ICATT passes new rules after 46 years

Members voted 2:1 in support of a resolution to revise the Rules and Regulations for the first time in the Institute’s 46-year history.

Established by an Act of Parliament, ICATT has responsibility for the regulation of the accounting profession, the development and ethical performance of its membership.

ICATT president Pria Narinesingh described the outcome as a ‘great day and an important change’ for the accountancy profession in Trinidad and Tobago.

In the lead up to the EGM and in the face of feedback raised by some of the Institute’s 1,400 members, the President maintained that the new rules and regulations are more comprehensive and a must do to comply with international requirements. “The new rules promote transparency and accountability and improve ICATT’s ability to regulate and discipline members.

Overall, the change is a big win for the public and its right to a high quality professional service when members are called to a higher standard of performance,” she said. Among the major changes is the definition of just who is considered to be an accountant in public practice.

The updated definition is now internationally aligned and the regulatory net of the Institute has been widened.

ICATT will be changing its infrastructure to better support all members needs through these changes and beyond. In addition, the processes and procedures for the licensing of members to practice have been strengthened.

A Licensing Committee will be formed to grant, amend and renew Practising and Auditing Certificates and the process will be more rigorous.

Disciplinary proceedings have also been updated and Professional Indemnity Insurance cover for members in practice will be required to protect both the public and the firm. The new rules will take effect from January 1 of 2018.