Re: Legal Requirements for Designation of Auditors from Member Firms of the IACPA.
The Law
The law concerning inception of the Iranian Association of Certified Public Accountants (IACPA) was ratified by the parliament in 1993. The first group of Certified Public Accountants were elected and introduced to the public in late 2001, and member firms of the IACPA were publicly announced in early 2002.
In accordance with the recent regulations, designation of auditors from IACPA member firms has been re-emphasized while starting from fiscal year 1396 (March 21, 2017), all Iranian companies with a turn-over of Rls. 50 bln or more per annum or assets of Rls . 80 bln or more, must utilize the services of such auditors .