Institute of Chartered Accountants of Trinidad and Tobago

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for establishing and operating the quality assurance (QA) review system for members in public practice. ICATT’s Practice Monitoring Programme is conducted under an arrangement with the Association of Chartered Certified Accountants, with reports reviewed by ICATT’s Licensing Committee and matters referred to the Investigation Committee where necessary.

ICATT continues to operate the QA review system for audit firms, with firms auditing public interest entities reviewed every three years and other audit firms reviewed every six years. In its 2025 Annual Report, ICATT reported that 17 monitoring reviews were conducted during the year, with 65 percent of firms and 89 percent of first-time reviewed firms achieving satisfactory ratings. ICATT attributed improvements in audit quality to continuing professional development programs focused on audit documentation, common deficiencies, and remediation.

ICATT supports implementation through targeted audit quality training, including annual audit practice monitoring webinars covering the monitoring process, common deficiencies, root causes of unsatisfactory outcomes, remediation, and International Standards on Quality Management (ISQM 1 and ISQM 2). ICATT’s Small and Medium Sized Practices Committee has also issued practical guidance on quality management systems for small and medium-sized practices, including FAQs on ISQM 1, ISQM 2, ISA 220, and the IESBA Code.

ICATT has adopted ISQM 1 and ISQM 2 and continues to align practice monitoring and member support activities with the quality management standards. ICATT’s activities demonstrate sustained implementation of the relevant SMO requirements. Accordingly, SMO 1 fulfillment remains assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for establishing initial professional development and continuing professional development requirements for its members and students. ICATT administers the Association of Chartered Certified Accountants professional education and examination program locally through the Joint Examination Scheme, while membership and certification requirements are established under ICATT’s Rules and Regulations.

ICATT’s certification framework requires practical experience for members entering public practice, including at least 2,000 hours of relevant experience for a Practising Certificate and at least 3,000 audit hours for an Auditing Certificate. ICATT also provides guidance for Members in Practice, Auditing who act as Accredited Supervising Principals, supporting the supervision and documentation of audit-related practical experience.

ICATT requires members to complete continuing professional development annually. Members holding Practising Certificates or Auditing Certificates are subject to enhanced verifiable continuing professional development requirements linked to their areas of practice, including higher requirements where an unsatisfactory practice monitoring outcome has been reported.

ICATT supports implementation through annual and on-demand professional development programs covering technical, ethical, regulatory, audit quality, financial reporting, tax, and emerging practice areas. ICATT’s 2022–2025 Strategic Plan also identifies the provision and promotion of annual continuing professional development training as an organizational priority.

ICATT’s education, practical experience, assessment, and continuing professional development requirements remain aligned with the relevant SMO requirements. Accordingly, SMO 2 fulfillment remains assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for adopting and supporting the implementation of auditing and assurance standards in the jurisdiction. ICATT has adopted International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board without modification, including the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

ICATT continues to support implementation through technical updates, audit practice monitoring, continuing professional development, and guidance for members in public practice. Recent activities include training on ISA for Less Complex Entities, audit documentation, quality management, and common practice monitoring findings. ICATT’s 2025 Annual Report also notes sensitization and preparatory activities related to ISA for Less Complex Entities, review of relevant international exposure drafts, and engagement with international standard-setting developments.

ICATT’s activities demonstrate sustained adoption and implementation support for IAASB pronouncements and continued alignment with the relevant SMO requirements. Accordingly, SMO 3 fulfillment remains assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for adopting and supporting implementation of ethical requirements for members and students. ICATT has adopted the International Code of Ethics for Professional Accountants, including International Independence Standards, as issued by the International Ethics Standards Board for Accountants.

ICATT supports implementation through ethics-focused continuing professional development activities, technical updates, and member communications on revisions to the Code. Ethics and independence requirements are also incorporated into practice monitoring activities and professional conduct processes under ICATT’s Rules and Regulations.

ICATT continues to engage with international standard-setting developments through its Audit & Accounting Standards Committee, including review and comment processes for exposure drafts issued by the International Ethics Standards Board for Accountants and other international standard setters.

ICATT’s activities demonstrate sustained support for implementation of the Code and continued alignment with the relevant SMO requirements. Accordingly, SMO 4 fulfillment remains assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has no direct responsibility for the adoption of public sector accounting standards, which are established by the Government of Trinidad and Tobago. The Ministry of Finance has indicated that the Treasury Division is working toward adoption of Cash Basis International Public Sector Accounting Standards (IPSAS) for financial reporting purposes, with an eventual transition to modified accrual accounting. Since 2019, the Treasury Division has presented a Cash Basis Consolidated Statement of Assets and Liabilities using concepts from Cash Basis IPSAS.

ICATT continues to use its best endeavors to support public sector financial reporting reform through engagement with the Ministry of Finance, the Comptroller of Accounts, the Auditor General, and other public sector stakeholders. ICATT has also established a Public Financial Management Committee to support improved governance, financial reporting, and accountability in the public sector.

ICATT supports implementation through public sector training, technical events, and advocacy for stronger public sector competencies, including awareness of IPSAS and public financial management reforms. These activities demonstrate sustained best-endeavors support in an area where ICATT does not have direct standard-setting authority. Accordingly, SMO 5 fulfillment remains assessed as Sustain.

Current Status: Sustain

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for investigation and discipline procedures for its members, students, and relevant firms under the Institute of Chartered Accountants of Trinidad and Tobago Act, 1970 and ICATT Rules and Regulations. The framework provides for investigation, disciplinary, and appeals mechanisms, with procedures designed to support independence, procedural fairness, regulatory integrity, and protection of the public interest.

ICATT continues to operate the system and report on disciplinary activity through its Annual Report. In 2025, the Investigations Tribunal received two complaints, including one referral from the Licensing Committee, and the Disciplinary Tribunal received two Statements of Allegations. The Appeals Committee also reviewed matters referred by Council in respect of decisions made by the Investigations Tribunal.

ICATT has undertaken steps to strengthen its regulatory framework, including review of its licensing, investigation, disciplinary, and appeals procedures, and maintains guidance on complaints, disciplinary procedures, and sanctions for members and stakeholders. However, ICATT’s self-assessment continues to identify areas for further alignment with SMO 6, including stronger public awareness of the system, formalized liaison with external bodies in serious matters, and regular review of the effectiveness of the framework. Accordingly, SMO 6 fulfillment remains assessed as Review & Improve.

ICATT is encouraged to establish clear timelines for the remaining enhancements, particularly public awareness, external liaison protocols, and periodic effectiveness reviews, to further align the system with SMO 6 requirements.

Current Status: Review & Improve

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has direct responsibility for adopting and supporting implementation of corporate reporting standards in the jurisdiction. ICATT has adopted International Financial Reporting Standards (IFRS Accounting Standards) and the IFRS for Small and Medium-sized Entities Accounting Standard as issued by the International Accounting Standards Board without modification. New and amended IFRS Accounting Standards become applicable automatically following adoption by ICATT Council.

ICATT supports implementation through continuing professional development, technical updates, and member communications on new and amended standards. Recent activities include training and sensitization on IFRS 17, IFRS for SMEs, and International Financial Reporting Standards Sustainability Disclosure Standards. ICATT’s Annual Report notes that its Audit and Accounting Standards Committee approved plans to sensitize members on the impact of IFRS S1 and IFRS S2.

ICATT continues to engage members on international standard-setting developments through its Audit and Accounting Standards Committee. Its activities demonstrate sustained adoption and implementation support for IFRS Accounting Standards and continued alignment with the relevant SMO requirements. Accordingly, SMO 7 fulfillment remains assessed as Sustain.

Current Status: Sustain