ICATT to revise rules

The Rules and Regulations of ICATT impact all members.

Come February 15, the 1,300 or members of ICATT will have an opportunity to vote to accept the new rules and regulations.

ICATT’s president Pria Narinesingh, who has served three terms as council president sees an urgent need for change.

“There are weaknesses in the existing rules when one considers the evolution of the profession.

These proposed revised rules will strengthen the profession by ensuring that it is aligned with global best practice and the requirements of the International Federation of Accountants (IFAC) of which the local body is a member,” Narinesingh said.

“Most importantly, it is a response to public calls over the years for greater transparency and accountability in the profession locally. The new rules will improve ICATT’s ability to regulate and discipline members in an environment that are becoming increasingly litigious.

But the rules and regulations can only go so far, next steps will be to update the supporting legislation.

Overall, the change is a big win for the public and its right to high-quality professional services,” she added.

Getting to this point has not been an easy road for ICATT as there has been opposition to the passage of the rules.

ICATT’s Council feels that despite some 11 unsuccessful attempts to revise the rules over the years, the current proposal has a great chance of succeeding.

Careful consideration has been given to transitional provisions, and the proposed commencement date of the new rules is January 1, 2018.

This will give members and the institute sufficient ti me to prepare for the implementation of the rules intended to be the lynchpin of the profession.

According to ICATT’s council existing members’ rights especially in relation to the holders of practising certificates under the old rules will be maintained.

Among the major changes will be the definition of just who is considered to be an accountant in public practice. In the past, the definition was narrow and focussed on those conducting audits, when in fact, there are many other services provided by members where reliance by third parties is likely to be placed on reports issued, according to ICATT.

When the new rules are implemented, the updated definition of public practice will be internationally aligned and the regulatory net of the institute will be appropriately widened.

The processes and procedures for the licensing of members to practice have been simultaneously strengthened by the new rules and a Licensing Committee will be formed to grant, amend and renew Practi sing and Auditing Certificates.

This process will be more rigorous in keeping with international best practices.

This measure is similar to what currently pertains in the legal profession.

The committee will oversee the Institute’s Practice Monitoring Programme which was previously limited to those members who conducted audits.

ICATT is moving to extend this oversight and evaluation process to all members who will now have practising certificates.

This move will serve to provide feedback and education ICATT’s members to continually raise the level of Public Practice in Trinidad and Tobago.

Disciplinary proceedings have also been revamped.

Already, there have been several high-profile cases over the years which have challenged ICATT’s ability to discipline effectively under the terms of the existing rules.

ICATT will also establish a 30-member panel which will include non-accountants and attorneys at law, among other professionals, from which tribunals will be established to adjudicate investigatory and disciplinary matters.

This approach by the council is an innovative solution for a small country and will allow for greater flexibility and reduce the potential for conflicts of interest.

Professional Indemnity Insurance will also be required to protect both the public and the firm, and for the first ti me, sole practitioners must have continuity plans for their practice, in the event of critical circumstances such as death or incapacity, according to the proposed new rules.

Members engaged in public practice under the new definition and now requiring practising certificates will be grand-fathered in by the institute which will be done with reference to their overall professional experience.

According to ICATT’s council, all proceedings and processes relative to the practice are being strengthened to ensure equity and transparency with the implementation of the new rules.

According to the ICATT President, “There is nothing in the new rules that disadvantages professionals but there is everything that a true professional must live by, in the interest of the public we all serve.”