GSL / Foreign Companies Audit / Audit Indonesia

Audit of a company in Indonesia, financial statements, accounting, consulting in Indonesia

Indonesia’s economy is one of the fastest growing economies of the world. Its favorable climate, convenient trade location, and special economic zones make the country attractive to foreign investors. Indonesian companies are subject to financial reporting and audit requirements.

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Service packages Legislation Tax System Audit Services
Preparation and submission of annual financial statements and tax returns
200 – 400 USD per hour
Registration of a company for VAT
from 800 USD
Preparation and submission of VAT returns
200 USD per hour
Consulting services and support during tax audits
200 – 350 USD per hour

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General requirements

Indonesian companies must keep accounting records of their transactions on a regular basis (monthly). Accounting records shall be kept in Indonesian.

The currency of accounting transactions and financial statements is the Indonesian rupiah (IDR). To use another functional currency companies must obtain permission of tax authorities.

Primary accounting documents of a company must be kept for 10 years.

Companies must file their financial statements along with a tax return with tax authorities of Indonesia.

Financial statements of Indonesian companies consist of 5 main financial sections:

  1. Balance sheet;
  2. Profit and loss statement;
  3. Cash flow statement;
  4. Statement of changes in equity;
  5. Notes to financial statements.

Time frame for preparation and submission of financial statements

Normally, financial year coincides with calendar year.

The deadline for filing financial statements is 30 April of the year following the reporting year. If reporting period does not coincide with calendar year, financial statements must be filed within four months after the end of the reporting year.

Audit of accounts

Financial statements of the following companies must be audited:

  1. Public companies;
  2. Financial institutions (credit institutions, pension and investment funds, insurers);
  3. Companies whose assets exceed 25 000 000 IDR;
  4. Companies whose proceeds exceed 50 000 000 IDR;
  5. Debtors of banks whose financial statements are subject to annual examination by the bank;
  6. Companies at least partially owned by the state;
  7. Companies that issue promissory notes;
  8. Companies whose activity is connected with the management of a community fund;
  9. Companies that are issuers of securities.

Companies may not use services of the same auditor or audit company during 6 straight years, unless there have been changes in the company’s structure.

Liability for failure to meet legal requirements

In the case of failure to file financial statements or tax accounts, penalties of 2 to 48% of the unpaid tax are imposed.

Failure to meet the filing deadline results in a penalty of 1 000 000 IDR.

Moreover, forgery of documents and provision of false information may result in imprisonment of the company’s director.

Consolidated financial statements

Companies that are incorporated in Indonesia and have subsidiaries must prepare consolidated financial statements. Consolidated financial statements must be prepared in accordance with the financial reporting standards of Indonesia. The key factor in the consolidation of financial statements is the fact that the parent company has control over the subsidiary.

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