OJK Invites Business Actors To Improve The Quality Of Financial Reporting

Financial report (unsplash)

JAKARTA - The Financial Services Authority (OJK) encourages the improvement of the quality of financial reporting in the financial services sector (SJK) towards the creation of market discipline and provision of financial information with integrity and credibility.

Chairman of the OJK Board of Commissioners Mahendra Siregar said that in strengthening governance and upholding integrity in SJK, the role of the quality of financial reporting is very decisive.

Financial reporting is a SJK communication media that is understood by all stakeholders. For this reason, OJK will continue to strive to ensure that all activities of the financial services sector implement good governance and risk management practices by upholding integrity," he said in a press statement quoted Wednesday, September 27.

According to Mahendra, the role of credible reporting quality and integrity in accordance with statutory standards and provisions is very critical and important for regulators, consumers, and all stakeholders in decision making.

On the same occasion, Chairman of the Audit Board of OJK Sophia conveyed that strengthening governance and integrity of financial reporting requires regulatory support, quality of supporting professional human resources, such as accountants and appraisers and enforcement of the application of quality review, code of ethics, standards, and compliance with regulations.

"The challenge for the management of Financial Services Business Actors includes ensuring that financial reports have been presented transparently and accountably, because there are threats of criminal sanctions and large fines in the P2SK Law for parties who manipulate financial reports," he said.

For information, the authorities have issued a refinement of POJK for the Use of Public Accountant Services and the Public Accountant Office in Financial Services Activities through POJK Number 9 of 2023 in July 2023. These efforts are claimed to aim to strengthen market discipline and support transparent and quality financial information.

"OJK hopes that this will be a momentum to increase the synergy and entanglement of SJK business actors and stakeholders in strengthening SJK's governance and integrity through increasing the quality and integrity of SJK's financial reporting in a sustainable manner," Sophia concluded.