Trinidad And Tobago

In Trinidad and Tobago, the Institute of Chartered Accountants of Trinidad and Tobago Act, 1970; the Companies Act, 1995 and Companies Regulations, 1997; the Financial Institutions Act, 2008; the Insurance Act, 2018 and Insurance (Amendment) Act, 2020; and the Securities Act, 2012 establish the statutory framework for corporate financial reporting and auditing requirements in the jurisdiction. The legislative framework generally does not prescribe detailed accounting or auditing standards directly, but instead relies on standards adopted by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT).

ICATT is recognized as the standard-setting authority for accounting and auditing standards in the jurisdiction. ICATT has adopted International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board without modification for application in Trinidad and Tobago. The Financial Institutions Act, 2008 requires banks and non-bank financial institutions regulated by the Central Bank of Trinidad and Tobago to prepare financial statements in accordance with accounting standards adopted by ICATT. The Insurance Act, 2018 establishes similar requirements for insurance entities. Listed entities are also required to apply accounting standards adopted by ICATT under the securities and corporate reporting framework.

The Companies Regulations, 1997 require other corporate entities to prepare financial statements in accordance with accounting standards adopted by ICATT. ICATT has also adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard) as issued by the International Accounting Standards Board without modification.

There is no statutory definition of a public interest entity or small and medium-sized entity in Trinidad and Tobago. Accordingly, ICATT approved a definition of public interest entities effective for periods beginning on or after December 15, 2017. Under this definition, public interest entities include entities whose securities are listed on the Trinidad and Tobago Stock Exchange; entities with debt or equity instruments registered with the Trinidad and Tobago Securities and Exchange Commission; entities regulated by the Central Bank of Trinidad and Tobago, including systemically important financial institutions; credit unions; and entities ultimately controlled by the State.

Statutory audit requirements are established under the Companies Act, the Financial Institutions Act, the Insurance Act, and related legislation. ICATT is responsible for establishing auditing and assurance standards in the jurisdiction under the Institute of Chartered Accountants of Trinidad and Tobago Act, 1970. ICATT has adopted International Standards on Auditing (ISA), International Standards on Review Engagements, International Standards on Assurance Engagements, International Standards on Related Services, and the International Standards on Quality Management (ISQM 1 and ISQM 2) as issued by the International Auditing and Assurance Standards Board without modification for application in the jurisdiction.

In Trinidad and Tobago, the accountancy profession is primarily regulated by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT), which was established under the Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970. ICATT is responsible for regulating the ethics, discipline, professional conduct, and standards of its members and students; promoting professional knowledge and competence; supporting education, training, and examinations; and advising the Government and other stakeholders on matters affecting the profession.

ICATT operates as both the national professional accountancy organization and the regulatory body for its members. Its Rules and Regulations apply to members, registered graduates, students, relevant firms, former members where applicable, and other persons who agree to be bound by them. The Rules regulate professional practice, ethics, standards, conduct, and discipline of the accountancy profession in Trinidad and Tobago.

Membership in ICATT is required for individuals offering accountancy services to the public under ICATT’s public practice framework. Members engaged in public practice must hold either a Practising Certificate or an Auditing Certificate issued by ICATT. A Member in Practice, Non-Audit may provide non-audit public practice services, while a Member in Practice, Audit must hold a valid Auditing Certificate and is authorized to conduct audits. ICATT’s Members in Practice, Audit are subject to periodic independent practice monitoring reviews.

Eligibility for a Practising Certificate generally requires membership in ICATT or another International Federation of Accountants member organization approved by Council for at least two continuous years, completion of at least 2,000 hours of relevant practical experience over a period of two to four years under an approved supervising principal, and completion of an ethics and professional practice course approved by ICATT. An Auditing Certificate authorizes the holder to conduct audits in accordance with ICATT’s Practising Regulations and requires additional audit-related practical experience.

ICATT recognizes specified overseas professional accountancy organizations for membership purposes, including the Association of Chartered Certified Accountants, CPA Canada, the American Institute of Certified Public Accountants and Chartered Institute of Management Accountants joint designation pathway, the Institute of Chartered Accountants in England and Wales, CPA Ireland, Chartered Accountants Ireland, the Association of International Accountants, and the Institute of Chartered Accountants of Scotland. These bodies require candidates to complete professional accountancy education, practical experience, and assessment requirements that are designed to align with the International Education Standards. Students pursuing qualifications through recognized bodies may also register with ICATT.

There is no independent public audit oversight authority in Trinidad and Tobago. Oversight and regulation of auditors are carried out by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) under the Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970 and related Rules and Regulations. ICATT is responsible for regulating the professional conduct, ethics, discipline, and standards applicable to its members engaged in public practice.

Members conducting statutory audits are required to hold both a Practising Certificate and an Auditing Certificate issued by ICATT. Under its regulatory framework, ICATT is responsible for establishing auditing and ethical requirements for members; adopting auditing and assurance standards for application in the jurisdiction; establishing and operating a quality assurance review system; prescribing continuing professional development requirements; administering investigation and disciplinary procedures; and maintaining a public register of practising members.

ICATT 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. The institute also operates the jurisdiction’s practice monitoring and quality assurance review arrangements for members conducting audits and other regulated engagements.

Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

ICATT was established under the Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970 as the national professional accountancy organization in Trinidad and Tobago. ICATT represents Chartered Accountants, members in public practice and non-public practice, and students pursuing professional accountancy qualifications.

ICATT is responsible for regulating the ethics, discipline, professional conduct, and standards of its members and students; promoting professional knowledge and competence; supporting education, training, and examinations; and advising the Government and other stakeholders on matters affecting the profession.

ICATT is the only body authorized to confer the Chartered Accountant designation in Trinidad and Tobago. Members offering services to the public are required to hold an ICATT practising certificate, and members conducting audits must hold an auditing certificate.

In addition to its national role, ICATT is a member of the International Federation of Accountants and the Institute of Chartered Accountants of the Caribbean.

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is responsible for establishing and operating the quality assurance (QA) review system for members in public practice. ICATT’s Rules and Regulations require all Members in Practice to be subject to a Practice Monitoring Programme to assess compliance with the Code of Ethics and relevant accounting and auditing standards adopted by the institute.

ICATT’s practice monitoring reviews are conducted under an arrangement with the Association of Chartered Certified Accountants. Firms auditing public interest entities are reviewed every three years, while firms not auditing public interest entities are reviewed every six years, with early follow-up visits required where unsatisfactory outcomes are identified.

The system includes independent review procedures, reporting of findings, monitoring of remedial actions, and referral to disciplinary processes where necessary. Accordingly, the jurisdiction-level QA review system is operational for all mandatory audits and is aligned with the relevant requirements of SMO 1.

ICATT has also adopted International Standard on Quality Management 1 and International Standard on Quality Management 2.

Current Status: Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is responsible for establishing education, practical experience, examination, and continuing professional development requirements for members and students in Trinidad and Tobago. ICATT operates a Joint Examination Scheme with the Association of Chartered Certified Accountants (ACCA), under which ACCA’s professional education and examination program is administered locally.

ICATT also recognizes specified overseas professional accountancy organizations for membership purposes, including ACCA, CPA Canada, the American Institute of Certified Public Accountants and Chartered Institute of Management Accountants joint designation pathway, the Institute of Chartered Accountants in England and Wales, CPA Ireland, Chartered Accountants Ireland, the Association of International Accountants, and the Institute of Chartered Accountants of Scotland. These bodies require professional accountancy education, practical experience, and final assessment requirements aligned with the International Education Standards (IESs).

ICATT’s Rules and Regulations require members to complete continuing professional development (CPD). Members holding Practising Certificates and Auditing Certificates are subject to enhanced verifiable CPD requirements linked to their areas of practice.

The jurisdiction-level framework incorporates entry, professional education, practical experience, assessment, and continuing professional development requirements aligned with the relevant SMO requirements. Accordingly, IES are assessed as Adopted.

Current Status: Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT), as empowered by the ICATT Act of 1970 sets standards for all audits in the jurisdiction. It has adopted International Standard on Auditing (ISA) as issued by the IAASB without modification.

Current Status: Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is responsible for establishing ethical requirements for its members and students. ICATT 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).

Current Status: Adopted

The Government of Trinidad and Tobago is responsible for establishing public sector accounting requirements. Public sector financial reporting remains on a cash basis, and accrual-basis International Public Sector Accounting Standards (IPSAS) have not been adopted. The Ministry of Finance’s 2027 Call Circular states that the Treasury Division is looking to adopt Cash Basis IPSAS for financial reporting purposes and eventually transition to modified accrual accounting.

Current Status: Not Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is responsible for investigation and discipline (I&D) procedures for members, registered graduates, students, and relevant firms under the Institute of Chartered Accountants of Trinidad and Tobago Act, 1970 and ICATT Rules and Regulations. The Act authorizes ICATT to regulate the ethics, discipline, professional conduct, and standards of its members and students, and to establish disciplinary procedures including expulsion, suspension, or other penalties after due inquiry.

ICATT’s current framework provides for complaints-based, information-based, and practice-monitoring-based initiation of proceedings; separate investigation, disciplinary, and appeals mechanisms; participation of non-accountants and attorneys-at-law on tribunals; rights of representation and appeal; and a range of sanctions, including reprimands, remedial training, suspension or withdrawal of practising or auditing certificates, and removal from student or graduate registers.

The I&D framework is operational and broadly aligned with the relevant SMO requirements for ICATT members, students, and relevant firms. However, as the system does not apply to all professional accountants in the jurisdiction, I&D remains assessed as Partially Adopted.

Current Status: Partially Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has statutory authority to establish accounting standards in Trinidad and Tobago. ICATT has adopted International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board without modification for application in the jurisdiction. The IFRS Foundation jurisdiction profile confirms that IFRS Accounting Standards are required for all domestic and foreign companies whose securities trade in a public market, while other entities may apply either full IFRS Accounting Standards or the IFRS for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard). New and amended IFRS Accounting Standards become applicable automatically following adoption by ICATT Council.

ICATT has also adopted the IFRS for SMEs Accounting Standard without modification.

Current Status: Adopted

Relevant Organizations

Association of Chartered Certified Accountants (ACCA)

Central Bank of Trinidad and Tobago

Institute of Chartered Accountants of the Caribbean (ICAC)

Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

International Financial Reporting Standards Foundation Jurisdiction Profile – Trinidad and Tobago

Ministry of Finance of Trinidad and Tobago

Trinidad and Tobago Securities and Exchange Commission

Relevant Legislation

Companies Act, 1995

Companies Regulations, 1997

Financial Institutions Act, 2008

Insurance Act, 2018

Institute of Chartered Accountants of Trinidad and Tobago (Incorporation) Act, 1970

Institute of Chartered Accountants of Trinidad and Tobago Rules and Regulations, 2024

Securities Act, 2012

Relevant Publications

ICATT 2022–2025 Strategic Plan

ICATT 2024 Annual Report

ICATT 2025 Annual Report

ICATT FAQs – Quality Management Systems at SMPs

ICATT Guideline for Issuance and Renewal of Practising and Auditing Certificates

Ministry of Finance Call Circular 2027