OJK Releases New Rules On The Role Of Public Accountants, Here Are The Details

JAKARTA - The Financial Services Authority (OJK) has just issued Financial Services Authority Regulation Number 9 of 2023 concerning the Use of Public Accountant Services and Public Accounting Offices in Financial Services Activities (POJK AP KAP).

Head of the OJK Communications Department, Aman Santosa, said that the latest policy will further strengthen the integrity of financial reports in the financial services industry by increasing the role of public management and accountants.

"This POJK is a refinement of the provisions for the use of AP KAP services in financial service activities previously regulated in POJK Number 13/POJK.03/2017," he said in a written statement on Friday, July 21.

According to Aman, the arrangements perfected in the AP KAP POJK include harmonization of restrictions on the use of public accounting audit services (rotation) in accordance with the code of ethics of the public accounting profession and laws and regulations regarding the practice of public accountants.

"Then strengthen coordination with the Ministry of Finance's Financial Profession Development Center for administrative management of public accounting activities (AP) and public accounting firms (KAP) as well as data exchange to support supervision of AP and KAP," he said.

Aman added, POJK AP KAP also regulates the role of cooperation of public accounting offices with foreign affiliates which are expected to strengthen the quality control and competence of AP and KAP. He said the latest rules for the authorities took effect on the date of promulgation on July 11, 2023.

"Registration applications, additions and reductions in the scope of service, temporary cessation of service, reactivation requests, and/or resignations submitted by AP and/or KAP that have been received by the Financial Services Authority before the AP KAP POJK applies, processed in accordance with POJK Number 13/POJK.03/2017," said Aman.

"When the AP KAP POJK comes into effect, POJK Number 13/POJK.03/2017 concerning the Use of Public Accountant Services and Public Accountant Offices in Financial Services Activities is revoked and declared invalid," he concluded.