The Brunei Darussalam Institute of Certified Public Accountants (BICPA)

Under the Accountants Order 2010, the Public Accountants Oversight Committee (PAOC) is responsible for establishing and operating the quality assurance review system in Brunei Darussalam, and no quality assurance review system has yet been established at the jurisdiction level.

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) continues to support implementation through member-focused activities. BICPA reports that it provides feedback to the PAOC on the development of the quality assurance framework and delivers continuing professional development and in-house training to help members implement International Standard on Quality Management (ISQM) 1, ISQM 2, and International Standard on Auditing 220 (Revised). Regional reporting also indicates that BICPA conducted professional development activities in 2023 and 2024, including training related to ISQM 1, ISQM 2, and ISA 220.

Although the jurisdiction has not yet operationalized a quality assurance review system, BICPA has moved beyond planning by supporting members with implementation of the new quality management standards and by continuing to engage with the regulator on the development of the framework. Accordingly, the fulfillment status is assessed as Execute.

BICPA is encouraged to continue working with the PAOC to help operationalize a quality assurance review system aligned with Statement of Membership Obligations 1 and to expand member support through practical guidance and awareness-raising on inspection readiness.

Current Status: Execute

The Brunei Darussalam Institute of Certified Public Accountants (BICPA) does not have direct responsibility for establishing initial professional development or continuing professional development requirements in the jurisdiction. Under the Accountants Order 2010, entry into the profession is based on membership in recognized foreign professional accountancy organizations, whose education, practical experience, and assessment requirements form the basis for qualification as a public accountant.

Within this framework, BICPA supports the implementation of International Education Standards (IES) through its oversight and member-focused activities. BICPA requires its members to maintain compliance with the initial professional development and continuing professional development requirements of their respective professional bodies and liaises with those bodies to confirm compliance. In addition, BICPA provides continuing professional development opportunities through its training programs, including its accountancy academy and collaborations with regional organizations such as the Association of Chartered Certified Accountants and the ASEAN Federation of Accountants.

BICPA has also supported professional development by facilitating access to local training and promoting awareness of international education requirements among its members. However, no jurisdiction-level framework aligned with the IES has been established, and education requirements continue to be determined by foreign professional accountancy organizations.

Accordingly, the fulfillment status is assessed as Execute, as BICPA has taken appropriate actions within its remit to support the implementation of IES.

BICPA is encouraged to continue strengthening its role by promoting structured local continuing professional development requirements and supporting initiatives that enhance alignment with IES, including practical experience and local competency development.

Current Status: Execute

The Public Accountants Oversight Committee (PAOC) is responsible for establishing auditing standards in Brunei Darussalam and has adopted International Standards on Auditing (ISA) and International Standards on Quality Management (ISQM) as issued by the International Auditing and Assurance Standards Board (IAASB). Subsequent updates confirm the adoption of International Standard on Quality Management 1, International Standard on Quality Management 2, and International Standard on Auditing 220 (Revised), effective December 2022.

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) plays an active role in supporting the implementation of ISA. BICPA provides continuing professional development and training programs covering new and revised IAASB pronouncements, including quality management standards and guidance relevant to small and medium practices. BICPA also disseminates updates to members on changes to auditing standards and supports awareness of implementation requirements.

In addition, BICPA contributes to the international standard-setting process by participating in consultations and providing comments on exposure drafts issued by the IAASB. Through these activities, BICPA supports ongoing implementation and application of ISA in the jurisdiction.

Accordingly, the fulfillment status is assessed as Sustain, as BICPA has established ongoing processes to support the implementation and consistent application of ISA and related standards within its membership.

Current Status: Sustain

Under the Accountants Order 2010, the Public Accountants Oversight Committee (PAOC) is responsible for establishing ethical requirements for professional accountants in Brunei Darussalam and has adopted the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA Code) for application in the jurisdiction.

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) supports the implementation of the IESBA Code through ongoing member-focused activities. BICPA requires its members to comply with the ethical requirements of their respective professional accountancy organizations, all of which are aligned with the IESBA Code, and promotes adherence through annual declarations and monitoring processes. BICPA also disseminates updates on revisions to the Code and raises awareness of ethical requirements among its members.

In addition, BICPA provides continuing professional development and training to support the practical application of ethical standards, including independence and professional conduct requirements. BICPA also engages with the PAOC to advocate for alignment with the latest international developments and contributes to maintaining consistency with evolving ethical standards.

Accordingly, the fulfillment status is assessed as Sustain, as BICPA has established ongoing processes to support the implementation and application of the IESBA Code within its membership.

Current Status: Sustain

The Accountant General’s Office, within the Ministry of Finance and Economy, remains responsible for public sector accounting in Brunei Darussalam, and the jurisdiction continues to apply national public sector accounting requirements rather than International Public Sector Accounting Standards (IPSAS). Current government financial regulations indicate a receipts and payments basis of accounting, and no formal IPSAS adoption roadmap has been identified.

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) continues to support Statement of Membership Obligations 5 through advocacy and capacity-building activities. IFAC profile information indicates that BICPA promotes IPSAS to the Accountant General’s Office through members represented in the Accountant General and Auditor General offices, supports review of public sector accounts for alignment with IPSAS, and provides training courses for public sector employees. BICPA also continues to maintain local professional training capacity through its academy and related training activities.

Accordingly, the fulfillment status is assessed as Sustain. Although BICPA does not have direct authority over public sector standard-setting, it continues to undertake ongoing and relevant best-endeavor activities to promote IPSAS awareness and support implementation capacity within the jurisdiction.

Current Status: Sustain

Under the Accountants Order 2010, the Public Accountants Oversight Committee (PAOC) is responsible for investigating complaints and information relating to professional misconduct by practicing public accountants and registered accounting entities. Current Ministry of Finance and Economy materials confirm that this framework is operational in practice, including published guidelines for lodging complaints and a formal complaint handling, decision, and appeal process.

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) remains responsible under its constitution for disciplinary matters relating to non-practicing members. BICPA has reported that its constitution allows for the establishment of an investigation committee and disciplinary procedures for such members, while practicing members fall under the jurisdiction-level process administered by the PAOC.

Accordingly, BICPA is no longer only at the planning stage. The jurisdiction now has an operational enforcement mechanism for practicing public accountants, and BICPA continues to maintain its own member-level disciplinary arrangements for non-practicing members within its remit. The fulfillment status is therefore assessed as Execute.

BICPA is encouraged to continue strengthening alignment with Statement of Membership Obligations 6 by formalizing and reporting how its own non-practicing member procedures operate in practice and by continuing engagement with the PAOC on jurisdiction-level investigative and disciplinary outcomes.

Current Status: Execute

The Brunei Darussalam Accounting Standards Council (BDASC) is responsible for establishing corporate financial reporting standards in the jurisdiction. Public interest entities are required to apply International Financial Reporting Standards (IFRS Accounting Standards) as issued, while non-public interest entities apply the Brunei Darussalam Accounting Standards (BDAS).

Within this framework, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) supports the implementation of Statement of Membership Obligations 7 through ongoing engagement and member-focused activities. BICPA collaborates with the BDASC to support the adoption and implementation of IFRS Accounting Standards and provides continuing professional development and training programs to assist members in applying new and revised standards in practice.

BICPA also contributes to the standard-setting process through participation in BDASC consultations and by facilitating communication between its members and the standard-setting authority. In addition, BICPA supports awareness and understanding of both IFRS Accounting Standards and BDAS among its membership.

Accordingly, the fulfillment status is assessed as Sustain, as BICPA has established ongoing processes to support the implementation and application of financial reporting standards in the jurisdiction.

Current Status: Sustain