Selasa, Mei 16, 2023

Bappebti Sets Guidelines and Criteria for Public Accountants and Public Accounting Firms Operating Within the Commodity Futures Trading Sector

In an effort to realize regular, fair, efficient and effective commodity futures trading activities, to ensure transparency regarding financial conditions, as well as to improve the quality of financial information reported by business actors operating within the commodity futures trading sector and that utilize the services of public accountants and public accounting firms, the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "Bappebti") has issued Regulation No. 3 of 2023 on Guidelines and Criteria for Public Accountants and Public Accounting Firms Operating Within the Commodity Futures Trading Sector ("Regulation 3/2023"), which has been in force since 12 May 2023.
Public accounting firms (kantor akuntan publik – "KAP") that are selected to conduct audits of the financial statements of business actors operating within the commodity futures trading sector must meet the following criteria: 1) Must possess valid permits, as issued by the Minister of Finance; 2) Must register with the Indonesian Institute of Certified Public Accountants (Institut Akuntan Publik Indonesia – "IAPI"); 3) Must have never committed any dishonorable acts and/or have been punished after being proven guilty of committing a crime within the financial sector or in relation to commodity futures trading or the physical commodity market; 4) Must not have been included on any bad credit or financing list; 5) During the provision of their services, KAP must maintain their independence and be free from any conflicts of interest; 6) Must take a business entity form other than that of an individual; and 7) Must possess competence in accordance with the business complexity of the relevant business actors within the field of commodity futures trading.
Meanwhile, any public accountants that are used by KAP in order to audit the financial statements of business actors operating within the commodity futures trading sector must meet the following criteria: 1) Must have secured valid public accountants licenses from the Ministry of Finance ("Ministry"); 2) Must be registered as IAPI members; 3) Must have never been or not currently be subject to any sanctions imposed by and/or included on any blacklists published by the Financial Professional Development Center at the Ministry and IAPI; 4) Must maintain their independence and be free from any conflicts of interest; 5) Must possess competence and knowledge within the field of commodity futures trading and industries that utilize the services of public accountants.

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In an effort to realize regular, fair, efficient and effective commodity futures trading activities, to ensure transparency regarding financial conditions, as well as to improve the quality of financial information reported by business actors operating within the commodity futures trading sector and that utilize the services of public accountants and public accounting firms, the Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "Bappebti") has issued Regulation No. 3 of 2023 on Guidelines and Criteria for Public Accountants and Public Accounting Firms Operating Within the Commodity Futures Trading Sector ("Regulation 3/2023"), which has been in force since 12 May 2023.
Public accounting firms (kantor akuntan publik – "KAP") that are selected to conduct audits of the financial statements of business actors operating within the commodity futures trading sector must meet the following criteria: 1) Must possess valid permits, as issued by the Minister of Finance; 2) Must register with the Indonesian Institute of Certified Public Accountants (Institut Akuntan Publik Indonesia – "IAPI"); 3) Must have never committed any dishonorable acts and/or have been punished after being proven guilty of committing a crime within the financial sector or in relation to commodity futures trading or the physical commodity market; 4) Must not have been included on any bad credit or financing list; 5) During the provision of their services, KAP must maintain their independence and be free from any conflicts of interest; 6) Must take a business entity form other than that of an individual; and 7) Must possess competence in accordance with the business complexity of the relevant business actors within the field of commodity futures trading.
Meanwhile, any public accountants that are used by KAP in order to audit the financial statements of business actors operating within the commodity futures trading sector must meet the following criteria: 1) Must have secured valid public accountants licenses from the Ministry of Finance ("Ministry"); 2) Must be registered as IAPI members; 3) Must have never been or not currently be subject to any sanctions imposed by and/or included on any blacklists published by the Financial Professional Development Center at the Ministry and IAPI; 4) Must maintain their independence and be free from any conflicts of interest; 5) Must possess competence and knowledge within the field of commodity futures trading and industries that utilize the services of public accountants.

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