Institute of Chartered Accountants of the Caribbean

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National accounting bodies within the Caribbean region are eligible to join the ICAC provided that they meet the criteria for membership set out herein. Affiliate Membership is open to accountancy, regulatory, certification and monitoring bodies of regional and international stature.

Associate Membership is open to professional accountancy bodies within the region that do not yet meet all the criteria to be admitted as members but demonstrate a commitment to meeting such criteria and progressing to full membership.

Members, Affiliates and Associates are afforded the opportunity to actively participate in the formulation of and decision-making process as it relates to policies that affect the accountancy profession in the Caribbean. They also benefit from the collective experience of the region in addressing issues affecting the profession regionally and globally.

In order to obtain membership within the regional umbrella grouping of the ICAC, a member Institute or Association should demonstrate that:

  • Its mission and objectives are aligned with the mission and objectives of the ICAC.
  • It is a registered supervisory body with an established governance structure and aneffective regulatory framework for the accounting profession within its jurisdiction.
  • It has adopted IFAC’s International Education Guidelines and other internationally acceptable accounting and auditing standards.
  • Its mission and objectives are aligned with the mission and objectives of the ICAC.
  • It is a registered supervisory body with an established governance structure and aneffective regulatory framework for the accounting profession within its jurisdiction.
  • It has adopted IFAC’s International Education Guidelines and other internationally acceptable accounting and auditing standards.
  • It is actively involved in developing and enhancing the accountancy professionin its jurisdiction through the promotion of continuing professional education,professional standards and ethics, practice monitoring, quality assurance andinternational standards and best practices.

Members, Associates and Affiliates of the ICAC are required to:

  • Maintain good standing and demonstrate commitment to fulfilling ICAC’s requirements for members
  • Demonstrate compliance with the rules and regulations of the ICAC
  • Support ICAC’s mission, strategic objectives and programs
  • Maintain internationally acceptable standards of best practices for the accountancy profession
  • Demonstrate a commitment to fulfill the International Federation of Accountants’
  • Statements of Membership Obligations (SMOs)

The membership of the ICAC comprises:

Members

  • The Bahamas Institute of Chartered Accountants
  • The Institute of Chartered Accountants of Barbados
  • The Institute of Chartered Accountants of Belize
  • The Institute of Chartered Accountants of Guyana
  • The Institute of Chartered Accountants of Jamaica
  • The Institute of Chartered Accountants of the Eastern Caribbean
  • The Institute of Chartered Accountants of Trinidad & Tobago
  • Suriname Institute of Chartered Accountants (SUVA)

Affiliate Members

  • The Association of Chartered Certified Accountants (ACCA)
  • The American Institute of Certified Public Accountants (AICPA)
  • Chartered Professional Accountants of Canada (CPA Canada)

Associate Member

  • Turks and Caicos Islands Society of Professional Accountants.

1 Most member territories of the ICAC have individual country membership with the International Federation of Accountants (IFAC) – a global organization of the accountancy profession comprising 157 members and associates in 123 countries and jurisdictions, representing over 2.5 million accountants.

2 Harmonisation of entry requirements for the region (a standard list of accrediting accounting bodies/accountancy qualifications have been approved and accepted by all member institutes);

3 Most member territories have adopted International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA);

4 Received Observer Membership Status within the Inter-American Accounting Association (IAA) in December 2007;

5 Recognition of ICAC by IFAC as an “Acknowledged Regional Grouping” of accountancy bodies in 2006. This is a designation held by only three other regional groupings in the world.

6 Implementation of a regional practice monitoring initiative aimed at improving audit procedures and quality assurance review systems within the regional accountancy profession.

7 ICAC continues to make an important impact on the region’s justice system through its representation as a trustee of the Caribbean Court of Justice Trust Fund (The Board of Trustees comprises appointees from nine institutions representing civil society in the region.)

8 In October 2008, ICAC joined the membership of the Caribbean Association of Industry and Commerce (CAIC) and continues to ensure that the views and interests of the accountancy profession are represented at this broader regional level.

This is the adopted Articles of Incorporation of the Institute of Chartered Accountants of the Caribbean as Adopted by Special Resolution passed at the Annual General Meeting of the Institute held on June 25, 2009.