Statutory financial audit requirement
All enterprises (whether physical or legal persons) that meet two of the following criteria are required to have their financial statements audited by an independent external auditor registered with the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA):
- Annual turnover above KHR 3 billion.
- Total assets above KHR 2 billion.
- More than 100 employees.
QIPs registered with the CDC are required to have their financial statements audited by independent external auditors registered with the KICPAA.
The law does not state the deadline for the enterprises to submit their audited financial statements. However, the deadline for audited financial statements to be completed is six months after the accounting year-end (i.e. for the financial year ended 31 December 2022, the deadline is 30 June 2023).
United States (US) Foreign Account Tax Compliance Act (FATCA)
The intergovernmental agreement (IGA) between the United States and Cambodia regarding the US FATCA was signed on 14 September 2015. This agreement shall enter into force on the date of Cambodia’s written notification to the United States that Cambodia has completed its necessary internal procedures for entry into force of this agreement.