BAPPEBTI Sets Independence Criteria for Public Accountants and Accounting Firms Operating Within the Commodity Futures Trading Sector

  • The Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "BAPPEBTI") has issued Regulation No. 3 of 2023 on Criteria and Guidelines for Public Accountants and Public Accounting Firms Operating Within the Commodity Futures Trading Sector ("Regulation 3/2023").
  • It should be underlined that in addition to general criteria that apply to public accountants and public accounting firms (e.g. possession of a valid license issued by the Minister of Finance; independent operations that are free from any conflicts of interests; competence; etc.), Regulation 3/2023 has also now set criteria that relate specifically to independence.
  • The new independence criteria apply to individuals working for public accounting firms (i.e. individuals involved in auditing, reviews, insurance, etc., as well as individuals working for organizing bodies and other related individuals).
  • The independence criteria are considered satisfied if, during the provision of auditing services, none of the following conditions transpires: 1) Direct or indirect financial interests with audited business actors; 2) Working relationships with audited business actors; 3) Direct or indirect material business relations with audited business actors or other significant parties; 4) Provision of fees or products on the basis of contingency fees or commissions; 5) Disputes with audited business actors, etc.
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  • The Commodity Futures Trading Regulatory Agency (Badan Pengawas Perdagangan Berjangka Komoditi – "BAPPEBTI") has issued Regulation No. 3 of 2023 on Criteria and Guidelines for Public Accountants and Public Accounting Firms Operating Within the Commodity Futures Trading Sector ("Regulation 3/2023").
  • It should be underlined that in addition to general criteria that apply to public accountants and public accounting firms (e.g. possession of a valid license issued by the Minister of Finance; independent operations that are free from any conflicts of interests; competence; etc.), Regulation 3/2023 has also now set criteria that relate specifically to independence.
  • The new independence criteria apply to individuals working for public accounting firms (i.e. individuals involved in auditing, reviews, insurance, etc., as well as individuals working for organizing bodies and other related individuals).
  • The independence criteria are considered satisfied if, during the provision of auditing services, none of the following conditions transpires: 1) Direct or indirect financial interests with audited business actors; 2) Working relationships with audited business actors; 3) Direct or indirect material business relations with audited business actors or other significant parties; 4) Provision of fees or products on the basis of contingency fees or commissions; 5) Disputes with audited business actors, etc.
......

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Rp 4.500.000

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  • Semua Fitur Paket Standard
  • Terjemahan Peraturan
  • Peraturan Konsolidasi
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  • Monthly Law Review (MLR)
  • Indonesian Law Digest (ILD)

STANDARD

Rp 2.500.000

per bulan

  • Indonesian Legal Brief (ILB)
  • Daily Updates
  • Bantuan Layanan Pencarian Peraturan
  • Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent