises are ready and have implemented the accounting and audit obligation as stipulated in the law and related regulations.

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