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NOTICE 

01/2022


QUALITY MANAGEMENT

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:

  1. 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
  2. International Standard on Quality Management 2 (ISQM 2), Engagement Quality Reviews
  3. 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.


Public Accountants Oversight Committee (PAOC)

Date: 15th August 2022


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THE ADOPTION OF 

INTERNATIONAL STANDARDS ON AUDITING (ISAs) AND

INTERNATIONAL STANDARDS ON QUALITY CONTROL (ISQCs)

ISSUED BY INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB) OF INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC) IN BRUNEI DARUSSALAM


Public Accountants Oversight Committee (PAOC) is pleased to 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 (ISQCs) issued by International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) with effect from 1st January 2021.

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

i)        It will 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;

ii)       It will 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

iii)      It will 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, please contact the PAOC Secretariat at revenue@mofe.gov.bn or 2383933/2380651.

 

Public Accountants Oversight Committee (PAOC)

Date: 5th December 2020