Committee: Accounting and Auditing Standards

Terms of Reference

To review the pronouncements issued by International Federation of Accountants and International Accounting Standards committee, respectively, with the objective of providing guidance and disseminating relevant information to members and the public on auditing and accounting standards

To distribute as necessary to members and the public all pronouncements on accounting and auditing standards, including guidelines and other relevant information.

To liaise with supervisory bodies/agencies of Government with respect to new legislation and proposed changes to existing legislation in relation to statutory reporting requirements.

To liaise with the Continuing Professional Education and Member Services Committee for the determination of all courses of training for members and others on accounting and auditing matters.

To liaise with the Student Education & Training  Committee for the determination of all courses of training for students on accounting and auditing matters.

Delegated Authority

To issue all publications of the Institute on accounting and auditing matters.

To represent the Council, through the Chairman, on any non-member committees or other groups involved in the determination of accounting and auditing standards.

Terms of Reference

To consider and make recommendations to Council on:

(a)       the major long-term objectives of the Institute's programs and policies

(b)       the overall policy of the Institute;

(c)       other matters relating to the advancement and protection of the accountancy profession in general and the Institute in particular.

To consider major matters arising from the programmes of the other Committees and to make recommendations to Council thereon.

To initiate and co-ordinate major intercommittee projects where theses are not the specific responsibility of particular Committees

To oversee all aspects of the Institute's promotion

To consider on behalf of council major matters affecting the relationship of the Institute with outside bodies, to conduct any negotiations arising therefrom and to report to Council

To make recommendations to Council on appointments to outside bodies where this is not otherwise the responsibility of another Committee.

To review from time to tome the internal organization of the Institute, including the appointment of  Committees and the setting up of Sub-Committees, and to make recommendations to Council on the allocation of duties and responsibilities to Committees and on the appointment of  members to them.

To be responsible for the employment and supervision of all staff

To control and supervise the finances of the Institute

To consider the financial effect of proposals relating to such proposals emanating from all Committees and to recommend to Council accordingly

To prepare and to submit to Council the financial statements for each accounting period

To submit to Council  for approval before the end of the current financial year an estimate of revenue and expenditure for the next financial year

To keep under review, and on consideration of the views of the Membership Committee thereto, to make recommendations to Council as it judges appropriate on changes in the levels of members' fees and annual subscriptions

Delegated Authority

To have from Council delegated powers as may be necessary for the effective and efficient discharge of the duties set out above

To act in all respects for Council in circumstances where, for reasons of time or (as may be determined by the Committee) of confidentiality, the matter cannot conveniently be referred to Council

To have charge of all the finances of the Institute

By-Law Review

Terms of Reference

The need to limit the liability of members in public practice

Emergence of alternative models for professional services firms, such as multi-disciplinary firms and corporate entities

The development of detailed regulations providing guidance on interpretive issues relating to the specific by-laws

Development and codification of revised ethical guidelines

Review of the existing advertising standard

Development of revised standards for admission to membership and for the issue of practicing certificates

Rationalisation of dichotomous or anomalous relationships between specific provisions relating to the role of ICAB or its members in corporate legislation, re. Companies Act, Cooperative Societies Act, Financial Intermediaries Act

Jurisdictorial Authority

• Non-members
• Firm and individual practioners
• Geographic

Integration of the proposed programme of the Institute of Chartered Accountants of the Caribbean as it relates to examination, training, membership and professional practice

Development and codification of procedures for the conduct of the investigation, disciplinary and appeal processes

Terms of reference

To formulate, review and recommend policies relating to post qualification study by members for adoption by Council

To introduce a continuing education programme for members and to monitor its development

To disseminate information to members on a regular basis

To be responsible for all social activities for members

To liaise with other Committees, and in particular the Accounting and Auditing Standards Committee, in the determination of the subject matter for the continuing education programme for members and for courses on related subjects for non-member

Delegated Authority

To represent the Council, through the Chairman, on any non-member committees or other groups involved in the determination of education and training matters for members

Terms of Reference

To consider all cases referred by the Investigations Committee in accordance with By-Laws 28 and 29

Delegated Authority

To impose such penalties (if any) as the Committee may deem appropriate within the terms of By-Laws 29 in cases where the Committee finds a complaint proved wholly or in part.

Terms of Reference

To consider, keep under review and make recommendations where appropriate to Council  on all matters pertaining to professional standards, other than those relating to accounting and auditing matters

To liaise with the Investigations and Disciplinary Committees on the determinations of rules for the operation of the disciplinary process and to recommend accordingly to Council.

To ensure the provision to members of the Institute and others of advice and/or information on the interpretation of professional standards.

To review pronouncements by the International Federation of Accountants on ethical matters and to provide appropriate recommendations to Council on  the adoption of any standards.

Delegated Authority

To provide members and others with advice on the interpretation of the rules of professional conduct

To issue all publications of the Institute on Standards of professional conduct

Terms of Reference

To consider complaints alleging misconduct against members as defined by By-Law 24, and where the Committee is satisfied that a prima facie case has been made out, to refer such a case to the Discilplinary committee in accordance with By-Law 26

Delegated Authority

To require any member, a complaint against whom the Committee is considering, to provide such further information as the Committee may consider necessary

To advise any member to obtain advice from such source as the Committee may prescribe

Terms of Reference 

To consider, keep under review and, where appropriate, make recommendations to Council concerning the professional consequences of current or proposed legislative and governmental measures

To consider, keep under review and, where appropriate, make recommendations to Council on joint or independent representations or submissions to government or other appropriate bodies on all technical matters relating to the accountancy profession, with the exception of those relating to matters dealt with by the Accounting and Auditing Standards Committee and the Taxation Committee.

To liaise with the Accounting and Auditing Standards Committee and the Taxation Committee on all matters of mutual interest

Delegated Authority

To represent the Council on any non-member committees or other groups involved in the determination of legislative and regulatory matters of interest to the profession other than those relating to accounting, auditing and taxation and to appoint any member of the Institute as the representative of Council

Terms of Reference

To ensure the maintenance of a Regiser of Members, and, if  thought fit, to procure the publication of a list of members

To review and to make recommendations to Council on the conditions for granting membership and practicing certificates

To make such recommendations as it may see fit to the Administration Committee on the levels of member's fees and subscriptions

To consider and make recommendations to Council on applications for membership and practicing certificates, including those who have been suspended or excluded from membership fro disciplinary or other reasons

Delegated Authority

To determine applications for membership and practicing certificates

To remove members from the Register for non-payment of fees under By-Laws 19 and 20

Terms of Reference

To provide regular information on matters of interest to ICAB members and students

Terms of Reference

To formulate, review and recommend education policies and programmes of study for students for adoption by Council

To participate in the development and review of a uniform programme of studies for students, in conjunction with the Institute of Chartered Accountants of the Caribbean , leading to examination and academic qualification for certification as a Chartered Accountant

To recommend the academic standards for certification as a Chartered Accountant

To liaise with international professional bodies offering programmes of study and qualification in Barbados , with particular emphasis on:

(a)       ensuring that the entry level qualifications for all       students meet the general academic standards

(b)       participating, as far as is practicable, in the             monitoring of training programmes and evaluating       performance

Delegated Authority

To assess relevant qualifications of applications for enrollment as students and to recommend exemptions as appropriate

To represent the Council, through the Chairman, on any non-member committees or other groups involved in the determination of student education and training matters

Terms of Reference

To consider, keep under review and, where appropriate, make recommendations to Council concerning the professional consequences of current or proposed legislative and government measures relating to taxation matters

To consider, keep under review and, where appropriate, make recommendations to Council on joint or independent representations or submissions to government or other appropriate bodies on all taxation matters

To liaise with the Accounting and Auditing Standards Committee and the Legislation Committee on all matters of mutual interest

Delegated Authority

To represent the Council on any non-member committees or other groups involved in the determination of taxation matters of interest to the profession and to appoint any member of the Institute as the representative of Council

To prepare and present appropriate recommendations to government authorities on matters of taxation and fiscal policies as deemed appropriate

To prepare and publish comments and other information on the Annual Budget