Institute of Chartered Accountants of Trinidad & Tobago
Member | Established: 1970 | Member since 1977
The Institute of Chartered Accountants of Trinidad & Tobago (ICATT) was established by an Act of Parliament in 1970. ICATT’s responsibilities include the training, development, and sustainability of the accounting profession through education, and lobbying government on matters of national interest. ICATT’s membership stands at approximately 1,334 active members who operate in all sectors of the economy and government. ICATT adheres to the ethical code of integrity, objectivity, professional competence, confidentiality, and professional behavior. ICATT’s international affiliates include the Association of Certified Chartered Accountants, Chartered Professional Accountants Canada, Institute of Chartered Accountants in England and Wales, American Institute of CPAs, and the Institute of Chartered Accountants of the Caribbean. The Institute maintains strategic relations with various stakeholders, including the state regulatory agencies, the bankers association, and the trade associations of Trinidad and Tobago.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Having introduced a quality assurance review system, the ICATT concentrates its efforts on maintaining an ongoing program in line with the SMO 1 requirements. For this purpose, it has signed an extension of a contract with the Institute of Chartered Accountants of the Caribbean and the Association of Chartered Certified Accountants (ACCA). The ICATT has established a Licensing Committee to receive and process reports on practice monitoring reviews. The committee has the power to refer matters to ICATT’s Investigations Committee as may be required. The 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.
The ICATT reports in its Annual Report that, at the end of 2014, 141 audit monitoring visits had been conducted and six reports were referred to the Investigations Committee.
The ICATT has the legal authority to establish initial professional development and continuing professional development (CPD) requirements for its members in Trinidad and Tobago. It established mandatory CPD for its members in line with IES requirements and has ongoing actions in place to consider adopting a process of assessing competencies of members on local tax and business law.
The ICATT is considering developing its own local tax and business law exam or, alternatively, working with the Institute of Chartered Accountants of the Caribbean to set a regional examination.
The ICATT has established communication channels for distributing information to members on recent IAESB developments and revisions.
The ICATT is encouraged to showcase the activities it has developed to assist its members with understanding the local regulations and to assist with the implementation of IES.
Having adopted ISA by reference, the ICATT has ongoing processes for disseminating information on new and modified IAASB pronouncements, providing training, including standard-related continuing professional development topics, and developing technical guidance to support its members with the implementation of the standards.
The ICATT is encouraged to submit comments on IAASB Exposure Drafts, as well as submit nominations to the Board to ensure its participation in the international standard-setting process.
The ICATT has adopted the IESBA Code of Ethics for Professional Accountants by reference and has focused its activities 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.
The ICATT is encouraged to submit comments on IESBA Exposure Drafts and should distribute information to members about its monitoring and enforcement activities.
The ICATT has no legal mandate for the adoption of public sector accounting standards. Nevertheless, it reports that it promotes the adoption of IPSAS to the Ministry of Finance, the Comptroller of Accounts, and the Auditor General. In addition, the ICATT had planned different activities to promote IPSAS adoption at a June 2015 meeting of the Institute of Chartered Accountants of the Caribbean.
The ICATT should consider developing a more focused plan to promote the full adoption of IPSAS to the government and share with IFAC’s Quality & Membership staff information on specific activities it undertakes to this effect.
Having adopted an investigative and disciplinary (I&D) system that is not in line with the requirements of SMO 6, the ICATT plans a comprehensive revision of its system to address the existing gaps.
The ICATT had planned to present the new rules and regulations drafted by the Investigation, Disciplinary and Appeal Committees to the General Assembly in June 2015.
The ICATT is encouraged to provide more details on the results of the exercise of comparing its I&D policies and processes to the requirements of SMO 6.
Having adopted IFRS and IFRS for SMEs, the ICATT focuses on supporting its members with their implementation of the standards through training and education activities. It has also established a mechanism to disseminate new and modified IASB pronouncements and make them available to its members.
The ICATT is encouraged to submit comments on IASB Exposure Drafts.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.