Public Accountants Oversight Committee (PAOC) is pleased to inform that the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has issued the following standards on quality management which will replace the IAASB’s current standards, International Standards on Quality Control 1 (ISQC 1) and International Standards on Auditing 220 (ISA 220) effective from 15th December 2022: International Standard on Quality Management 1 (ISQM 1), Quality Management for Firms that Performs Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagement International Standard on Quality Management 2 (ISQM 2), Engagement Quality Reviews International Standards on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements. The new standards aim to address stakeholder expectations and the requirements for proactive and adaptive quality management systems as well as to strengthen the monitoring and improve the robustness of engagement quality reviews. For any further information on the new standards, you may refer to the IAASB’s website at https://www.iaasb.org/focus-areas/quality-management. Source: Ministry of Finance Brunei Darussalam

The number of COVID-19 cases reported in Brunei Darussalam was at an average rate of about 420 cases per day compared to 578 cases per day last week. A total of 61,348 ART results were uploaded to the BruHealth application within one week, of which 4.7 percent were positive. This was stated by Yang Berhormat Dato Seri Setia Doctor Awang Haji Mohd Isham bin Haji Jaafar, Minister of Health at a media conference on the latest COVID-19 situation yesterday afternoon at Dewan Al-Afiah, Ministry of Health.

2 cases are in Category 4, which requires oxygen assistance and under close monitoring. The rate of vaccination coverage of COVID-19 in Brunei Darussalam remains at a high level with 76.1 percent of all citizens and residents of this country having received the third dose of the vaccine and 8.5 percent received the fourth dose. 385 new cases have been reported, of which 384 cases are the results of ART, and 1 case is the result of 262 RT PCR laboratory tests.

Source: Radio Television Brunei