New Procedures for the Utilization of Services Offered by Public Accountants and Public Accountants’ Offices by Financial Institutions

Following the issuance of Financial Service Authority (“OJK”) Regulation No. 13/POJK.03/2017 on the Utilization of Services Offered by Public Accountants and Public Accountants’ Offices During Financial-Service Activities (“Regulation 13/2017”), the OJK has now issued Circular No. 36/SEOJK.03/2017 (“Circular”) on Procedures for the Utilization of Services Offered by Public Accountants and Public Accountants’ Offices During Financial-Service Activities.The Circular sets out a number of technical guidelines which are to be followed by financial institutions during the utilization of any services which are offered by public accountants (“PA”) and public-accounting firms(“PAF”).Prior to the issuance of the Circular, these same matters were regulated under the following regulations (Collectively refers to as “Former Regulations”):