Technical Working Committee

Subsequent to formation of the AASBB, the Technical Working Committee (TWC) comprising eleven members had been established under the Board. The members of the TWC mainly comprise professional accountants from various professional accountancy bodies such as ACCA UK, CPA Australia and CA New Zealand.

  1. Mr. Karma Tenzin, ACCA, Royal Audit Authority - Chairperson 
  2. Mr. Dungtu Dukpa, FCA, National Pension & Provident Fund - Deputy Chairperson
  3. Mr. Ugyen Namgyel CPA, Druk Green Power Corporation Ltd. - Member
  4. Mr. Gyeltshen, Department of Revenue & Customs - Member
  5. Mr. Kesang Wangdi, Bhutan Chamber of Commerce & Industry - Member
  6. Mr. Sonam Dorji, CPA, Royal Insurance Corporation of Bhutan Ltd. - Member
  7. Mr. Tenzin Rabgay, Royal Securities Exchange of Bhutan Ltd   - Member
  8. Mr. Chencho T Namgay, Druk Holding & Investment - Member
  9. Mr. Kinley Wangchuk, Royal University of Bhutan - Member
  10. Ms. Ugyen Choden, Royal Monetary Authority of Bhutan - Member
  11. Mr. Norbu Dendup, CPA, Ministry of Finance- Member
  12. Mr. Sonam Wangdi CPA, AASBB Secretariat - Member Secretary

Roles and Responsibilities of Technical Working Committee (TWC)

The TWC shall assist and advise the AASBB in discharging its mandates pertaining to technical matters and carry out activities under the direction of the AASBB which shall, inter-alia include:

  1. Formulation of Bhutanese Accounting Standards (BAS) consistent with International Accounting Standards/International Financial Reporting Standards;
  2. Implementation of accounting and auditing standards;
  3. Reviewing the existing and emerging auditing practices and identifying and promoting best professtional practices including quality control standards on auditing practice statements, standards on review engagements etc;
  4. Reviewing and providing interpretations on the BAS and ISA and recommend any changes to the AASBB;
  5. Preparatory works including workshops, seminars and trainings besides field study for impact assessment for adoption of BAS and ISA consistent with IAS/IFRS;
  6. Responsible for all technical matters including preparation and issuing of BAS and adoption of ISA;
  7. Drafting and publication of exposure drafts for public comment;
  8. Holding public consultant to discuss the BAS and ISA;
  9. Establishing procedures for reviewing public comments within a reasonable period on the documents published for comment;
  10. Ensuring that the standard setting process is appropriate and responsive to the public interest;
  11. Assessing and advising the training needs of accounting and auditing professionals and arrange for imparting training to them on any new standards/pronouncements. Suggest to enagage, if nesessary, external experts for the training on the specific matters of importance for the audit and accounting profession.
  12. Seeking guidance from international standard setters and national standard setters in the region to encourage high quality standards and their adoption in Bhutan;
  13. Establishment of  Institute of Chartered Accountants of Bhutan (ICAB) and forge possible alliances with regional/international institutes;
  14. Formulating BAS applicable for SME consistent with IAS/IFRS;
  15. Providing feedback and comments on issues related to Public Finance, Company Accounts, Audits etc;
  16. Establishing various sub-committees within the TWC for specific assignment;
  17. Carrying out any other works as assigned by the AASBB.