The draft law upholding accounting standards will require that existing accounting firms will now require at least two partners, who will act as members on a board of supervisors.
The disciplinary standards for accounting has also been tightened. If an accountant commits a disciplinary offence, they might be given a warning or have their license revoked, or given a fine ranging from MOP5,000 (US$618.85) to MOP500,000 and be suspended for a period of one to three years.
There is also a potential that the individual might be deregistered if found to be non-compliant with the rules.
Companies which are currently accredited will need to comply with these provisions in order to remain on the registry.
The law is expected to come into effect as of December 1, 2019.
