Enforcement of International Standards on Auditing, ISAs and the International Standards on Quality Control, ISQCs

​The Public Accountants Oversight Committee, PAOC has announce that His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for the 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, ISQC issued by International Auditing and Assurance Standards Board, IAASB of the International Federation of Accountants, IFAC with effect from 1st January 2021.

 

 

Among the benefits that can be obtained from the adoption of these standards are as follow:

 

Ensure the public accountants and accounting entities performed audit with due diligence, efficiency and due care and in compliance to the basic principles and essential procedures in line with international best practices;

 

Provide reasonable assurances of the accounting entity and its 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; and

 

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

 

 

For any further inquiries, contact the PAOC Secretariat via email at ‘revenue@mofe.gov.bn’ or 2383933/2380651.

 

 

Source:Radio Television Brunei