Suriname Chartered Accountants Institute

The Law on Accountancy of 2018 delegates authority to the Suriname Chartered Accountants Institute (SCAI) to develop and operate a mandatory quality assurance (QA) review system in Suriname. SCAI has been developing the system with technical assistance from the Netherlands Institute of Chartered Accountants and PUM, including support for practice monitoring, training, and development of the QA Committee.

SCAI provides continuing professional development to support implementation of the International Standards on Quality Management, including ISQM 1 and ISQM 2. QA regulations were reported as under final review for adoption in 2025, with the first formal QA reviews that were expected to begin in 2025 and a permanent national QA body being developed to support full alignment with SMO 1 by 2026.

SCAI continues to execute activities to operationalize the QA review system and support member implementation of quality management requirements. SCAI is encouraged to provide an update on the status of formal QA reviews, finalize the permanent QA arrangements, and ensure the system incorporates all relevant SMO 1 requirements.

Current Status: Execute

The Law on Accountancy of 2018 establishes initial professional development requirements and delegates authority to the Suriname Chartered Accountants Institute (SCAI) to establish continuing professional development requirements for professional accountants in Suriname. SCAI continues to operate a local Chartered Accountant qualification pathway for members of foreign International Federation of Accountants member organizations seeking to practice in the jurisdiction, including local regulatory examinations and practical experience requirements.

SCAI supports implementation of the International Education Standards through continuing professional development activities delivered in collaboration with the Netherlands Institute of Chartered Accountants and other international partners. The institute reports ongoing monitoring of continuing professional development compliance through annual reviews, declarations, and supporting documentation requirements. SCAI also reports implementation of a Practical Experience Record system and Professional Experience portfolio model aligned with the International Education Standards.

SCAI continues to maintain education, practical experience, assessment, and continuing professional development arrangements aligned with the relevant SMO 2 requirements and actively supports implementation through training, monitoring, and cooperation with international professional accountancy organizations.

Current Status: Sustain

The Law on Accountancy of 2018 designates the Suriname Chartered Accountants Institute (SCAI) as the auditing and assurance standard-setter in Suriname. SCAI has adopted International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board for application in the jurisdiction.

SCAI supports implementation through annual continuing professional development activities on ISA and related pronouncements, including dedicated update sessions on new and revised standards. The institute also supports members on quality management implementation, including training on International Standards on Quality Management and related audit quality topics.

SCAI monitors international standard-setting developments and contributes to consultations on IAASB exposure drafts, both directly and through the Institute of Chartered Accountants of the Caribbean.

SCAI continues to fulfill the relevant SMO 3 requirements through direct adoption of IAASB pronouncements, member training, and participation in the international standard-setting process.

Current Status: Sustain

In accordance with the Law on Accountancy of 2018, the Suriname Chartered Accountants Institute (SCAI) is responsible for adopting ethical requirements for all professional accountants in Suriname. SCAI reports that it has adopted the International Code of Ethics for Professional Accountants, including International Independence Standards, as issued by the International Ethics Standards Board for Accountants (IESBA).

SCAI supports implementation by informing members of new and revised ethical requirements through its website, newsletters, social media, and continuing professional development activities. The institute also raises awareness of ethical requirements through technical sessions for members and other stakeholders.

SCAI monitors international ethics developments and is encouraged, where feasible, to continue participating in the international standard-setting process by responding to exposure drafts and other IESBA consultations, directly or through the Institute of Chartered Accountants of the Caribbean.

SCAI continues to fulfill the relevant SMO 4 requirements through adoption of the IESBA Code, member communication, and implementation support.

Current Status: Sustain

The Ministry of Finance and Planning is responsible for public sector accounting standards in Suriname. The government continues to use a cash-basis form of accounting, and International Public Sector Accounting Standards (IPSAS) have not yet been adopted. However, recent public financial management reform activity indicates continued government interest in IPSAS, including a 2025 request for consulting services to assess gaps and develop an IPSAS implementation action plan.

The Suriname Chartered Accountants Institute (SCAI) does not have direct responsibility for adoption of public sector accounting standards. SCAI supports the relevant SMO 5 requirements through advocacy, awareness raising, and engagement with public sector stakeholders, including the Ministry of Finance and Planning, the General Audit Chamber, and the Central Government Auditing Bureau. SCAI has also promoted IPSAS awareness through technical discussions and planned collaboration on training for members and other accounting professionals working in the public sector.

SCAI continues to use its best endeavors to promote IPSAS adoption and support public sector capacity building in Suriname.

Current Status: Sustain

In accordance with the Law on Accountancy of 2018, the Suriname Chartered Accountants Institute (SCAI) is responsible for establishing investigation and disciplinary (I&D) arrangements in coordination with the Ministry of Justice. The law provides for a Disciplinary Board and gives SCAI responsibilities related to maintaining professional standards, monitoring the quality of the profession, and applying disciplinary measures.

SCAI has undertaken activities to operationalize the I&D system, including developing an I&D Complaints Procedure in 2024, engaging with the Court of Justice on alignment with SMO 6 requirements, and working with NBA/PUM advisers on operationalization and integration with the quality assurance review system. SCAI also requires members to confirm annually that they remain members in good standing of recognized foreign professional accountancy organizations and that no disciplinary measures have been imposed.

SCAI continues to execute actions to establish an operational I&D system and support member awareness of complaint and disciplinary procedures.

SCAI is encouraged to finalize the Disciplinary Board and related procedures, publish clear information for members and the public on how complaints may be submitted and processed, and ensure the system is fully aligned with SMO 6 requirements.

Current Status: Execute

The Law on Annual Accounts 2017 requires organizations of public interest and large legal entities in Suriname to prepare annual accounts in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. The law also requires medium-sized legal entities to apply the IFRS for Small and Medium-sized Entities Accounting Standard.

The Suriname Chartered Accountants Institute (SCAI) supported the development of the statutory framework and continues to support implementation through continuing professional development, technical updates, and communication of new and revised IASB pronouncements to members and stakeholders. SCAI also provides IFRS-related training for professionals and businesses and supports inclusion of IFRS in accountancy education.

SCAI monitors international standard-setting developments and participates in consultations on IASB exposure drafts, both directly and through the Institute of Chartered Accountants of the Caribbean.

SCAI continues to fulfill the relevant SMO 7 requirements through support for IFRS adoption and implementation in Suriname.

Current Status: Sustain