Bahamas Institute of Chartered Accountants
Encyclopedia
The Bahamas Institute of Chartered Accountants (BICA) is a professional body that regulates the accountancy industry in the Bahamas.
In theory anyone approved by the relevant government ministry can act as an independent auditor, but in practice, all auditors are members of BICA.
The Bahamas Institute of Chartered Accountants was incorporated on August 6, 1971.
BICA became a member of the International Federation of Accountants
in 1978, and a member of The Institute of Chartered Accountants of The Caribbean
on 28 October 1988.
The Public Accountants Act 1991 was enacted on 17 July 1991, empowering the institute to regulate and govern the accounting industry in the Bahamas.
On 18 June 2011 BICA celebrated its fortieth anniversary with a banquet at the Atlantis Grand Ballroom.
The organization had grown to 600 members and 250 licensees.
The institute promotes best practices of financial reporting, promotes professional education of accountants, provides for education and examination of professionals, arranges lectures and discussions and disseminates information.
BICA is also a member of the Institute of Chartered Accountants of the Caribbean
.
In theory anyone approved by the relevant government ministry can act as an independent auditor, but in practice, all auditors are members of BICA.
History
BICA was formed by Maitland Cates, Basil Sands and Clifford Culmer, who were among the first Bahamians to qualify as chartered accountants in the 1960s.The Bahamas Institute of Chartered Accountants was incorporated on August 6, 1971.
BICA became a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
in 1978, and a member of The Institute of Chartered Accountants of The Caribbean
Institute of Chartered Accountants of the Caribbean
The Institute of Chartered Accountants of the Caribbean is an association of accounting organizations in the Caribbean region that promotes professionalism and standards of best practice in the region.-Purpose:...
on 28 October 1988.
The Public Accountants Act 1991 was enacted on 17 July 1991, empowering the institute to regulate and govern the accounting industry in the Bahamas.
On 18 June 2011 BICA celebrated its fortieth anniversary with a banquet at the Atlantis Grand Ballroom.
The organization had grown to 600 members and 250 licensees.
Objectives
BICA defines the qualifications required of accountants in the Bahamas, regulates the professional conduct of members, associates, students, and public accountants who are not members, and promotes the interests of the accounting profession.The institute promotes best practices of financial reporting, promotes professional education of accountants, provides for education and examination of professionals, arranges lectures and discussions and disseminates information.
Other organizations
BICA is a member of the International Federation of Accountants (IFAC).BICA is also a member of the Institute of Chartered Accountants of the Caribbean
Institute of Chartered Accountants of the Caribbean
The Institute of Chartered Accountants of the Caribbean is an association of accounting organizations in the Caribbean region that promotes professionalism and standards of best practice in the region.-Purpose:...
.