The Bahamas Institute of Chartered Accountants (BICA) is clamping down on individuals who are not fully complying with its professional conduct policy. The institute is planning on administering fines to those who are not following the guidelines.
The accounting organization is directing the message towards individual accountants who incorporate “&Co.” in their firm’s name without approval from BICA.
BICA Executive Officer Tanya Rahming told Guardian Business that the notice was issued to ensure that local operations are complying with the standards set under the international umbrella.
“The key thing is [BICA] wants to be proactive in everything and since everything is conducted according to international standards you can’t have two people abiding by the rules and nobody else, “Rahming said. “We just want to make sure we don’t see any more of this.”
According to the rule, an individual engaged in public practice as a sole proprietor must practice under his or her own name unless permitted by BICA. Final approval must be made by the association with names ending in “&Co.”.
Rahming also said it is vital for every accountant to comply with the legislation because being in the international playing field requires a greater level of consistency across the board.
It’s been stressed by BICA President Reece Chipman, who said that Bahamians in the profession must stay on par with the global standards and should place more emphasis on consistency. He added that the industry is constantly evolving and companies who hire accounting firms are no longer interested in just competing on the local level.
BICA is urging all licensed accountants that have advertisements of their practice to comply with the set rules. Firms have until December 31 to make any changes before facing any disciplinary action.
By JAMMAL SMITH
Nassau Guardian Business Reporter
