Institute of Chartered Accountants of Trinidad and Tobago

The ICATT Act of 1970 empowers ICATT to statutorily regulate auditors. With that authority, ICATT signed a contract with the Association of Chartered Certified Accountants (ACCA) to develop a QA review system which fulfills SMO 1 requirements. The QA review system was established in 2007 and the audit monitoring visits began in 2009. ICATT has since renewed its contract with ACCA, and therefore QA reviews continue to be outsourced to ACCA. ACCA submits reports to ICATT’s Licensing Committee for review and action. The committee will also receive reports on QA reviews from the Institute of Chartered Accountants of the Caribbean (ICAC) in some instances.

Based on the results of QA reviews, the Licensing Committee has the power to refer matters to ICATT’s Investigations Committee as needed. ICATT has been disseminating reports on the reviews available from the ACCA and has been coordinating training sessions based on deficiencies discovered in the review process.

ICATT’s Annual Reports are available to the public via its website, which includes the results of QA reviews. ICATT reports that due to the COVID-19 pandemic, on-site monitoring visits were not conducted between the end of March 2020 and May 2020. However, on April 9, 2020, ICATT initiated a remote monitoring process with the intention of informing its member firms of this process to commence reviews. Remote reviews generally took much longer than on-site monitoring visits, which resulted in only 11 visits being completed in 2020 as opposed to what was originally planned (17 firms). Despite the country experiencing another wave of COVID-19 from May to August 2021, onsite reviews commenced again, and ICATT completed 22 audit monitoring visits that year.

As of the date of this assessment, ISQM 1 and ISQM 2 are adopted. ICATT has been proactive in advancing implementation of these standards. ICATT provides training on ISQM 1 and ISQM 2 to support its members, including small and medium-sized practitioners. This training is also extended to members who have received unsatisfactory practice monitoring reports, aiming to enhance their understanding and application of the quality management standards.

In 2023, ICATT expanded the review program to include non-audit members in public practice through a self-reporting mechanism for non-audit activities using a Best Practice Self-Assessment Checklist, developed by ICATT’s Small and Medium-Sized Practices (SMP) Committee

Current Status: Sustain

ICATT has the legal authority to establish IPD and CPD requirements for its members and continues to align with all revised 2019 IES requirements. Initial Professional Development (IPD) is fulfilled through a joint examination scheme with ACCA. For IES 5, practical experience requirements include a minimum of 3,000 audit hours over 3–4 years under an Accredited Supervising Principal for an Auditing Certificate, and 2,000 hours of relevant experience over 2–4 years for a Practicing Certificate. ICATT is encouraged to continue raising awareness of these requirements among supervisors.

For IES 6, although ICATT uses ACCA exams, it retains legal authority under Act 33 of 1970 to set local exams and is currently in discussions to establish a Tax Certificate Program. ICATT also hosts an annual taxation training session.

Regarding CPD (IES 7-8), ICATT requires members to complete at least 40 CPD hours annually, with at least 21 hours verifiable. Members holding Auditing or Practicing Certificates must obtain an additional 10 CPD hours in their specialized practice area, with at least 50% being verifiable. CPD compliance is strictly monitored through annual CPD audits and submission of evidence. Non-compliance may result in loss of membership or certificate renewal.

ICATT communicates updates on standards via its website and direct emails and offers a minimum of 12 CPD courses annually, including ethics workshops. ICATT continues to explore local tax and company law exams, both independently and in collaboration with the regional organization ICAC.

Competence and knowledge of the local environment, public expectations, and other local regulatory requirements are an important component of IPD. Currently this is achieved through practical experience but ICATT is encouraged to continue exploring the possibility of administering its own local tax and company law examinations to further strengthen IPD.

Current Status: Sustain

ICATT, as empowered by the ICATT Act of 1970 sets standards for all audits in the jurisdiction. ICATT has adopted ISA as issued by the IAASB without modification, which as of the date of the assessment, is the which is the 2023-2024 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

ICATT reports that it has ongoing processes for disseminating information on new and modified IAASB pronouncements, providing training, including standard-related topics in its continuing professional development courses, and developing technical guidance to support its members with the implementation of the standards. ICATT indicates that it solicits feedback from members on draft pronouncements issued by the IAASB.

ICATT is considering the adoption of the ISA for LCE, including applicability to local auditing practices and its alignment with existing regulations.

Current Status: Sustain

The ICATT has adopted by reference the IESBA Code of Ethics for Professional Accountants—as of the date of this assessment, the 2024 Handbook of the International Code of Ethics for Professional Accountants.

ICATT focuses on providing training, including ethics topics in continuing professional development activities, and disseminating information on the updates of the IESBA Code of Ethics to its members via a quarterly newsletter. The institute utilizes the support and resources of its Council members—one of whom is an Ethics Officer at a firm—to offer ethics trainings based on IESBA material.

ICATT supports its Audit & Accounting Standards Committee in providing comments on IESBA exposure drafts.

Current Status: Sustain

ICATT has no legal mandate for the adoption of public sector accounting standards which are determined by the government of Trinidad and Tobago. Currently, the national public sector accounting standards are cash-based. ICATT reports that it continues to promote the adoption of IPSAS to the Ministry of Finance, the Comptroller of Accounts, and the Auditor General.

ICATT reports that it is participating in the Ministry of Finance’s Working Group on Accounting and Financial Reporting Framework Policies and procedures for Central Government, Ministries and Departments and Tobago House of Assembly (THA) in its drive to adopt IPSAS.

ICATT reports to be providing training of public sector staff, organizing events, and/or advocating for public sector competencies. In 2024, ICATT established a PFM Committee to enhance governance, financial reporting, and accountability in the public sector.

Adoption of accrual IPSAS as issued by the IPSASB would ensure the application of global best practices as part of strong public financial management. ICATT is encouraged to continue supporting the government to adopt IPSAS. It may find IFAC’s Train the Trainers: Introduction to IPSAS and the Pathways to Accrual resources helpful in this regard.

Current Status: Sustain

ICATT has the legal authority to carry out investigative and disciplinary (I&D) procedures for its members under the ICATT Act of 1970. In February 2017, ICATT adopted revised Rules and Regulations that took effect on January 1, 2018. These reforms brought its I&D system substantially in line with SMO 6. For example, Council members are now prohibited from serving on investigative or disciplinary tribunals or appeals committees, reinforcing independence and objectivity. Appointments to these panels are for three-year terms, renewable once, and include both members and non-members.

Since 2018, ICATT has developed training, tracking mechanisms, and detailed guidance such as the Guidelines on Complaints and Disciplinary Procedure and Guideline on Disciplinary Sanctions to ensure transparency and procedural clarity. ICATT also makes efforts to resolve cases in a timely manner and maintains records of all I&D cases.

In December 2021, ICATT held an Extraordinary General Meeting to consider further amendments to its 2018 Rules; however, the proposed changes were not adopted. Following this, the Council re-evaluated the proposals in March 2023 and intends to bring forward revisions for adoption in 2025.

ICATT conducted a self-assessment in 2025 and identified three main areas requiring further alignment with SMO 6: (i) promoting public awareness of the I&D system; (ii) establishing formal mechanisms to liaise with external bodies in cases involving serious offenses; and (iii) institutionalizing regular reviews of the effectiveness of the I&D system.

ICATT is encouraged to develop clear action plans and timelines for implementation for the areas that require further alignment with SMO 6. These actions will help further strengthen the system and build public trust in the profession’s regulatory framework.

Current Status: Review & Improve

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970, the Companies Act of 1995, the Companies Regulations of 1997; Insurance Act of 2018 and the Insurance (Amendment) Act, 2020; the Financial Institutions Act of 2008; and the Securities Industry Act of 1995, establish basic financial reporting and auditing requirements in Trinidad & Tobago. The Acts generally do not contain detailed accounting, auditing, and financial reporting requirements but rather refer to standards adopted by ICATT.

ICATT adopted IFRS Standards and IFRS for Small- and Medium-sized Entities (SMEs) by reference, without modification.

ICATT focuses on supporting its members with implementation of standards through training and education activities. In 2024, IFRS 17 was integrated into ICATT’s regulatory framework, with dedicated training programs to ensure effective implementation and compliance. It has established a mechanism to disseminate new and modified IASB pronouncements and make them available to its members.

While ICATT has not responded to any exposure drafts issued by the IASB to date, ICATT’s Audit & Accounting Standards Committee has been assigned the responsibility to fulfill this function going forward.

Recognizing the importance of aligning with international best practices, ICATT has an implementation roadmap plan which includes stakeholder engagement on the implementation of IFRS S1 and S2 sustainability standards. The institute has held numerous trainings on the Sustainability Standards. Presently, the Institute has confirmed an initial voluntary adoption period, followed by a phased transition to mandatory implementation over the short to medium term.

ICATT is encouraged to submit comments on IASB exposure drafts so that the jurisdiction experience is shared at the global level.

Current Status: Sustain