Guyana

The Companies Act of 1991 establishes general financial reporting requirements for companies established under the Act in Guyana. The Companies Act requires all companies to prepare annual financial statements and have their statements audited by a Chartered Accountant or accounting firm that is a member of the Institute of Chartered Accountants of Guyana (ICAG).

The Institute of Chartered Accountants of Guyana Act 1991 establishes ICAG and empowers the institute to adopt accounting and auditing standards that are mandatory for all companies. Since 1998, ICAG has adopted IFRS as issued by the IASB without modifications and including effective dates. Additionally, since 2010, ICAG has adopted IFRS for Small- and Medium-sized Entities (SMEs). SMEs are defined as entities that: (i) do not have public accountability, and (ii) publish general purpose financial statements for external users.

In 2003, ICAG adopted ISA as issued by the IAASB without modifications and including effective dates as the applicable auditing standards in the jurisdiction.

The Bank of Guyana Act 1998, the Financial Institutions Act 1995 and the Insurance Act of 1998 and the Insurance (Supplementary Provisions) Act of 2009 provide for the regulation of the banking, financial institutions, and insurance industries. In accordance with the Acts, banks and financial institutions must prepare annual financial statements using IFRS and present them to the Bank of Guyana. They must also have their statements audited by a Chartered Accountant of ICAG using the auditing standards approved the Auditor General, in addition to generally accepted auditing standards. Insurance companies must prepare annual financial statements in accordance with IFRS, and their statements must be audited by a Chartered Accountant of ICAG and submit the statements to the Bank of Guyana.

The Securities Industry Act of 1998 established the Guyana Securities Council which is responsible for regulating the issuance of securities and trading. The Rules of the Guyana Association of Securities Companies & Intermediaries Inc. (GASCI) require that all listed companies use IFRS.

The Institute of Chartered Accountants of Guyana Act 1991 establishes the Institute of Chartered Accountants of Guyana (ICAG) and empowers ICAG to regulate the profession.

In accordance with the ICAG Act of 1991, ICAG’s functions include to: (i) set membership requirements and rule on admission decisions; (ii) issue practicing certificates for members; (iii) maintain a register of its members; (iv) regulate the discipline and professional conduct of its members and students; (v) establish ethical requirements; (vi) enforce initial professional development requirements; (vii) establish continuing professional development requirements; (viii) adopt accounting and auditing standards; (ix) establish a quality assurance system; and (x) advise the government on legislation related to the profession.

ICAG’s membership is comprised of Chartered Accountants and membership of the institute is mandatory for all professional accountants in the country. Candidates for ICAG membership must be members of one of the following professional accountancy organizations (PAOs): the Institute of Chartered Accountants in England and Wales,  the Institute of Chartered Accountants in Ireland, Institute of Chartered Accountants in Scotland, CPA Canada, the Association of Chartered Certified Accountants, or the American Institute of Certified Public Accountants—CIMA. These PAOs require aspiring members to complete a professional accountancy education program, a practical experience requirement, and pass final examinations. All applicants to ICAG must be citizens of Guyana.

To publicly practice, registered members of ICAG must receive a practicing certificate from the institute. ICAG’s Council will issue a practicing certificate after the member has worked with a practicing member or at an office of practicing ICAG members for at least two years.

There is no independent audit oversight authority.

Auditors are regulated by the Institute of Chartered Accountants of Guyana (ICAG) in accordance with the Institute of Chartered Accountants of Guyana Act of 1991. Membership of ICAG is mandatory for all accountants and auditors. The ICAG’s responsibilities are described in the Regulation section.

The Institute of Chartered Accountants of Guyana (ICAG)

ICAG is the only nationally recognized professional accountancy organization (PAO) established under the Institute of Chartered Accountants of Guyana Act of 1991. ICAG’s mission is to regulate the accounting and auditing profession and promote and contribute to the advancement and professional training of all its members. Its members are Charted Accountants that hold membership of at least one the internationally recognized PAOs identified here. All applicants to ICAG must be citizens of Guyana.

ICAG’s functions include to: (i) set membership requirements and rule on admission decisions; (ii) issue practicing certificates for members; (iii) maintain a register of its members; (iv) regulate the discipline and professional conduct of its members and students; (v) establish ethical requirements; (vi) enforce initial professional development requirements; (vii) establish continuing professional development requirements; (viii) adopt accounting and auditing standards; (ix) establish a quality assurance system; and (x) advise the government on legislation related to the profession.

In addition to being a member of IFAC, ICAG is member of the Institute of Chartered Accountants of the Caribbean.

In accordance with the Institute of Chartered Accountants of Guyana Act of 1991, the Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing a mandatory quality assurance (QA) review system for all audits. Since 2008, ICAG, along with the Institute of Chartered Accountants of the Caribbean (ICAC), has a tripartite practice monitoring agreement with the Association of Chartered Certified Accountants (ACCA). The practice monitoring program commenced in January 2009. Under this program, the ACCA has been undertaking QA reviews of firms and practitioners in Guyana using a cyclical, risk-based approach. ACCA submits reports on the QA reviews to an independent Regulatory Committee of ICAG for its review and relevant follow-up.

As of the date of the assessment, ICAG, ICAC, and ACCA have signed a six-year practice monitoring contract, with an option to renew after a three-year interval. The new practicing monitoring contract began on January 1, 2022.

ICAG reports that the scope and design of the QA review system developed with the assistance of ACCA are in line with SMO 1 requirements.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana Act of 1991 specifies the initial professional development (IPD) requirements for the accountancy profession in Guyana.

ICAG relies on foreign institutes, as specified in the Schedule Bodies of Accountants of the ICAG Act, to provide pre- and post-qualification training and certification. Candidates for ICAG membership must be a member of one of the following professional accountancy organizations (PAOs): Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants in Ireland (ICAI), Institute of Chartered Accountants in Scotland (ICAS), the Canadian Institute of Chartered Accountants (CICA), the Association of Chartered Certified Accountants (ACCA), and the American Institute of Certificate Public Accountants (AICPA). All the listed PAOs require their aspiring members to complete a professional accountancy education program, a practical experience requirement, and to pass final examinations that meet the latest IES benchmarks.

ICAG members are required to follow their respective foreign institute’s continuing professional development (CPD) requirements. Additionally, in 2012, ICAG adopted the CPD standards developed by the Institute of Chartered Accountants of the Caribbean which are in line with the IES. ICAG provides members with CPD on any changes to local tax regulation and business law as they arise.

ICAG reports that education requirements in Guyana are fully aligned with the 2019 revised IES.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana Act of 1991 establishes the Institute of Chartered Accountants of Guyana (ICAG) as the body responsible for adopting auditing standards. ICAG has adopted ISA as issued by the IAASB since 2003. Endorsement of individual new or amended standards is not required.

Current Status: Adopted

The Institute of Chartered Accountants of Guyana Act of 1991 establishes the Institute of Chartered Accountants of Guyana (ICAG) with the authority to set ethical requirements. ICAG has adopted the IESBA Code of Ethics by reference.

In addition, ICAG members must adhere to the ethical requirements issued by their respective foreign institutes.

Current Status: Adopted

In accordance with the Financial Administration and Audit Act of 1995, the Ministry of Finance is responsible for setting public sector accounting standards.

According to the CIPFA/IFAC International Public Sector Financial Accountability Index, the national public sector accounting standards are cash-basis. IPSAS have not been adopted by the Ministry; however, Institute of Chartered Accountants of Guyana reports that the Ministry has designed a project around the adoption and implementation of IPSAS. No additional information is available at the time of the assessment.

Current Status: Not Adopted

In accordance with the Institute of Chartered Accountants of Guyana Act of 1991, Institute of Chartered Accountants of Guyana (ICAG) is responsible for establishing an investigative and disciplinary (I&D) system for the accountancy profession in Guyana.

The Investigations Committee is responsible for investigating matters of misconduct while the Disciplinary Committee is responsible for conducting hearings of any resulting charges. ICAG’s Council forms the Appeal Committee.

In 2015, ICAG created a committee to draft revised governance documents related to I&D procedures which were expected to be approved by the end of 2017. As of the date of this assessment, ICAG notes that the following areas require improvements to align with the SMO 6 requirements: establishing a link between the results of the quality assurance reviews; including non-accountants on the Disciplinary Committee; and enhancing administrative process and public interest considerations.

In addition, ICAG members are also subject to the I&D procedures established by their respective foreign institutes.

Current Status: Partially Adopted

The Companies Act of 1991 requires all companies established under the Act to prepare annual financial statements. The Institute of Chartered Accountants of Guyana Act 1991 empowers the Institute of Chartered Accountants of Guyana (ICAG) to adopt accounting standards that are mandatory for all companies. Since 1998, ICAG has adopted IFRS as issued by the IASB without modifications and including effective dates. Since 2010, ICAG has adopted IFRS for Small- and Medium-sized Entities.

In accordance with the Bank of Guyana Act 1998, the Financial Administration and Audit Act of 1995, and the Insurance Act of 1998 and the Insurance (Supplementary Provisions) Act of 2009, banks, financial institutions, and insurance companies must prepare annual financial statements using IFRS and present them to the Bank of Guyana. The Rules of the Guyana Association of Securities Companies & Intermediaries Inc. (GASCI) also require that all listed companies use IFRS.

Current Status: Adopted

Relevant Organizations

• Institute of Chartered Accountants of Guyana (ICAG)
• Ministry of Finance of Guyana

Relevant Legislation

• Companies Act, 1991
• ICAG By-Laws
• Institute of Chartered Accountants of Guyana Act, 1991
• Insurance Act 1998
• Financial Administration and Audit Act of Guyana
• Guyana Stock Exchange Rulebook
• Securities Industry Act, 1998
• Supervision Guideline No. 10 of the Financial Institutions Act, 1995

Relevant Publications

• ACCA, Regulatory statistics, practice monitoring, July 2013.
• Deloitte & Touche, “Adoption Notice of IFRS for Small and Medium sized Entities,” February 2010.
• Goolsarran, Anand, “The accounting profession and the issue of practice certificates,” February 2016.
• ICAG, SMO Action Plan, December 2021.
• IFRS Foundation, “IFRS Application Around the World, Jurisdictional Profile: Guyana,” June 2016.