Institute of Chartered Accountants of Guyana

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for establishing and operating the quality assurance (QA) review system for audits in Guyana. ICAG continues to participate in the regional practice monitoring program coordinated through the Institute of Chartered Accountants of the Caribbean and conducted with the Association of Chartered Certified Accountants, which supports efficient QA review systems across participating Caribbean institutes.

Under this arrangement, ICAG receives and reviews monitoring reports, follows up on identified deficiencies through its Regulatory Committee, and uses review findings to inform member training and continuing professional development activities. ICAG also maintains a public list of practising members and continues to support members, including small and medium practices, through guidance and professional development.

ICAG reports that International Standards on Quality Management (ISQM 1 and ISQM 2) and International Standard on Auditing 220 (Revised) have been adopted as issued. The jurisdiction-level framework remains aligned with the relevant SMO 1 requirements. Based on ICAG’s ongoing operation, monitoring, follow-up, and member support activities, SMO 1 fulfillment is assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for establishing continuing professional development (CPD) requirements and overseeing professional accountancy education requirements for its members. ICAG continues to rely on recognized overseas professional accountancy organizations for initial professional development, practical experience, and final assessment requirements, while maintaining additional local requirements for practising certificates and continuing professional education.

ICAG continues to provide seminars, technical lectures, and professional development activities to support members’ understanding of changes in taxation, business law, financial reporting, auditing, ethics, and quality management requirements in Guyana. The institute also maintains a monitoring and verification process for members’ CPD compliance and continues to support members through its Technical Committee and regional collaboration with the Institute of Chartered Accountants of the Caribbean.

Members seeking practising certificates are required to complete a prescribed period of relevant practical experience under the supervision of practising members or firms prior to approval by the Council of ICAG. Universities and tertiary institutions in Guyana also continue to incorporate local taxation and business law into accountancy-related education programs.

Based on ICAG’s ongoing education oversight, CPD monitoring, and member support activities, SMO 2 fulfillment is assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for adopting auditing and assurance standards in Guyana. ICAG states that International Standards on Auditing and other International Auditing and Assurance Standards Board (IAASB) pronouncements form the auditing guidance to be followed by members, and compliance is supported through the practice monitoring program.

ICAG continues to support implementation through its Technical Committee, continuing professional development activities, member communications, and participation in regional initiatives with the Institute of Chartered Accountants of the Caribbean and the Association of Chartered Certified Accountants. ICAG also disseminates IAASB pronouncements and exposure drafts to members and uses member feedback to inform comments on standard-setting developments.

ICAG has adopted International Standards on Auditing (ISA) as issued by the IAASB, including ISA for Audits of Financial Statements of Less Complex Entities. Based on ICAG’s continued adoption, implementation support, and monitoring activities, SMO 3 fulfillment is assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for establishing ethical requirements for professional accountants in Guyana. ICAG has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants and continues to support implementation through member education and professional development activities.

ICAG continues to provide ethics-related continuing professional development activities, seminars, and technical presentations for members and students, including training on professional responsibility, independence, and developments to the Code. Ethics and professional conduct topics also continue to be incorporated into ICAG conferences, member communications, and technical updates.

ICAG disseminates International Ethics Standards Board for Accountants pronouncements, exposure drafts, and related materials to members and encourages stakeholder participation in the international standard-setting process. Members are also subject to the ethical requirements of their respective qualifying professional accountancy organizations.

Based on ICAG’s ongoing adoption, implementation support, member awareness activities, and integration of ethical requirements into its regulatory framework, SMO 4 fulfillment is assessed as Sustain.

Current Status: Sustain

The Ministry of Finance is responsible for public sector accounting requirements in Guyana. The Institute of Chartered Accountants of Guyana (ICAG) has no direct responsibility for adopting International Public Sector Accounting Standards (IPSAS), but uses its best endeavors to support awareness and implementation through advocacy, member education, and regional engagement.

ICAG continues to promote IPSAS adoption as part of its advisory role to government and through participation in regional public financial management initiatives coordinated by the Institute of Chartered Accountants of the Caribbean. ICAG also supports members working in or with the public sector through professional development activities and Accountants Week programming.

Guyana’s public financial management reform plans have included IPSAS implementation and related training activities, but no current authoritative source was identified confirming formal adoption of cash-basis or accrual-basis IPSAS by the Government. Based on ICAG’s continued advocacy, member support, and engagement with relevant stakeholders within the limits of its authority, SMO 5 is assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for the investigation and discipline (I&D) of its members and registered students under the Institute of Chartered Accountants of Guyana Act 1991 and ICAG By-Laws. The By-Laws establish an Investigations Committee, Disciplinary Committee, and Appeal Committee, and ICAG’s current committee structure confirms that these bodies remain in place.

ICAG has continued work to update its governance framework, including provisions related to licensing, monitoring, investigation, discipline, and continuing education. Publicly available information indicates that the Governance Committee has been progressing updates to the By-Laws, drawing on regional professional accountancy organization practices and IFAC guidance.

The I&D system is operational; however, the publicly available framework does not yet demonstrate full alignment with all SMO 6 requirements, including non-accountant participation in disciplinary processes, enhanced administrative processes, and public interest considerations. Based on ICAG’s established procedures and ongoing work to strengthen the framework, SMO 6 fulfillment is assessed as Execute.

ICAG should prioritize finalizing and approving the revised By-Laws and implementing the outstanding SMO 6 enhancements.

Current Status: Execute

The Institute of Chartered Accountants of Guyana (ICAG) has direct responsibility for adopting financial reporting standards in Guyana and has adopted IFRS Accounting Standards and the IFRS for SMEs Accounting Standard as issued by the International Accounting Standards Board. ICAG continues to support implementation through technical guidance, continuing professional development activities, and member outreach.

ICAG continues to provide seminars, workshops, and technical updates on IFRS-related developments, including new and amended standards, implementation considerations, and updates to the IFRS for SMEs Accounting Standard. These activities are supported through collaboration with the Institute of Chartered Accountants of the Caribbean and the Association of Chartered Certified Accountants.

ICAG also disseminates International Accounting Standards Board pronouncements and exposure drafts to members through newsletters, technical communications, and professional events, and encourages participation in the international standard-setting process.

Based on ICAG’s continued adoption activities, implementation support, and member engagement related to IFRS Accounting Standards and the IFRS for SMEs Accounting Standard, SMO 7 fulfillment is assessed as Sustain.

Current Status: Sustain