On
February 28, 2011, the Capital Market Supervisory Agency and Financial
Institution (Bapepam-LK) has issued rules on the independence of accountants
who provide services in the capital market, namely by Regulation No. VIII.A.2
annex the Chairman of Bapepam Number: Kep -86 / BL / 2011 concerning
Independence of Accountant Provide Services in Capital Market.
As
published in the Press Release of Bapepam LK on February 28, 2011, Rule No.
VIII.A.2 is an improvement over the existing legislation and aims to provide
convenience for the Office of Public Accountant or Public Accountant in
providing professional services for the field duties. Here is his decision:
DECISION
OF CHAIRMAN OF CAPITAL MARKET SUPERVISORY AGENCY
No.
KEP-20 / PM / 2002
ABOUT
INDEPENDENCE
THAT PROVIDE SERVICES ACCOUNTANT AUDIT
CAPITAL
MARKET
CHAIRMAN
OF CAPITAL MARKET SUPERVISORY AGENCY,
Considering:
- that in order to meet the principles of openness, the Issuer or Public Company must submit financial statements prepared under generally accepted accounting principles;
- that in order to improve the quality of disclosure of financial statements of Public Company would require an opinion or an independent and professional assessment of the Office of Public Accounting and Accounting;
- that in connection with the foregoing, it is deemed necessary to stipulate a decree of the Chairman of Bapepam on the Independence Accountant Provide Audit Services in Capital Market;
Given:
- Law Number 8 of 1995 Concerning Capital Market (Statute Book Year 1995 Number 64, Additional State Gazette No. 3608);
- Government Regulation No. 45 Year 1995 concerning the activities Capital Market (Statute Book Year 1995 Number 86, Additional State Gazette No. 3617);
- Government Regulation Number 46 of 1995 concerning examination Capital Market (Statute Book Year 1995 Number 87, Additional State Gazette No. 3618);
- Decree of the President of the Republic of Indonesia Number 7 / M of 2000;
- Decree of the Minister of Finance of the Republic of Indonesia No. 423 / KMK.06 / 2002 on Public Accountant Services;
To
enact: DECISION OF CHAIRMAN OF CAPITAL MARKET SUPERVISORY AGENCY OF THE
INDEPENDENCE OF THE ACCOUNTANT JASAAUDIT MARKET PROVIDES CAPITAL
article
1
Provisions
concerning Independence of Accountant Provide Audit Services in Capital Market,
set in
Rule
Number: VIII.A.2 as contained in the Appendix hereto.
Section
2
This
decision comes into force from the date of enactment.
RULE
NUMBER VIII.A.2
:
INDEPENDENCE OF ACCOUNTANT GIVING
AUDIT
SERVICES IN CAPITAL MARKET
- Definition of terms in this rule are:
- Audit Period and Professional Designation Period:
1)
Audit Period is the period that covers the period of the audited financial
statements or that are reviewed; and
2)
Professional Designation Period is the period of assignment to audit or review
the client’s financial statements or to prepare a report to Bapepam.
- Family Member is a spouse, parent, child, both within and outside of dependents and siblings.
- Contingent fee is a fee that is set for the implementation of a professional services will only be charged if no findings or specific results which the amount of the fee depends on the specific findings or results. Fee considered contingent if established by a court or regulatory body or in terms of taxation, if the basis of the determination is the result of a legal settlement or the findings of regulatory agencies.
- People In Public Accounting Firm are:
1)
People are included in Team Assignment Audit is sema colleagues, managers, and
employees of professionals who participated in the audit, review, or assignment
attestation of clients, including those who do study further or acting as
companions to two during the Audit Period or assignment attestation about
technical issues or a specific industry, transaction, or important events;
2)
People are included in the chain of executive / commands that all people:
- a) supervise or have direct management responsibility for the audit;
- b) evaluate the performance or recommending compensation for the fellow in the assignment of the audit; or
- c) provide quality control or other control over the audit; or
3)
Every other colleagues, managers, or other professional employee of a public
accounting firm that has been providing non-audit services to clients.
- Key employees are those persons having authority and responsibility for planning, directing and controlling the activities of the reporting enterprise, including commissioners, members of the Board of Directors, and managers of the company.
- Duration Period Professional Designation:
- Professional Assignment period starting from the commencement of field work or the signing of the assignment, whichever occurs first.
- Professional Assignment period ending on the date of the Accountant’s report or a written notice by the accountant or the client to Bapepam that the assignment has been completed, whichever is earlier.
- In providing professional services, especially in giving opinions or judgments, Accountant must always maintain an independent attitude. The accountant is not independent if during the Audit Period and during the Period of Professional Assignment, good accountants, public accounting firm, as well as People In Public Accounting Firm:
- has a financial interest, directly or indirectly material to clients, such as:
1)
investments in the client; or
2)
Other financial interest in the client that could give rise to a conflict of
interest.
- have an employment relationship with clients, such as:
1)
doubles as Key Management Personnel on the client;
2)
has a Family Member who works on the client as Key Management Personnel in the
field of accounting and finance;
3)
have a former partner or professional employee of a public accounting firm that
works on the client as Key Management Personnel in the field of accounting and
finance, but after more than 1 (one) year working at a public accounting firm
in question; or
4)
having a professional colleague or employee of a public accounting firm who
previously worked on the client as Key Management Personnel in the field of
accounting and finance, except concerned does not participate in implementing
the client’s audit of the Audit Period.
- has a business relationship, directly or indirectly, a material with clients, or with key employees who work on the client, or the client’s major shareholders. Business relationship in this clause does not include the business relationship in terms of accounting, public accounting firm, or People In public accounting firm providing audit or non-audit services to the client, or are consumers of
client’s
products or services in order to support routine activities.
- providing non-audit services to clients such as:
1)
bookkeeping or other services related to the client’s accounting records;
2)
or financial statements;
3)
financial information systems design and implementation;
4)
appraisal or fairness opinion (fairness opinion);
5)
actuarial;
6)
internal audit;
7)
management consulting;
8)
human resource consulting;
9)
tax advice;
10)
Investment Advisory and finance; or
11)
any other services that may pose a conflict of interest
- provide services or products to clients on the basis of Contingent Fee or commission, or receive Contingent Fee or commission from the client.
- Quality Control System Public Accounting Firm must have quality control system with an adequate level of confidence that the public accounting firm or its employees can maintain an independent attitude taking into account the size and nature of the practice of Public Accounting Firm.
- Restrictions Audit Assignment
- The provision of services of general audit of the client’s financial statements can only be done by Public Accounting Firm
the
longest for five (5) consecutive fiscal year by an accountant and a maximum of
three (3) consecutive fiscal year.
- Office of Public Accountants and Accountants can receive audit back to the client after 3 (three) financial years in a row did not audit the client.
- The provisions referred to in paragraphs a and b above do not apply to interim financial statements are audited for the sake of public offering.
- Transitional Provisions
- Public accounting firm that has been providing audit services common to 5 (five) financial years in a row or more and still have audit engagements general for the financial year subsequent to the financial statements the client, at the time of entry into force of this regulation can only carry out the engagement is for 1 (one ) next fiscal year.
- Accountant who has provided audit services common to 3 (three) financial years in a row or more and still have audit engagements general for the financial year subsequent to the financial statements the client, at the time of entry into force of this regulation can only carry out the engagement is for one (1) year The next book.
- Without prejudice to the criminal provisions in capital market, Bapepam authority to impose sanctions against any violation of this rule, including the party that caused the violation.
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