HEADLINES

Jakarta, BPK Public Relations – The Audit Board of the Republic of Indonesia (BPK) participated in the annual meeting of the International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Financial Modernization and Regulatory Reform (WGFMRR) that was held virtually on Wednesday (29/7).

The delegates for the meeting were Director of Audit II.A, Emmy Mutiarini, Director of Public Relations and International Cooperation Bureau, Selvia Vivi Devianti, Deputy Director of Audit II.C.I, Hartono Ari Susetyo, Deputy Director of Audit II.B.2, Hary Ryadin, and the International Cooperation Team.

The meeting was opened by Supreme Audit Institution (SAI) of USA as the Chair and the Secretariat of WGFMRR and attended by 37 (thirty-seven) participants from 26 (twenty-six) SAIs member of the working group. Not only discussing the 2021-2023 Work Plan of WGFMRR, but the meeting also presented the SAIs’ efforts in conducting the Covid-19 related audits with focused area on the policies related to the financial modernization and regulatory reforms.

Representing BPK in the meeting, Hartono Ari Susetyo explained about the Government Regulation in Lieu of Law (Perppu) no 1 year 2020 on State Finance Policy and Financial System Stability in the Handling of COVID-19 Pandemic and/or in the Framework of Dealing with Threats Endangering National Economy and/or Financial System Stability. In his presentation, Hartono said that in preparing the Covid-19 related audits, BPK had been gathering data and information on the implementation of this regulation as well as the financial system related policies following this regulation.

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Further, Hartono explained about some policies made by Bank Indonesia, as the central bank in Indonesia, to maintain financial system stability during the pandemic in which the Bank Indonesia had issued a triple intervention policy and lowering reserve requirement ratio for foreign exchange in commercial banks.

Meanwhile, SAI of Germany explained about the central bank that had increased liquidity of the start-up businesses and loan with very low interests following the issuance of government regulation, the Economic Stabilization Fund Act, to handle the economic crisis following the Covid-19 pandemic. Along with the SAIs, INTOSAI had been responding to the Covid-19 pandemic by establishing INTOSAI Policy, Finance, and Administration Committee (PFAC) Covid-19 Initiative that was led by SAI of USA.

During the discussion on the 2021-2023 Work Plan, BPK that was represented by Selvia Vivi Devianti suggested the financial technology (fin-tech) related audit as one of the knowledge sharing topics.

“For the knowledge sharing topic, the financial technology (fin-tech) is a quite relevant topic considering the current pandemic situation. SAIs may share knowledge and experience as well as learn from other SAIs on how to audit fin-tech,” Selvia said.

A representative from SAI of Sweden gave positive response to the suggested topic, “The topic on the financial technology (fin-tech) is very interesting. SAIs that have not audited the fin-tech may learn the best practices from other SAIs,”

Other suggested topics included “Shadow banking and micro-prudential supervision” from SAI of France, “SMEs financing problems” from SAI of China, and “New financing mechanism to support the economic and ecological sustainability in recovering from and preparing for global crisis” from SAI of Finland. F

urther, Selvia said that the Secretariat of WGFMRR might use survey and invite the working group members for a knowledge sharing session about the fin-tech. These might inspire SAIs that had not any experience in auditing fin-tech to start preparing audit on fin-tech.

Having active participation in the working group, BPK may take the most knowledge and experience of other Sais, particularly in financial system and central bank policies related audits. In addition, the WGFMRR may be used to further introduce and externalize the BPK’s roles in the international community.