Suriname

In Suriname, the Law on the Financial Statements (2017), effective January 1, 2020, establishes the financial reporting and auditing framework applicable to entities operating in the jurisdiction. The law sets out requirements for the preparation, approval, and publication of financial statements and establishes entity classifications based on size and public interest considerations.

Under the Law on the Financial Statements (2017), large entities and public interest entities are required to prepare financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Public interest entities include listed companies, banks and other financial institutions, insurance companies, pension funds, and state-owned entities. Large entities are defined as entities meeting at least two of the following criteria: total assets exceeding SRD 12 million, net revenue exceeding SRD 24 million, or more than 50 employees.

Small- and medium-sized entities are required to apply the IFRS for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard). Medium-sized entities are defined as entities meeting at least two of the following criteria: total assets between SRD 3 million and SRD 12 million, net revenue between SRD 6 million and SRD 24 million, or between 20 and 50 employees. Small entities are defined as entities below these thresholds.

The Central Bank of Suriname is responsible for the prudential supervision of banks, insurance companies, pension funds, credit unions, and other regulated financial institutions. In 2022, the Central Bank adopted regulations under the Bank Act requiring financial institutions to apply IFRS Accounting Standards, consistent with the requirements of the Law on the Financial Statements (2017).

Statutory audit requirements are established under the Law on the Financial Statements (2017). Large entities, medium-sized entities, and public interest entities are required to have their financial statements audited.

The Law on Accountancy (2018) designates the Suriname Chartered Accountants Institute (SCAI) as the body responsible for establishing auditing and assurance standards in Suriname. SCAI has adopted International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board for application in the jurisdiction.

In Suriname, the accountancy profession is regulated by the Suriname Chartered Accountants Institute (SCAI), which was established under the Suriname Chartered Accountants Institute Act, 2018. Membership in SCAI is mandatory for accountants practicing in the jurisdiction.

SCAI operates as the national professional accountancy organization and the principal regulatory body for the profession. Under its establishing legislation, SCAI is responsible for maintaining the register of members, issuing audit and Chartered Accountant licenses, establishing continuing professional development requirements, adopting accounting, auditing, and ethical requirements, developing and operating a quality assurance review system, and administering investigation and disciplinary processes in coordination with the Ministry of Justice.

Entry into the profession is established through legal and professional requirements. Candidates are required to complete a recognized accounting degree or equivalent program, complete a Chartered Accountant qualification pathway, and fulfill prescribed practical experience requirements. Individuals seeking to practice as Chartered Accountants in Suriname are required to become members of SCAI, complete local requirements established by the institute, and obtain a practicing license.

Members are required to comply with SCAI’s continuing professional development requirements and other membership obligations to remain in good standing. SCAI’s regulatory role is intended to support the development of the accountancy profession in Suriname in accordance with international standards and to promote the quality and ethical conduct of professional services.

There is no independent public audit oversight authority in Suriname. Oversight and regulation of auditors are carried out by the Suriname Chartered Accountants Institute (SCAI) under the Suriname Chartered Accountants Institute Act, 2018.

SCAI is responsible for the licensing and regulation of auditors and Chartered Accountants practicing in the jurisdiction. Individuals seeking to conduct statutory audits are required to obtain membership in SCAI and fulfill the institute’s licensing and professional requirements.

Under its legislative mandate, SCAI is responsible for establishing auditing and ethical requirements for professional accountants; adopting auditing and assurance standards for application in the jurisdiction; establishing and operating the quality assurance review system; prescribing continuing professional development requirements; maintaining a register of members and licensed practitioners; and administering investigation and disciplinary processes in coordination with the Ministry of Justice.

SCAI has adopted International Standards on Auditing as issued by the International Auditing and Assurance Standards Board for application in Suriname. The institute is also responsible for developing and implementing the jurisdiction’s mandatory quality assurance review system for audit practitioners.

The Suriname Chartered Accountants Institute (SCAI)

SCAI was first operational in 2007 as the Suriname Institute of Chartered Accountants and was established in its current statutory form under the Suriname Chartered Accountants Institute Act, 2018.

SCAI is the national professional accountancy organization in Suriname and operates as a mandatory membership organization for professional accountants seeking to work in public practice, including auditors and Chartered Accountants. Under its establishing legislation, SCAI is responsible for maintaining the register of members, issuing audit and Chartered Accountant licenses, setting continuing professional development requirements, adopting accounting, auditing, and ethical requirements, operating the quality assurance review system, and administering investigation and disciplinary processes with the Ministry of Justice.

SCAI’s mandate is to protect and develop the accountancy profession in Suriname and improve the quality of professional services in accordance with international standards. SCAI is an Associate of the International Federation of Accountants and a full member of the Institute of Chartered Accountants of the Caribbean.

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. The law also empowers SCAI to establish professional rules and standards, including requirements related to quality control systems and the operation of accounting firms.

SCAI has established a QA review system and has been progressing implementation with technical assistance from the Netherlands Institute of Chartered Accountants and PUM. Publicly available information indicates that the system is still being operationalized.

The jurisdiction-level framework is aligned with the relevant SMO 1 requirements in that a mandatory QA review system has been established under law and SCAI has responsibility for its implementation. However, as the system is still being fully operationalized, QA remains Partially Adopted under the 2026 adoption definitions.

In addition, International Standards on Quality Management (ISQM 1 and ISQM 2) have not been confirmed as adopted and effective in the jurisdiction.

Current Status: Partially Adopted

The Law on Accountancy of 2018 establishes initial professional development requirements for Chartered Accountants and delegates authority to the Suriname Chartered Accountants Institute (SCAI) to establish continuing professional development requirements. Candidates are required to complete a recognized accounting degree or equivalent program, complete a Chartered Accountant qualification pathway, and fulfill three years of practical experience. To practice in Suriname, Chartered Accountants are required to be members of SCAI, complete local requirements, and obtain a practicing license.

SCAI reports that the jurisdiction’s education, practical experience, assessment, and continuing professional development requirements are aligned with the revised 2019 International Education Standards (IES). The jurisdiction-level framework includes requirements related to entry, initial professional development, practical experience, professional assessment, and continuing professional development and is aligned with the relevant SMO 2 requirements.

Based on the available information and SCAI’s self-assessment, IES are assessed as Adopted in the jurisdiction.

Current Status: Adopted

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

The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities is included in the 2025 IAASB Handbook and has been adopted by SCAI as part of its adoption of IAASB pronouncements as issued.

Current Status: Adopted

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.

Current Status: Adopted

The Ministry of Finance and Planning is responsible for the adoption of public sector accounting standards in Suriname. Publicly available information indicates that the government is undertaking preparatory work to assess International Public Sector Accounting Standards (IPSAS) implementation, including a 2025 request for consulting services to support analysis and the development of an IPSAS implementation action plan.

As of the date of this assessment, no formal decision, adoption plan, or implementation timeline has been identified, and the government continues to use a cash-basis form of accounting. As accrual-basis IPSAS have not been adopted, IPSAS are assessed as Not Adopted.

Current Status: Not Adopted

In accordance with the Law on Accountancy of 2018, the Suriname Chartered Accountants Institute (SCAI) is responsible for conducting investigation and disciplinary (I&D) processes in coordination with the Ministry of Justice. The law provides the legal basis for I&D arrangements for professional accountants and establishes SCAI’s role in maintaining professional standards, licensing, and enforcement.

Publicly available information confirms that SCAI has a legal mandate for I&D, but no evidence was identified that the I&D system is fully operational or that it incorporates all SMO 6 requirements. The prior assessment noted that the Disciplinary Board was being constituted and that further amendments were expected to strengthen alignment with SMO 6. I&D is therefore assessed as Partially Adopted.

Current Status: Partially Adopted

The Law on Annual Accounts 2017 establishes financial reporting requirements in Suriname. Organizations of public interest and large legal entities are required to prepare annual accounts in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, or other internationally accepted accounting standards determined by state decree. Organizations of public interest include listed entities, credit institutions, insurance companies, pension funds, and parastatal institutions.

The Central Bank of Suriname may establish additional reporting requirements for entities under its supervision. In 2022, supporting regulations were adopted requiring financial institutions to prepare financial statements in line with the Law on Annual Accounts 2017, including IFRS-compliant financial reports.

Since IFRS Accounting Standards are required for domestic publicly accountable entities, the jurisdiction is assessed as Adopted.

The IFRS for Small and Medium-sized Entities Accounting Standard is also required for medium-sized legal entities.

Current Status: Adopted

Relevant Organizations

Central Bank of Suriname

Ministry of Finance and Planning of Suriname

Suriname Chartered Accountants Institute

Relevant Legislation

Annual Accounts Act 2017

Suriname Chartered Accountants Institute Act 2018

Relevant Publications

Request for Expressions of Interest – IPSAS Consulting Services for Public Financial Management Reform

World Bank Report on the Observance of Standards and Codes – Accounting and Auditing in the Caribbean