IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

The Institute of Chartered Accountants of Guyana

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Guyana

2. Name of member body:

The Institute of Chartered Accountants of Guyana

Or please specify name:

3. Individual responsible for preparation:

Colin Thompson

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

07 / 2000

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

Institute of Chartered Accountants of The Caribbean (ICAC)

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Companies Act
b). the Enacting body:		The Parliament of Guyana
c). date the Act or Code came into force:		09 / 1991

25. How can IFAC obtain a copy of the Act or Code?

A copy can be sent to IFAC if required.

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			IFRS
Private companies			IFRS
Governmental			Financial Administration and Audit Act
Not-for-profit
Other (please describe) Banks, Other Financial Institutions, Insurance Companies			IFRS
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Companies Act, Securities Industry Act, International Standards on Auditing
Private companies			Companies Act, International Standards on Auditing
Governmental			Financial Administration and Audit Act
Not-for-profit
Other (please describe) Banks, Other Financial Institutions, Insurance Companies			Companies Act, International Standards on Auditing
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify): Board of Directors after incorporation and until the 1st annual meeting of shareholders
	Audit committee					Other (please specify): The Court upon application of the Registrar of Companies
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

The Securities Industry Act
the Enacting body(ies)

The Parliament of Guyana
the latest amendment date?

December 31, 1998

35. How can IFAC obtain a copy of the Legal authority?

A copy can be sent to IFAC if required

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

Securities Industry Act 1998

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify): The Court upon application of The Registrar of Companies
	Audit committee			Other (please specify): Board of Directors after incorporation and until the 1st annual meeting of shareholders
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Institute of Chartered Accountants of Guyana Act 1991	2003	ICAG
Other (please describe)
Other (please describe)
Other (please describe)

The ICAG Act can be sent to IFAC if required

Yes

Section 5B -- Standard-Setting (ICAG)

44. For ICAG, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The ICAG was established by an Act of Parliament (The Institute of Chartered Accountants of Guyana Act 1991) and is a self regulating organisation for the Accounting Profession. Membership in ICAG is obligatory for all auditors in Guyana.

All Auditing, accounting and ethics requirements are dealt with by the ICAG Technical Committee comprising of 6 members. Standards are approved by ICAG Council.

The Council of the ICAG adopted International Standards on Auditing in August 2003.

45. How many voting members does the standard-setting body have?

The Council of the ICAG has eight (8) members

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The Byelaws require that at least three members are in practice or in the service of members in practice and at least three members not in practice or not in the service of members in practice.

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Members of the Council are elected at an AGM of the ICAG.

49. What is the term of appointment for members?

1 Year(s)

50. For how many years has the standard-setting body been in existence?

13 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

199.50

52. To what entity is the standard-setting body accountable?

There is a budget for the operation of the Institute but there is no specific budget for the Council.
The Council is accountable to the members of the Institute

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Members views are canvassed prior to the adoption of standards
Information on standards adopted is circulated to members, interested parties and the press
Seminars are held for highly technical or controversial standards
accessibility of meetings (i.e., public or private)

Meetings are private
The minutes of meetings are available to members of the Institute
approval process for final standards (i.e., majority required to approve final standards)

Majority of Council members required to approve standards
other relevant due process activities

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	ICAG Act	04/1991	ICAG
Professional Accountants in Business	ICAG Act	04/1991	ICAG
Professional Accountants in the Public Sector	ICAG Act	04/1991	ICAG
Other (please describe) Rules of Professional Conduct required by professional bodies of which ICAG members are also members eg. ACCA, AICPA, etc...

Copies can be made available to IFAC if required.

Yes

Section 6B -- Standard-Setting (ICAG)

56. For ICAG, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The Council of the ICAG has adopted IFAC Code of Ethics

57. How many voting members does the standard-setting body have?

The Council of the ICAG has eight (8) members

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The Byelaws require that at least three members are in practice or in the service of members in practice and at least three members not in practice or not in the service of members in practice.

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Members of the Council are elected at an AGM of the ICAG.

61. What is the term of appointment for members?

1 Year(s)

62. For how many years has the standard-setting body been in existence?

13 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

199.50

64. To what entity is the standard-setting body accountable?

There is a budget for the operation of the Institute but there is no specific budget for the Council.
The Council is accountable to the members of the Institute

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Members views are canvassed prior to the adoption of standards
Information on standards adopted is circulated to members, interested parties and the press
Seminars are held for highly technical or controversial standards
accessibility of meetings (i.e., public or private)

Meetings are private
The minutes of meetings are available to members of the Institute
approval process for final standards (i.e., majority required to approve final standards)

Majority of Council members required to approve standards
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

Education commences at approximately 3 - 4 years old for the following duration
Nursery - 2 years
Primary - 6 years
Secondary - 5 years
After the initial 5 years of Secondary school students may elect to complete "advanced" level examinations requiring 2 years study

Elementary education is compulsory. Education is free from nursery to secondary in government run public schools

The University of Guyana offers a number of Diplomas, Bachelors and Masters programmes in The Arts, Business, Science & Technology amongst others.

There is a number of other institutions providing tuition for a number of professional and other examinations.

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

The ICAG Act 1991

According to the Bylaws of ICAG:
"�
� There shall be two classes of membership of the Institute, that is to say, Fellows and Associates, each of which shall be subject to the specific provision of these Bye-Laws relating to that class of member and each shall pay the appropriate fees set out in Bye-Laws 19.3.

� The Council may by resolution admit to membership of the Institute any person under twenty-one years of age and of good character who: a) has acquired approved accountancy training by at least five years continuous service either in the office of a practising accountant or in a responsible position in commerce, industry or government service or any combination thereof provided that he has passed the final examination of the Institute and has satisfied the Council as to his professional attainments and experience, or b) is a graduate of any university approved by the Council of the Institute for this purpose and has acquired approved accountancy training for at least three years continuous service in the office of the practising accountants or in a responsible position in Commerce, Industry or Government service or any combination thereof provided that he has passed the final examination of the Institute and has satisfied the Council as to his professional attainment and experience.

� The Council in its discretion may by resolution admit to membership of the Institute any person who is a member of professional accountancy body approved by the Council for the purposes of subsection (2) of Section 10 of the Act who is not otherwise eligible for membership of the Institute under any other provision of the said Section 10 and who has attained the age of twenty �one years and is of good character.

� Members who have been Associates continuously for a period of five years shall advance to Fellowship.

� Any person who is a Fellow of a Registered Body may in the absolute discretion of the Council be admitted a Fellow of the Institute.�

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements
	Professional examinations Members of the following bodies are eligible for membership to the ICAG Institutes of Chartered Accountants of England & Wales, Ireland, Scotland, Canadian Institute of Chartered Accountants, ACCA, AICPA
	Practical experience Three years
	Final qualifying examination Note: A final exam is not required but the ICAG bye laws provide for the Institute to use an examination as a criteria for membership.
	Other (please describe)

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
The ICAG recognises professional bodies based on their systems of accrediting members.
How many voting members does the relevant body(ies) have
The votes of a majority of members of the Institute is required to add or remove accredited professional bodies
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

13 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

Copies can be made available if required

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

ICAG

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) Auditors must be members of the ICAG

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): Fees - Membership and Practising Certificate Fees & Continued membership to a recognised professional body

80. What entity grants the license?

ICAG

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

N/A

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	Financial Administration and Audit Act
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

Copies can be made available if required

Yes

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	ICAG Act	04/1991	ICAG
Other (please describe)
Other (please describe)
Other (please describe)
Other (please describe)

Copies can be made available if required

Yes

Section 9B -- Standard-Setting (ICAG)

95. For ICAG, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

The Council of the ICAG adopted International Financial Reporting Standards

96. How many voting members does the standard-setting body have?

The Council of the ICAG has eight (8) members

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The Byelaws require that at least three members are in practice or in the service of members in practice and at least three members not in practice or not in the service of members in practice.

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Members of the Council are elected at an AGM of the ICAG.

100. What is the term of appointment for members?

1 Year(s)

101. For how many years has the standard-setting body been in existence?

13 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

199.50

103. To what entity is the standard-setting body accountable?

There is a budget for the operation of the Institute but there is no specific budget for the Council.
The Council is accountable to the members of the Institute

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Members views are canvassed prior to the adoption of standards
Information on standards adopted is circulated to members, interested parties and the press
Seminars are held for highly technical or controversial standards
accessibility of meetings (i.e., public or private)

Meetings are private
The minutes of meetings are available to members of the Institute
approval process for final standards (i.e., majority required to approve final standards)

Majority of Council members required to approve standards
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Securities Council

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

Securities Industry Act 1998

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

Contains requirements for the contents of Audit Reports
accounting and auditing standard-setting

requires financials to be prepared in accordance with International Accounting Standards
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

Annual and Interim Finacials as well as other disclosures must be filed with the Council in accordance with the Securities Industry Act 1998. There is a mechanism for the Council to review submissions and impose sanctions for non compliance.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		There is only one Stock Exchange operated by GASCI

Section 10B -- Stock Exchange
There is only one Stock Exchange operated by GASCI Details

110. For There is only one Stock Exchange operated by GASCI, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

GASCI - The Guyana Association of Securities Companies and Intermediaries is a self regulating organisation registered with the Securities Council as a stock exchange. GASCI requires companies to maintain specific records and make prescribed submissions. GASCI has the power to demand documents and make spot checks etc...
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

Consequences include warnings, censure, fines, suspensions, revocation of membership, expulsion....
How enforcement actions are administered.

Through the disciplinary committee and the board of GASCI

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

NOTE:
There are plans to establish public oversight body.
The number of members on the oversight body
Its powers
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations
The sanctions the oversight body may impose in the event of non-compliance
How the oversight body is accountable to any public institution or body

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

The (Central Bank) Bank of Guyana regulates banks and similar financial instutions. Legal Authority - Financial Institutions Act 1995 This authority has specific requirements which must be complied with in the presentation of financial statements in addition to IFRS and the Companies Act.

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

The FIA 1995 provides for - licensing of Financial Institutions - restrictions of activities - reserve requirements - supervision by the Bank of Guyana - qualifications of directors and officers - specific provisions for auditing and reporting

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

does not regulate but requires that the profession considers FIA 1995 requirements in the audit of banks and financial institutions
accounting and auditing standard-setting
review of financial statements prepared by listed entities

reviews the financials of listed financial instutions
enforcement of accounting, reporting and auditing requirements

has the power to enforce the requirements of the FIA 1995 via imposing penalties etc...

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

same as 10D

116. What is the source of Legal authority of the regulatory authority(ies)?

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed entities
enforcement of accounting, reporting and auditing requirements

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

The Commissioner of Insurance

119. What is the source of Legal authority of the regulatory authority(ies)?

The Insurance Act 1998

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

Requires the profession to ensure compliance with the Act in addition to other existing requirements such as IFRS, Companies Act...
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities

requires annual filing
enforcement of accounting, reporting and auditing requirements

can enforce penalties for failure to meet reporting requirements

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

122. What is the source of Legal authority of each regulatory authority?

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

Note:
There are plans to introduce a program of quality assurance review for ICAG members.

125. Under what authority does the organization conduct the program of quality assurance review?

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

Investigation Committee
Disciplinary Committee
The Council acts as the Appeals Committee

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

IC = 4, DC = 3

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The Byelaws require that at least three members are in practice or in the service of members in practice and at least three members not in practice or not in the service of members in practice.

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Council by ICAG Members, Committees by Council

134. What is the term of appointment for members?

1 Year(s)

135. For how many years has the body been in existence?

13 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

199.50 (specify currency)

137. To what entity is the body accountable?

ICAG Members

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

12 Day(s)

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The Institute of Chartered Accountants of Guyana

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