
Brunei Darussalam
Head of State :
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah
Capital :
Bandar Seri Begawan
Language(s) :
Malay, English
Currency :
B$ (Brunei Dollar)
Profile of the Country
- Having a paid share capital of not less than $20,000;
- Not less than 2/3 (including the chairman) shall be public accountants, but (i) the company or proposed company has only one director, that director shall be a public accountant; (ii) if the company or proposed company has only 2 directors, one of these directors shall be a public accountant;
- Not less than 2/3 of the voting shares of the company or proposed company shall be owned by corporate practitioners;
- Only individuals may own any shares of the company or proposed company;
- The company or proposed company, so far as it relates to the provision of public accountancy services in Brunei Darussalam, will be under the control and management of one or more directors of the company who are public accountants; and
- The company or proposed company is or will be covered by professional indemnity insurance, whichever is the higher B$250,000; a sum equal to the total of B$150,000 for every corporate practitioner in the accounting corporation or accounting LLP; or where applicable, a sum equal to two and ½ times the gross income of the accounting corporation or accounting LLP in the last completed financial year of the accounting corporation or accounting LLP, subject to a maximum of B10,000,000.
- At least 2/3 of the partners are public accountants or if the partnership has only 2 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.
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The Paid-up capital of the LLP is not less than B$20,000
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At 2/3 of the partners are public accountants or, if the partnership has only 2 partners, one of those partners is ordinarily resident in Brunei Darussalam
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The accounting LLP or proposed accounting Limited Liability Partnership shall be covered by professional indemnity insurance (requirements are similar to Accounting Corporation as mentioned above); and
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The business of the accounting LLP, 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.
Regulated Accounting Services
NAB Membership and/or PRA Registration
NAB Requirement:
Yes.
One has to be a member of BICPA to be registered as a Public Accountant.
PRA Requirement:
Yes.
A person who intends to perform public accountancy services in Brunei Darussalam are required to be registered as a Public Accountant under the Accountants Order, 2010 and authorized by MOFE to provide public accountancy services in Brunei Darussalam.
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB Requirement:
At minimum, must be a BICPA Associate Member; the requirements of which are as follows :
- Shall not be less than 21 years of age, and must be a member of the following associations of accountants :
1. The Institute of Chartered Accountants of:
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- Australia
- Canada
- England and Wales
- Ireland
- Scotland
- New Zealand;
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2. The Association of Chartered Certified Accountants;
- 3. Australian Society of Accountants;
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4. New Zealand Society of Accountants; or
- 5. Member of any other associate of accountants who, in the opinion of the Council, are of the standard in educational qualification and practical experience acceptable to the Council, with such administration to be decide on a case by case basis and on individual merit.
PRA Requirement:
A person who intends to be registered as a public accountant is bound to the rules and regulation set by the Accountants Order, 2010 and must fulfil the guidelines set by the MOF which among other things are as follow:
1. Must be 21 years old or above.
2. Passed examination in accountancy from any recognised professional accountancy body listed below:
a. CPA Australia;
b. ACCA;
c. ICA of Australia;
d. ICA of Canada;
e. ICA of England and Wales;
f. ICA of Ireland;
g. ICA of New Zealand; and
h. ICA of Scotland.
3. At the time of application: Has relevant audit practice of not less than three (3) years cumulatively within a five (5) year period following the qualification. At least 2 out 5 years must be post-qualification.
4. 40 units of CPE requirement of 20 units structured and 20 units unstructured.
5. Membership in BICPA and in the approved accountancy body as mentioned in Second Schedule of Accountants Order, 2010 (as per 2(ii)).
6. Payment of fee of BND 2,500 per year.
7. Other requirements :
- Maintain a localisation programme in the accounting firm or corporation.
- Must have a checking system to ensure there is no conflict of interest in the nature of work
- For applicants who are not citizens or permanent residents of Brunei:
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- Must be residing in Brunei for at least 90 days in one year;
- Must have at least one local partner who is a Public Accountant at the same firm.
- For foreign applicants who cannot fulfil requirements in (c) above may be considered if he/she satisfies other requirements with regards to any other requirements prescribed by the Authority
In order to conduct audit of banks, finance companies, insurance companies, takaful operators and brokers, approval from Autoriti Monetari Brunei Darussalam (AMBD), which acts as the central bank in Brunei Darussalam is also required. For the appointment of an auditor to collective investment scheme, the Authority has to be notified on the matter.
Citizenship Requirement
Yes.
Remarks
Public Accountants, accounting corporations and accounting firms in Brunei Darussalam must adhere to the rules and regulation set by Accountants Order, 2010 and other domestic regulations.
Eligibility requirement, where applicable (ASEAN CPA/RFPA)
Not open to RFPA.Non-Regulated Accounting Services
NAB & PRA requirement
No.
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
NAB & PRA requirement
No.
Citizenship Requirement
No.
Remarks
PAIB or any accountancy services other than auditing services are not regulated in Brunei Darussalam but subject to domestic regulations.
Eligibility requirement, where applicable (ASEAN CPA/RFPA)
Open to ASEAN CPA / Registered Foreign Professional Accountant (RFPA)
All About Registered Foreign Professional Accountant (RFPA)
