PUBLISHED: 27 August 2019
New Accounting and Auditing Law.
The National Assembly passed an accounting and auditing law which aims to define new guidelines in reporting financial procedures to the Government.
This law enacts new principles that fit within international standards. The goal is to have more transparency and accountability in doing business. This new bill shall attract more foreign investors.
In case of non-implementation of the said law or attempts to adjust figures in their financial reports, local and foreign companies, NGOs will be sanctioned by heavy penalties (big cash penalty or prison).