Accountants to adopt international standard

The Public Accountants Oversight Committee (PAOC) announced that His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for public accountants and accounting entities registered under the Accountants Order 2010 to adopt the International Standards on Auditing (ISAs) and the International Standards on Quality Control (ISQCs) issued by International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) with effect from January 14, 2021.

The adoption of these standards will ensure public accountants and accounting entities performed audit with diligence, efficiency and care and in compliance with the basic principles and essential procedures in line with international best practices.

It will also provide assurances of accounting entities and their personnel’s compliance to professional standards and the relevant legal and regulatory requirements and reports issued by the entity or its engagement partners are appropriate in the circumstances.

The adoption will also enhance confidence of stakeholders such as investors, regulators, creditors and others who rely on the audit opinion provided on financial statements of business entities in Brunei Darussalam.

For details, contact the PAOC Secretariat at [email protected] or call 2383933/2380651.