Audit standards oversight: Authority establishes, recommends and enforces accounting and auditing standards and maintains auditor records. Authority tasked to protect public interest by establishing high-quality accounting and auditing standards and overseeing accounting and auditing functions for entities under rule 3. Key duties include maintaining auditor particulars; recommending standards for Government approval; monitoring and enforcing compliance; overseeing and improving professional service quality; promoting awareness; cooperating with national and international audit regulators; performing incidental functions; and receiving delegated powers from the Central Government except for rule-making.