Guyana

In Guyana, the Companies Act 1991 establishes the financial reporting framework applicable to companies incorporated in the jurisdiction. The Act requires companies to prepare annual financial statements and, in prescribed circumstances, to have those financial statements audited by a practising Chartered Accountant or accounting firm registered with the Institute of Chartered Accountants of Guyana (ICAG).

Under the Institute of Chartered Accountants of Guyana Act 1991, ICAG is recognized as the body responsible for establishing accounting and auditing standards in the jurisdiction. ICAG has adopted IFRS Accounting Standards as issued by the International Accounting Standards Board without modification and including effective dates. ICAG has also adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard) for entities that do not have public accountability and publish general purpose financial statements for external users.

Statutory audit requirements are established under the Companies Act and related sector-specific legislation. ICAG is responsible for establishing auditing and assurance standards in Guyana and has adopted International Standards on Auditing, including the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, as issued by the International Auditing and Assurance Standards Board without modification and including effective dates.

The Bank of Guyana Act 1998, Financial Institutions Act 1995, Insurance Act 1998, and Insurance (Supplementary Provisions) Act 2009 establish additional reporting and regulatory requirements for banks, financial institutions, and insurance entities. These entities are required to prepare annual financial statements in accordance with IFRS Accounting Standards and submit them to the Bank of Guyana. Statutory audits must be performed by practising members of ICAG in accordance with the auditing standards adopted in the jurisdiction.

The Securities Industry Act 1998 established the Guyana Securities Council as the securities market regulator in the jurisdiction. The rules of the Guyana Association of Securities Companies and Intermediaries Incorporated require listed companies to apply IFRS Accounting Standards in the preparation of their financial statements.

In Guyana, the accountancy profession is regulated by the Institute of Chartered Accountants of Guyana (ICAG), which was established under the Institute of Chartered Accountants of Guyana Act 1991. Membership in ICAG is mandatory for individuals practising as Chartered Accountants in the jurisdiction.

ICAG operates as both the national professional accountancy organization and the principal regulatory body for the profession. Under its establishing legislation, ICAG is responsible for establishing membership and practising requirements; issuing practising certificates; maintaining a register of members and firms; establishing ethical, auditing, and accounting requirements; operating a quality assurance review system; administering investigation and disciplinary procedures; establishing continuing professional development requirements; and advising the Government on matters affecting the profession.

The Chartered Accountant designation is the protected professional title in Guyana. Individuals seeking membership in ICAG are generally required to hold membership in a recognized overseas professional accountancy organization approved by the institute. Recognized bodies include the Association of Chartered Certified Accountants, CPA Canada, the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland, and the American Institute of Certified Public Accountants and Chartered Institute of Management Accountants joint designation pathway. These professional accountancy organizations require candidates to complete professional accountancy education programs, practical experience requirements, and final assessments designed to align with the International Education Standards.

To engage in public practice, members are required to obtain a practising certificate issued by ICAG. The institute requires applicants for practising certificates to complete a prescribed period of relevant practical experience under the supervision of a practising member or firm prior to approval by the Council of ICAG.

There is no independent public audit oversight authority in Guyana. Oversight and regulation of auditors are carried out by the Institute of Chartered Accountants of Guyana (ICAG) under the Institute of Chartered Accountants of Guyana Act 1991. Membership in ICAG is mandatory for individuals conducting statutory audits in the jurisdiction.

ICAG is responsible for the approval, licensing, and regulation of auditors and practising firms in Guyana. Individuals seeking to conduct statutory audits are required to obtain membership in ICAG as Chartered Accountants, fulfill prescribed practical experience requirements, and obtain a practising certificate issued by the institute.

Under its legislative mandate, ICAG is responsible for establishing auditing and ethical requirements applicable to its members; adopting auditing and assurance standards for application in the jurisdiction; establishing and operating the quality assurance review system; administering investigation and disciplinary procedures; prescribing continuing professional development requirements; and maintaining a register of practising members and firms.

ICAG has adopted International Standards on Auditing and the International Standards on Quality Management as issued by the International Auditing and Assurance Standards Board without modification and including effective dates. The institute also participates in the regional practice monitoring program coordinated through the Institute of Chartered Accountants of the Caribbean in collaboration with the Association of Chartered Certified Accountants.

The Institute of Chartered Accountants of Guyana (ICAG)

ICAG was established under the Institute of Chartered Accountants of Guyana Act 1991 as the national professional accountancy organization in Guyana. Membership in ICAG is mandatory for individuals practising as Chartered Accountants in the jurisdiction.

ICAG represents Chartered Accountants in public practice, business, and the public sector, as well as students pursuing professional accountancy qualifications through recognized overseas professional accountancy organizations.

Under its establishing legislation, ICAG is responsible for promoting and maintaining high professional standards within the accountancy profession; safeguarding the professional standing and reputation of its members; establishing ethical and professional requirements; and advising the Government and other stakeholders on matters affecting the profession and the public interest.

In its regulatory and professional capacity, ICAG is responsible for establishing membership and practising requirements; issuing practising certificates; maintaining a register of members and firms; adopting accounting, auditing, and ethical standards; operating the quality assurance review system; administering investigation and disciplinary procedures; and establishing continuing professional development requirements for members.

ICAG recognizes a number of overseas professional accountancy organizations for membership purposes, including the Association of Chartered Certified Accountants, CPA Canada, the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland, and the American Institute of Certified Public Accountants and Chartered Institute of Management Accountants joint designation pathway. These organizations require candidates to complete professional education programs, practical experience requirements, and final assessments designed to align with the International Education Standards.

In addition to being a member of the International Federation of Accountants, ICAG is a member of the Institute of Chartered Accountants of the Caribbean.

The Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing the quality assurance (QA) review system for audits in Guyana under the Institute of Chartered Accountants of Guyana Act 1991. ICAG participates in the regional practice monitoring program coordinated by the Institute of Chartered Accountants of the Caribbean with monitoring visits conducted by the Association of Chartered Certified Accountants. Under this arrangement, ICAG retains full regulatory responsibility for practitioners and firms, while monitoring reviews assess compliance with International Standards on Auditing and applicable quality management requirements.

The QA review system is established and operational for mandatory audits and is aligned with the relevant SMO 1 requirements.

ICAG has also adopted the International Standards on Quality Management (ISQM 1 and ISQM 2) and International Standard on Auditing 220 (Revised) as issued by the International Auditing and Assurance Standards Board and effective from December 15, 2022.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing education, practical experience, examination, and continuing professional development (CPD) requirements for Chartered Accountants in Guyana. Under the ICAG Act 1991, candidates for membership must meet prescribed membership requirements and generally hold membership in a recognized professional accountancy organization approved by ICAG. Members in public practice must also obtain a practising certificate issued by ICAG.

ICAG relies on recognized overseas professional accountancy organizations for initial professional development (IPD), practical experience, and final assessment requirements. ICAG members are also subject to CPD requirements established by ICAG and, where applicable, their qualifying institutes.

The jurisdiction-level framework is aligned with the relevant SMO 2 requirements for entry, IPD, practical experience, assessment, and CPD.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana Act of 1991 establishes the Institute of Chartered Accountants of Guyana (ICAG) as the body responsible for adopting auditing standards. ICAG has adopted ISA as issued by the IAASB since 2003. Endorsement of individual new or amended standards is not required.

ICAG has also adopted ISA for LCEs as issued by IAASB.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing ethical requirements for professional accountants under the Institute of Chartered Accountants of Guyana Act 1991. ICAG has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) as issued by the International Ethics Standards Board for Accountants for application in the jurisdiction. ICAG members are also required to comply with the ethical and professional requirements of their respective qualifying professional accountancy organizations.

Current Status: Adopted

The Ministry of Finance is responsible for the public sector financial reporting framework in Guyana under the Financial Administration and Audit Act. Guyana continues to prepare central government financial statements on a national cash-basis framework, and no evidence was identified that International Public Sector Accounting Standards (IPSAS) have been formally adopted.

The Government has previously identified IPSAS implementation and chart of accounts reform as public financial management priorities, but no current authoritative source was identified confirming adoption or effective implementation of either cash-basis IPSAS or accrual-basis IPSAS.

Current Status: Not Adopted

The Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing the investigation and discipline (I&D) system for 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 to investigate conduct and good standing matters, a Disciplinary Committee to hear charges referred by the Investigations Committee, and an Appeal Committee for appeals.

ICAG’s current committee structure confirms that investigation, disciplinary, and appeals committees are in place. However, the public framework does not demonstrate full alignment with all SMO 6 requirements, including public interest considerations, independent non-accountant participation in disciplinary processes, and enhanced administrative procedures.

ICAG members may also be subject to the I&D procedures of their qualifying professional accountancy organizations. The jurisdiction-level framework is operational but does not fully demonstrate alignment with the relevant SMO 6 requirements.

Current Status: Partially Adopted

The Institute of Chartered Accountants of Guyana Act 1991 gives the Institute of Chartered Accountants of Guyana (ICAG) statutory authority to set accounting standards for companies in Guyana. The IFRS Foundation jurisdiction profile states that ICAG has adopted IFRS Accounting Standards as issued by the International Accounting Standards Board as the national accounting standards of Guyana, with no separate endorsement process for new or amended standards.

IFRS Accounting Standards are required for domestic companies whose securities trade in a public market in Guyana, and English is the official language of the jurisdiction; therefore, translation is not required for local application.

ICAG has also adopted the IFRS for SMEs Accounting Standard, including the third edition issued by the International Accounting Standards Board in February 2025, for eligible entities.

Current Status: Adopted

Relevant Organizations

Association of Chartered Certified AccountantsBank of GuyanaCaribbean Financial Action Task Force Mutual Evaluation Report – GuyanaGuyana Association of Securities Companies and Intermediaries IncorporatedGuyana Securities CouncilInstitute of Chartered Accountants of GuyanaInstitute of Chartered Accountants of the CaribbeanMinistry of Finance of Guyana

Relevant Legislation

Bank of Guyana Act 1998Companies Act 1991Financial Administration and Audit Act 1995Financial Institutions Act 1995Insurance Act 1998Insurance (Supplementary Provisions) Act 2009Institute of Chartered Accountants of Guyana Act 1991Institute of Chartered Accountants of Guyana By-LawsSecurities Industry Act 1998

Relevant Publications

2025 IFRS for SMEs Accounting StandardIFRS Foundation Jurisdiction Profile – Guyana