Accountants Act · 2023 Revised Edition · Part · Accounting Corporations, Accounting Firms and Accounting Limited Liability Partnerships
22. Approval of accounting Limited Liability Partnerships
Official textFrom Attorney General's Chambers, unchanged
A public accountant who wishes to have a limited liability partnership or proposed limited liability partnership approved as an accounting Limited Liability Partnership may apply to the Authority for the approval of —
public accountant
“public accountant” means a person who is registered in accordance with this Act as a public accountant;
the limited liability partnership as an accounting Limited
Liability Partnership; and
the name or proposed name of the accounting Limited
Liability Partnership.
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 limited liability partnership or proposed limited liability partnership concerned as an accounting Limited Liability Partnership 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 limited liability partnership or proposed limited liability partnership is to provide public accountancy services;
the capital of the limited liability partnership or proposed limited liability partnership that is paid up or to be paid up is not less than $20,000 or such other sum as may be prescribed;
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 ordinarily resident in
Brunei Darussalam;
Accountants
the accounting Limited Liability Partnership or proposed accounting Limited Liability Patnership is or shall be covered by professional indemnity insurance in accordance with section 33 and the prescribed requirements; and
the business of the accounting Limited Liability 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 ordinarily resident in Brunei Darussalam.
Name of accounting corporation, accounting firm or accounting Limited
Terms defined in s 2
accounting corporation
Defined · s 2“accounting corporation” means a company approved as an accounting corporation under section 20;
accounting firm
Defined · s 2“accounting firm” means a firm approved as an accounting firm under section 21;
accounting limited liability partnership
Defined · s 2“accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under section 22;
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;
professional indemnity insurance
Defined · s 2“professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting Limited Liability Partnership against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting Limited Liability Partnership, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting Limited Liability Partnership), or fraud or dishonesty;
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;
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