The Bahamas Institute of Chartered Accountants (BICA) is a professional body that regulates the accountancy industry in the

Bahamas The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean, North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to ...

. 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 6 August 1971. BICA became a member of the

International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in ...

in 1978, and a member of The

Institute of Chartered Accountants of The Caribbean The Institute of Chartered Accountants of the Caribbean (ICAC) is an association of accounting organizations in the Caribbean region that promotes professionalism and standards of best practice in the region. Purpose The ICAC was incorporated as ...

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. BICA has over 300 active licensees and 500 members and associates at 31 December 2015.

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 organisations

BICA is a member of the

(IFAC). BICA is also a member of the

Institute of Chartered Accountants of the Caribbean The Institute of Chartered Accountants of the Caribbean (ICAC) is an association of accounting organizations in the Caribbean region that promotes professionalism and standards of best practice in the region. Purpose The ICAC was incorporated as ...

References

{{IFAC Members Member bodies of the International Federation of Accountants