Bahamas Institute of Chartered Accountants

Bahamas Institute of Chartered Accountants

Abbreviation	BICA
Formation	6 August 1971
Objective	Education and licensing of professional accountants
Headquarters	Nassau,  Bahamas
Region served	Bahamas
Official languages	English
President	Darnell Osborne
President Elect	Gowon Bowe
Website	http://www.bica.bs/

The Bahamas Institute of Chartered Accountants (BICA) is a professional body that regulates the accountancy industry in the Bahamas.^[1] In theory anyone approved by the relevant government ministry can act as an independent auditor, but in practice, all auditors are members of BICA.^[2]

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.^[3] The Bahamas Institute of Chartered Accountants was incorporated on 6 August 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.^[4] On 18 June 2011 BICA celebrated its fortieth anniversary with a banquet at the Atlantis Grand Ballroom. BICA has over 300 active licensees and 500 members and associates at 31 December 2015.^[5]

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.^[6]

Other organisations

BICA is a member of the International Federation of Accountants (IFAC).^[7] BICA is also a member of the Institute of Chartered Accountants of the Caribbean.^[8]

References

1. Eileen Fielder (9 June 2011). "Bahamas Institute of Chartered Accountants to honour Members in Grand Style". Bahamas Weekly. Retrieved 2 July 2011.
2. Richard Evans (17 December 1999). "Bahamas: International Tax and Business Guide – Setting Up A Business In The Bahamas – A Quick Guide For Foreigners". Deloitte & Touche. Retrieved 2 July 2011.
3. THEA RUTHERFORD (2 July 2007). "Inspired, Maitland Cates' staff past and present say thanks". The Freeport News. Archived from the original on 20 March 2012. Retrieved 2 July 2011.
4. "HISTORY OF THE BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS (BICA)". BICA. Archived from the original on 6 July 2011. Retrieved 2 July 2011.
5. JAMMAL SMITH (9 June 2011). "BICA celebrating 40 years". Nassau Guardian. Retrieved 2 July 2011.
6. "2010/2011 Annual Report" (PDF). BICA. Archived (PDF) from the original on 6 July 2011. Retrieved 2 July 2011.
7. "The Bahamas Institute of Chartered Accountants". IFAC. Archived from the original on 10 July 2011. Retrieved 30 June 2011.
8. "Members And Affiliates". ICAC. Retrieved 1 July 2011.