Accountants Act · 2023 Revised Edition · Part · Accounting Corporations, Accounting Firms and Accounting Limited Liability Partnerships
21. Approval of accounting firms
Official textFrom Attorney General's Chambers, unchanged
A public accountant who wishes to have a firm or proposed firm approved as an accounting firm may apply to the Authority for approval of —
public accountant
“public accountant” means a person who is registered in accordance with this Act as a public accountant;
the firm as an accounting firm; and
the name or proposed name of the accounting firm.
An application under subsection (1) shall be made in accordance with the prescribed requirements and shall be accompanied by the prescribed fee.
The Authority may, on receiving an application made under this section, approve the firm or proposed firm concerned as an accounting firm only if —
Authority
“Authority” means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;
one of the primary objects of the firm or proposed firm is to provide public accountancy services;
Accountants 26
at least two-thirds, or such other proportion as may be prescribed, of the partners are public accountants, or if the partnership has only two partners, one of those partners is a public accountant; and
the business of the partnership, so far as it relates to the supply of public accountancy services in Brunei Darussalam, will be under the control and management of one or more partners who are public accountants ordinarily resident in Brunei Darussalam.
Terms defined in s 2
accounting firm
Defined · s 2“accounting firm” means a firm approved as an accounting firm under section 21;
Authority
Defined · s 2“Authority” means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;
public accountancy services
Defined · s 2“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;
public accountant
Defined · s 2“public accountant” means a person who is registered in accordance with this Act as a public accountant;
Part
Practice Monitoring Programme
Part
Disciplinary Proceedings
Part