Barbados To Beef Up Regulations For Accountants

by Amanda Banks, Tax-News.com, London

23 May 2007

The government of Barbados is taking steps to empower the local umbrella body of accountants to regulate its members.

To this end, parliamentarians began debating the Institute of Chartered Accountants of Barbados Amendment Bill 2007, when the House of Assembly met on Monday.

Among a number of measures, the Bill will give the Institute authority to make rules for the good governance and administration of its members; specify the qualifications for admission of members; discipline members; and the courses, methods of study and examination of students.

The proposed legislation stands in the name of Deputy Prime Minister Mia Mottley, who is also Minister of Economic Affairs and Development.

The Institute of Chartered Accountants of Barbados was established in 1974 by an Act of Parliament. Its objectives are to promote, foster and maintain the highest standards of accounting in public practice, the public service and commercial and industrial spheres.

Currently, the affairs of the Institute are administered by an executive committee, otherwise referred to as the Council. The powers and responsibilities of Council are as defined in the Institute's Act of Incorporation and By-Laws. A number of subsidiary committees also exist to provide support to Council, and the wider membership of the Institute.

In recent years, ICAB has played an increasingly significant role in the development of local professional standards and practices, the provision of enhanced services to members, and in the delivery of professional studies (the joint ICAB/ACCA program) through its affiliation with the Chartered Association of Certified Accountants.

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