Approved new checklists for accounting and financial reporting verification
Updated Checklists Approved for Accounting and Financial Reporting
In a forthcoming decree effective from June 9, 2025, a series of checklists have been approved for various entities and organizations within the accounting and financial reporting sector. These changes are aimed at enhancing compliance and standardization, particularly for entities of public interest.
The new checklists include:
- A set of guidelines for accounting and financial reporting for entities of public interest, excluding financial institutions.
- Checklists for accredited professional accounting organizations to conduct preventive controls and compliance checks through on-site visits.
- A checklist for accredited professional certification organizations to perform preventive controls and compliance checks.
Additionally, the Criteria for Assessing the Level of Risk in the Field of Accounting and Financial Reporting now include some approved appendices in its new edition.
The forthcoming Joint Decree, set to take effect on June 9, 2025, is expected to bring about changes in reporting processes, enhanced transparency, stricter controls, and alignment with international accounting principles. Entities of public interest may need to revise their audit preparation and reporting procedures to comply with the new checklists' requirements, while accredited professional accounting and certification organizations will need to update their guidance, training, and certification criteria accordingly.
While specific details and legal implications of the Joint Decree are yet to be disclosed, general knowledge suggests that such a decree would involve issuing updated checklists to improve compliance and standardization in accounting and financial reporting for public interest entities. It may also include new or revised requirements reflecting current regulatory, financial, or audit standards.
I, as an entity of public interest, may need to revise my audit preparation and reporting procedures to finance the necessary changes in compliance with the new checklists' requirements. Accredited professional accounting organizations, in their business, will have to update their guidance, training, and certification criteria to conform with the new checklists.
