Accounting firms are organizations that provide services to other organizations in the form of taking care of their accounting and taxes. According to the Kazakhstani Law on Accounting, such companies must belong to professionally accredited organizations.
The law in Kazakhstan lays out the following options for the management of legal entities to take care of their accounting and reporting responsibilities:
1) establish an accounting subdivision of the company, headed by a chief accountant;
2) introduce the position of chief accountant in the company;
3) transfer on a contractual basis the maintenance of accounting and the preparation of financial statements to an accounting or audit organization or a professional accountant;
4) keep accounting records personally.
As stated before, in the eyes of the law an “accounting organization” is an organization providing accounting services that is a member of a professionally accredited organization.
In practice, companies have not been fined or otherwise punished due to using accounting service providers that are not members of accredited organizations even though the law allows for this. However, there is a significant risk that money spent on accounting services may not turn out to be a deductable expense in case that the service provider is not professionally accredited.
The entry process into such organizations is not complicated, which is why we recommend to make sure your accounting service provider is properly accredited.
