Afghanistan president Ashraf Ghani has signed a presidential decree on the Afghanistan Accountants Law paving the way for the regulation of the accountancy profession in Afghanistan.
The law establishes license requirements authorizing individuals to attest to and perform third-party compilations of financial statements. It introduces regulatory rules for accounting firms practicing in Afghanistan and creates the Afghanistan Accountancy Board, as the regulator that will enforce the new law.
The law will come into force a month after the issuance of the presidential decree, giving parliament the opportunity to ask for clarification if required.
Speaking to The Accountant, Muhammad Zarif Ludin, program manager for professional accountants organization development at the World Bank working with Afghanistan treasury department at the Ministry of Finance said: “This decree is a major foundation stone for building a robust financial sector, increasing foreign direct investment, and dealing with corruption through regulated accounting profession.”
Read The Accountant country survey on Afghanistan here.