AASBB Secretariat

The AASBB Secretariat shall, besides routine office functions, conduct the following responsibilities towards fulfilling the mandates of the Board:

• Ensuring standards are consistent with international standards:
  1. Conduct study/research/review on standards in consultation with TWC and present the findings to the Board to ensure consistency with international standards set by the International Financial Reporting Standards (IFRS) Foundation, the International Auditing and Assurance Standards Board (IAASB) and the International Public Sector Accounting Standards Board (IPSASB).
• Identification of Standard Development Areas:
  1. identify areas where accounting and auditing standards need thorough review and analysis,
  2. review existing and emerging standards to identify gaps and areas for improvement.
• Preparatory Work and Impact Assessment:
  1. organize preparatory activities such as workshops, seminars, and training sessions to assess the impact of new standards,
  2. conduct field studies to understand the practical implications of adopting new accounting and auditing standards.
• Assessment and Training Provision:
  1. assess the training needs of accounting and auditing professionals,
  2. arrange and provide training sessions to professionals on new standards and pronouncements to ensure their effective implementation,
  3. promote best professional practices, including quality control standards for auditing practices, review engagements and others.
• Propagation and Dissemination of Standards:
  1. develop strategies to effectively communicate accounting and auditing standards to stakeholders,
  2. address training needs to facilitate the adoption of standards,
  3. effective dissemination of information on standards through workshops, publications and online platforms.
• Interpretations and Guidance:
  1. provide interpretations and guidance on accounting and auditing standards to practitioners and stakeholders,
  2. establish a mechanism for addressing inquiries and clarifying ambiguities in standards.
• Technical Matters and Standard Issuance:
  1. Take responsibility for all technical matters related to accounting and auditing standards.
• Engagement with Standard Setters:
  1. seek guidance from international and national standard setters in implementing high-quality standards in Bhutan,
  2. provide feedback on consultative papers issued by relevant standard-setting bodies.
• Public Comments and Review Procedures:
  1. facilitate review of public comments on proposed standards within a reasonable timeframe,
  2. ensure transparency and responsiveness in the standard-setting process to address the public interest effectively.
• Regulation of Professional Accountants:
  1. regulate professional accountants,
  2. coordinate with other regulatory authorities to foster consistent application of accounting requirements and improve compliance with reporting standards.
• Reporting Non-Compliance:
  1. report instances of non-compliance with accounting and auditing standards to regulatory authorities,
  2. provide findings to aid in determining appropriate disciplinary actions or sanctions.