Accountants Act · 2023 Revised Edition · Part · General
71. Regulations
Official textFrom Attorney General's Chambers, unchanged
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations which are necessary or expedient for giving effect to and carrying out the provisions of this Act and for the due administration thereof.
Without prejudice to the generality of subsection (1), the Minister may make regulations —
to provide for the manner in which applications for registration or approval may be made under this Act;
to prescribe the fees payable for the purposes of this Act;
to prescribe the qualifications and other requirements for the registration of public accountants under this Act;
to provide for the classification of public accountants;
to prescribe the standards, methods, procedures and other requirements to be applied by public accountants when providing public accountancy services;
to prescribe the code of professional conduct and ethics of public accountants, accounting corporations, accounting firms and accounting Limited Liability Partnerships;
to provide for matters relating to the discipline of public accountants;
to impose restrictions on persons or classes of persons who may become officers of an accounting corporation, accounting firm or accounting Limited Liability Partnership;
to provide for the exemption of any persons or classes of persons from any provision of Part 4 or 5;
to prescribe the offences which may be compounded and the method and procedure thereof; and
to prescribe anything required to be or which may be prescribed under this Act.
Accountants 68
In making rules for the purposes of subsection (2)(e) and (f), the
Minister may adopt any standard, method, procedure or code of professional conduct or ethics issued or applied by any professional accountancy body or organisation, whether in Brunei Darussalam or elsewhere.
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;
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;