Brunei Darussalam is located on the north-west of Borneo Island with a total area of 5,765-sq. km. The capital city of Brunei Darussalam is Bandar Seri Begawan. The country has four districts which include Brunei and Muara District, Tutong District, Belait District and Temburong District with population of 421,300 people residing in the country. The official religion of Brunei Darussalam is Islam as specified in the Constitution of Brunei Darussalam with His Majesty the Sultan and Yang Di-Pertuan as the head of the Islamic faith in the country. Other faiths which are also practiced in the country include Christianity and Buddhism. The Official language of Brunei Darussalam is Malay but there are also other languages which are widely spoken which include English and Chinese (various dialects).

Brunei Darussalam Institute of Certified Public Accountants (BICPA) which was established on 6th May 1987 is the main body for the accountancy profession in Brunei. BICPA’s main objectives are to support and advance the status and interests of the accountancy profession in Brunei. As of December 2018, BICPA had a total of 298 members comprising of honorary, associate, affiliate and provisional members.

To be admitted as an Associate Member, a person must be at least 21 years of age, and must be a member of one of the following associations of accountants:

1. The Institute of Chartered Accountants of Australia, Canada, England and Wales, Ireland, Scotland or New Zealand;
2. The Association of Chartered Certified Accountants;
3. Australian Society of Accountants;
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.

To be admitted as an affiliate member, a person must have academic qualifications in accounting or business and finances of at least degree standards recognised by and acceptable to the Council. Provisional members who hold HND majoring in business and finances or who are members of AAT and have at least 3 years appropriate work experiences and eligible to apply to be affiliate members of the institute.

Provisional members consist of all other persons involved in the accounting profession but may not qualify as associate or affiliate members. To be admitted as a provisional member, a person must meet the following qualifications:

Any person who fulfils the following requirements may apply to the Ministry of Finance and Economy for registration as a Public Accountant:

1. Must be above 21 years old or above.

2. Passed examination in accountancy from any recognised professional accountancy body listed below:

1. CPA Australia;
2. The Association of Chartered Certified Accountants;
3. The Institute of Chartered Accountants of Australia;
4. The Institute of Chartered Accountants of Canada;
5. The Institute of Chartered Accountants of England and Wales;
6. The Institute of Chartered Accountants of Ireland;
7. The Institute of Chartered Accountants of New Zealand; or
8. The Institute of Chartered Accountants of Scotland;

3. At the time of application, possessed relevant audit practice of not less than three (3) years cumulatively within a five (5) year period following the qualification referred to in S.13 (1)(b)(i) and S.71(2)(c) of the Accountants Order. At least 2 out of 5 years must be post-qualification.

4. Acquired 40 units of CPE requirement of 20 units structured (verifiable) and 20 units unstructured (unverifiable). Structured means all CPE which has learning as the primary objective and which is measurable and verifiable. Unstructured means all CPE which has any form of informal learning or development of day to day working skills achieved through self-study and/or informal training.

5. Has membership in Brunei Institute of Certified Public Accountants (BICPA); and membership in the approved professional accountancy body as mentioned abovein second schedule:

A public accountant may practise through a company, limited liability partnership (LLP) or a partnership, which may be registered at the Registrar of Companies and Business Names (ROCBN), under the Ministry of Finance and Economy. Unless otherwise provided for, an accounting corporation must meet the following criteria:

1. Having a paid share capital of not less than $20,000;
2. 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;
3. Not less than 2/3 of the voting shares of the company or proposed company shall be owned by corporate practitioners;
4. Only individuals may own any shares of the company or proposed company;
5. 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
6. 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.

To set up an accounting firm by way of partnership, the organisation must meet the following criteria:

1. 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
2. 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.

Unless otherwise provided by the law, an accounting LLP must comply with the following criteria :

The Accountants Order, 2010 came into force on 1st November 2012. As of 1st January 2018, there were 17 individuals registered as Public Accountants (PAs) under the Order.

Under the Accountants Order, 2010 “public accountancy services” covers 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.

The Ministry of Finance and Economy is responsible for the following:

1. Registration and approval of public accountants;
2. Registration and approval of accounting corporations, accounting firms limited liability partnership (LLP);
3. Control and regulation of the practice of the profession of accountancy by public accountants, accounting corporations, accounting firms and accounting LLP;
4. Receiving any complaint against any public accountants, accounting corporations, accounting firms and accounting LLP;
5. Conduct or arrange for the conduct of such examinations as it thinks necessary for the purposes of registering public accountants;
6. Administer the continuing professional education programmes for public accountants; and
7. Consult the Brunei Darussalam Institute of Certified Public Accountants or such other person as he thinks fit.

The Minister of Finance and Economy has appointed Public Accountants Oversight Committee (PAOC) to discharge its duties and responsibilities, which includes 2 public accountants as members. PAOC is authorised under the Accountants Order, 2010 to act and advise on areas and issues related to the profession of public accountants.

His Majesty the Sultan and Yang Di-Pertuan has also appointed a Registrar of Public Accountants to carry out the functions and duties and exercise the powers conferred on him by the Accountants Order, 2010 such as:

To attend all meetings of the PAOC and record the proceedings thereof :

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.

As of the date of writing, tax services are not regulated in Brunei, as such, any audit or corporate services firms can provide tax services in Brunei.

Foreign nationals are required to obtain either professional visit visa and pass (for professional work/expertise required for a particular project awarded in Brunei Darussalam) or employment visa and pass (for employment in Brunei Darussalam) from the Department of Immigration and National Registration.

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.

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:

1. 1. Australia
   2. Canada
   3. England and Wales
   4. Ireland
   5. Scotland
   6. New Zealand;

1. 2. The Association of Chartered Certified Accountants;

2. 3. Australian Society of Accountants;

3. 4. New Zealand Society of Accountants; or

4. 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 :  

1. Maintain a localisation programme in the accounting firm or corporation.
2. Must have a checking system to ensure there is no conflict of interest in the nature of work
3. For applicants who are not citizens or permanent residents of Brunei:

1. 1. Must be residing in Brunei for at least 90 days in one year;
   2. Must have at least one local partner who is a Public Accountant at the same firm.

1. 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.