Institute of Chartered Accountants of Barbados

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for establishing and operating the quality assurance (QA) review system for practising members that perform audits. ICAB participates in the regional practice monitoring program coordinated through the Institute of Chartered Accountants of the Caribbean and the Association of Chartered Certified Accountants, under which monitoring visits are conducted while ICAB retains regulatory responsibility for practitioners and firms. The program is intended to support effective QA systems across participating Caribbean institutes, assess compliance with International Standards on Auditing and quality management requirements, and require follow-up where deficiencies are identified.

ICAB’s by-laws require members in public practice to hold a practising certificate and comply with requirements established by the institute. The QA review system covers practising members performing audit engagements and includes follow-up, remedial action, and referral to disciplinary processes where serious or repeated deficiencies are identified.

ICAB continues to support implementation through practice monitoring workshops, technical guidance, quality management training, and communications to members and the public. It has also strengthened internal administration of practice monitoring records and continues to consider enhancements such as mandatory professional indemnity insurance and expanded coverage of other assurance and related services.

ICAB continues to demonstrate sustained implementation of a QA review system aligned with the requirements of SMO 1.

Current Status: Sustain

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for establishing continuing professional development requirements and shared responsibility for initial professional development requirements through its recognition of overseas professional accountancy organizations for membership purposes. ICAB continues to recognize professional accountancy organizations whose qualification programs include professional education, practical experience, and final assessment requirements aligned with the International Education Standards.

ICAB’s by-laws, Continuing Professional Development Regulations, and Public Practice Regulations establish continuing professional development obligations for members, including additional requirements applicable to members in public practice. ICAB maintains annual continuing professional development reporting and monitoring processes, including periodic compliance audits and disciplinary follow-up for non-compliance.

ICAB continues to support implementation through annual continuing professional development programs, technical seminars, legislative and tax updates, ethics-related training, and professional development activities available through its continuing professional development calendar and member communications. The institute has also continued discussions on strengthening professional education pathways and specialized training areas, including taxation and anti-money laundering topics.

ICAB continues to demonstrate sustained fulfillment of its responsibilities related to professional accountancy education, continuing professional development, and monitoring of member compliance in line with the requirements of SMO 2.

Current Status: Sustain

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for adopting auditing and assurance standards in Barbados. ICAB states that it adopts the international standards issued by the International Auditing and Assurance Standards Board (IAASB) for attestation engagements, and that audits in Barbados are conducted in accordance with International Standards on Auditing.

ICAB continues to support implementation through technical guidance and member resources. In 2024 and 2025, ICAB issued updated auditor reporting guidance based on IAASB amendments, including guidance on the format and content of auditor reports and the description of auditor responsibilities under ISA 700 (Revised).

ICAB also supports implementation through continuing professional development activities, practice monitoring feedback, and guidance for small and medium practices. Its regional practice monitoring arrangements through the Institute of Chartered Accountants of the Caribbean and the Association of Chartered Certified Accountants continue to assess compliance with ISA and support remedial action where deficiencies are identified.

ICAB continues to demonstrate sustained fulfillment of its responsibilities related to the adoption and implementation of IAASB pronouncements in line with the requirements of SMO 3.

Current Status: Sustain

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for establishing ethical requirements for its members. ICAB’s by-laws define its Code of Ethics as the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, and members are required to comply with the Code.

ICAB continues to support implementation through member communications, guidance, and continuing professional development on ethics-related topics. Recent ICAB guidance on auditor reporting also refers to compliance with the International Code of Ethics for Professional Accountants (including International Independence Standards), demonstrating continued application of the Code in audit practice.

ICAB continues to monitor changes to the Code, inform members of relevant developments, and engage with stakeholders where changes may affect local application, including independence and public interest entity-related matters. ICAB continues to demonstrate sustained fulfillment of its responsibilities related to ethical requirements in line with SMO 4.

Current Status: Sustain

The Government of Barbados, through the Ministry of Finance and the Comptroller General, is responsible for public sector accounting requirements. The Public Finance Management Act, 2019 identifies International Public Sector Accounting Standards as generally accepted accounting practice for the public sector and requires the Comptroller General to enforce accounting standards for the Government, public entities, and commercial state-owned enterprises.

The Institute of Chartered Accountants of Barbados (ICAB) has no direct responsibility for public sector standard-setting but continues to use best endeavors to support implementation. ICAB’s Public Sector Committee supports public financial management reform through continuing professional development, engagement with the Ministry of Finance, and collaboration on governance, financial accountability, state-owned enterprise reform, and institutional strengthening.

ICAB also has a standing role in the public sector framework through representation on the Internal Audit Committee established under the Public Finance Management Act. The committee is responsible for advising on internal audit standards, plans, reports, and management action plans across Government.

Recent regional technical assistance continues to support Barbados’ public financial management reforms, including work on state-owned enterprise financial reporting, compliance with the Public Finance Management Act, and treasury modernization. ICAB continues to demonstrate sustained best-endeavors activities in support of International Public Sector Accounting Standards implementation and public sector capacity building in line with SMO 5.

Current Status: Sustain

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for establishing and operating an investigation and discipline (I&D) system for its members. ICAB’s by-laws establish the complaints, investigation, disciplinary, and appeals processes and apply to members, students, and firms where applicable. (icab.bb)

ICAB has established separate Investigations, Disciplinary, and Appeals Committees. The Investigations Committee investigates complaints and refers matters to the Disciplinary Committee where action is justified. The Disciplinary Committee determines whether professional misconduct has occurred and may impose sanctions, including suspension or expulsion from membership, withdrawal of practising certificates, or other forms of censure. The Appeals Committee may review decisions of the Disciplinary Committee. (icab.bb)

ICAB’s by-laws require lay participation in each committee and prohibit Council members from serving on the committees, supporting independence and public confidence in the process. ICAB also continues to raise awareness of its complaints process through public communications and annual reporting, and provides orientation to committee members on the by-laws, disciplinary procedures, and Statement of Membership Obligations 6 requirements.

ICAB continues to demonstrate sustained operation of an I&D system aligned with the requirements of SMO 6.

Current Status: Sustain

The Institute of Chartered Accountants of Barbados (ICAB) has direct responsibility for adopting accounting standards in Barbados and has adopted International Financial Reporting Standards and the IFRS for SMEs Accounting Standard as issued by the International Accounting Standards Board. The IFRS Foundation confirms that IFRS and the IFRS for SMEs Accounting Standard have been adopted in Barbados and that there is no other national generally accepted accounting practice.

ICAB continues to support implementation through member guidance, technical resources, and continuing professional development activities. Its website includes guidance notes on IFRS and the IFRS for SMEs Accounting Standard, including guidance on government assistance, credit unions, and other local application matters.

ICAB also continues to monitor international standard-setting developments and support member awareness of sustainability-related reporting developments under the International Sustainability Standards Board. No mandatory jurisdiction-level adoption of IFRS Sustainability Disclosure Standards was identified as of the date of this assessment.

ICAB continues to demonstrate sustained fulfillment of its responsibilities related to IFRS adoption and implementation support, including emerging sustainability reporting developments, in line with SMO 7.

Current Status: Sustain