Trinidad And Tobago

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970, the Companies Act of 1995, the Companies Regulations of 1997; Insurance Act of 2018 and the Insurance (Amendment) Act, 2020; the Financial Institutions Act of 2008; and the Securities Industry Act of 1995, establish basic financial reporting and auditing requirements in Trinidad & Tobago. The Acts generally do not contain detailed accounting, auditing, and financial reporting requirements but rather refer to standards adopted by ICATT.

The Financial Institutions Act of 2008, requires listed companies, insurance companies, banks, and nonbanking financial institutions respectively to produce, publish, and file financial statements in accordance with the accounting standards adopted by ICATT, which are IFRS Standards as issued by IFRS Foundation.

The Companies Regulations of 1997 require that the financial statements of other corporate entities also comply with accounting standards adopted by ICATT. ICATT adopted IFRS for Small- and Medium-sized Entities (SMEs) by reference, without modification.

There is no definition of a public interest entity (PIE) or SME by law. Therefore, the Council of ICATT approved a definition of PIEs for periods beginning on or after December 15, 2017. According to ICATT’s definition, a PIE is defined as an entity incorporated or registered in Trinidad and Tobago with any of the following characteristics: (i) its securities are listed on the Trinidad and Tobago Stock Exchange; (ii) its debt or equity instruments are traded in a public market and/or have instruments registered with the Trinidad and Tobago Securities of Exchange Commission; (iii) it is regulated by the Central Bank of Trinidad and Tobago and/or designated as a Systemically Important Financial Institution (SIFI); (iv) is a credit union; and (v) it is ultimately controlled by the State.

With regards to auditing requirements, ICATT, as empowered by the ICATT Act of 1970 sets standards for all audits, conducted by its members, in the jurisdiction. Banks, insurance companies, and listed companies are also required to use auditing standards adopted by ICATT as per their respective legislation. ICATT has adopted ISA as issued by the IAASB without modification.

In Trinidad and Tobago, accountancy professionals are regulated by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT). It was established by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970 and its membership includes Chartered Accountants along with students pursuing professional accounting qualifications.

According to the legislation, ICATT is responsible for: (i) adopting accounting and auditing standards in the jurisdiction; (ii) establishing ethical requirements for its members; (iii) licensing and regulating auditors in the jurisdiction, including the establishment of a quality assurance review system; (iv) prescribing admission requirements; (v) establishing initial and continuing professional development requirements for its members; (vi) investigating and disciplining its members; and (vii) maintaining a public registry of its practicing members.

Several legislative acts require that audits of certain companies be conducted by an ICATT Member in Practice (MP). Candidates for ICATT membership are required to pay a fee; complete three years of practical experience; pass a final examination; and provide two references with at least one from a member of ICATT in good standing. ICATT does not conduct its own examinations but rather operates a Joint Examination Scheme with the Association of Chartered Certified Accountants (ACCA).

Membership of the institute is mandatory to offer accountancy services to the public. The institute issues two types of practicing certificates in order to offer accountancy services in the jurisdiction. A Practicing Certificate allows members to undertake general practice work or practice in specialized areas, for example, consultancy or tax preparation, but not audits. These members are considered Members Not in Practice (MNPs). In order to conduct audits, members of ICATT must hold both a Practicing Certificate and an Auditing Certificate and are categorized as MPs.

As outlined in the Guideline for the Issuance of Practicing and Auditing Certificates, to qualify for a Practicing Certificate, an individual must (i) be a member of ICATT or another member organization of IFAC approved by Council for at least two years continuously; (ii) complete at least 2,000 hours of relevant practical experience in the area(s) in which the member intends to practice over a minimum period of two years and up to a maximum of four years under a Supervising Principal, after being admitted to ICATT; and (iii) complete a course on ethics and professional practice subjects as approved by ICATT. As of the date of the assessment, there is no law that requires accountants to obtain Practicing Certificates from ICATT. However, ICATT has approached the government to pass a law that will require accountants working in public practice to obtain Practicing Certificates.

After obtaining the Practicing Certificate, an Auditing Certificate permits members to conduct audits and be in public practice. To qualify for an Auditing Certificate, a member must meet the same requirements as described above but must have completed at least 3,000 hours of audit related work.

The accountancy profession in Trinidad & Tobago has grown through the inclusion of professional accountants qualified overseas. ICATT has determined a list of overseas institutes that are recognized for ICATT membership purposes—and consequently the initial professional development requirements for professional accountants in the jurisdiction. The recognized overseas accountancy institutes include: CPA Canada; AICPA—CIMA; Institute of Chartered Accountants in England and Wales (ICAEW); CPA Ireland; Institute of Chartered Accountants Ireland (CA Ireland); Association of International Accountants (AIA); Institute of Chartered Accountants of Scotland (ICAS); and Association of Chartered Certified Accountants (ACCA). These PAOs require aspiring members to complete a professional accountancy education program, a practical experience requirement, and pass final examinations that are developed in line with the IES. Lastly, students enrolled in any of the abovementioned accountancy organizations may register as a student of ICATT.

There is no independent audit oversight authority. Auditors in Trinidad & Tobago are regulated by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) as established by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970. Please refer to the Regulation section for further details.

Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

In Trinidad & Tobago, the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is the only professional membership organization representing Chartered Accountants along with students pursuing professional accounting qualifications. It is established by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970. Membership of the institute is mandatory to offer accountancy services to the public.

According to the legislation, ICATT is responsible for: (i) adopting accounting and auditing standards in the jurisdiction; (ii) establishing ethical requirements for its members; (iii) licensing and regulating auditors in the jurisdiction, including the establishment of a quality assurance review system; (iv) prescribing admission requirements; (v) establishing initial and continuing professional development requirements for its members; (vi) investigating and disciplining its members; and (vii) maintaining a public registry of its practicing members.

In addition to being a member of the International Federation of Accountants (IFAC), ICATT is a member of the Institute of Chartered Accountants of the Caribbean (ICAC).

• The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) is in the process of developing a three-year strategic plan to further drive ICATT’s direction and delivery to enhance membership/stakeholder value. The plan will consider the IFAC Professional Accountancy Organization (PAO) digital readiness plan and sustainability assurance. Additionally, ICATT’s Small and Medium Practices (SMP) Committee is currently developing a system to expand the Practice Monitoring Programme to include the review of non-audit practices. The objective is to ensure that Members engaging in Public Practice are conducting their respective practice in accordance with the Code of Ethics and relevant accounting and auditing standards as adopted by the Institute.
• Recognizing the importance of aligning with international best practices, ICATT has an implementation roadmap plan which includes stakeholder engagement on the implementation of IFRS S1 and S2 sustainability standards. The institute has held numerous trainings on the Sustainability Standards. Presently, the Institute has confirmed an initial voluntary adoption period, followed by a phased transition to mandatory implementation over the short to medium term.

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970 empowers ICATT to statutorily regulate auditors.

ICATT adopted a QA review system in 2007 for the inspection of members’ audits and the audit monitoring visits began in 2009 under a contract with the Association of Chartered Certified Accountants (ACCA). QA reviews continue to be outsourced to ACCA, which submits reports to an independent Regulatory Committee of ICATT for review and action. Effective April 2016, ICATT requires members auditing any public interest entities (PIEs) to be reviewed every three years, and every six years for firms which do not undertake audits of PIEs. For firms with unsatisfactory outcomes due to limited significant deficiencies requiring some improvement, early follow-up visits are carried out after four years if the firm does not undertake audits of PIEs and after two years if they do.

ICATT reports that the scope and design of its QA review system, which was developed with the assistance of ACCA, fulfill SMO 1 requirements. Relevant standards – ISQM 1, 2, and ISA 220 (revised) – are adopted in the jurisdiction.

All auditors are required to join ICATT, some of which belong to foreign professional accountancy organizations and may be subject to the oversight and regulation of their respective professional bodies, which would include QA reviews. ICATT has reciprocal agreements with several member organizations that have QA reviews that are in line with SMO 1 requirements.

Current Status: Adopted

In accordance with the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970, ICATT is responsible for setting initial professional development (IPD) and continuing professional development (CPD) requirements for its members.

ICATT’s current IPD requirements include passing examinations (under a joint ICATT and Association of Chartered Certified Accountants (ACCA) scheme) and acquiring specified practical experience. ICATT members must also adhere to continuing professional development (CPD) of 40 hours per year with at least 21 CPD hours being verifiable. Members that possess Auditing and Practicing Certificates are required to complete an additional 10 hours of CPD annually in the specialized areas of practice.

In addition, members of the following professional accountancy organizations may become members of ICATT: CPA Canada; AICPA—CIMA; Institute of Chartered Accountants in England and Wales; CPA Ireland; Institute of Chartered Accountants Ireland; Association of International Accountants; Institute of Chartered Accountants of Scotland; and Association of Chartered Certified Accountants.

All the above bodies require their aspiring members to complete a professional accountancy education program, a practical experience requirement, and to pass final examinations that align with the 2019 IES.

Current Status: Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT), as empowered by the ICATT Act of 1970 sets standards for all audits in the jurisdiction. It has adopted ISA as issued by the IAASB without modification.

Current Status: Adopted

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT), empowered by the ICATT Act of 1970, is responsible for setting ethical requirements for its members. The ICATT has adopted by reference the IESBA Code of Ethics for Professional Accountants.

Current Status: Adopted

The government of Trinidad and Tobago is responsible for setting public sector accounting standards. The national public sector accounting standards are cash-based. There is a long-term plan to transition to modified cash-basis before adopting IPSAS.

Current Status: Not Adopted

In accordance with the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970, ICATT is responsible for the investigative and disciplinary procedures (I&D) over its members.

ICATT has conducted a self-assessment against the SMO 6 requirements and identified areas that require improvements pertaining to public interest considerations, liaison with outside bodies, and regular review of implementation and effectiveness.

Current Status: Partially Adopted

In Trinidad & Tobago, the financial reporting framework is set out in the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970, the Companies Act of 1995, the Companies Regulations of 1997; Insurance Act of 2018 and the Insurance (Amendment) Act, 2020; the Financial Institutions Act of 2008; and the Securities Industry Act of 1995. The Acts generally do not contain detailed accounting, auditing, and financial reporting requirements but rather refer to standards adopted by ICATT.

The Financial Institutions Act of 2008, requires listed companies, insurance companies, banks, and nonbanking financial institutions respectively to produce, publish, and file financial statements in accordance with the accounting standards adopted by ICATT, which are IFRS Standards as issued by IFRS Foundation.

The Companies Regulations of 1997 require that the financial statements of other corporate entities also comply with accounting standards adopted by ICATT. ICATT adopted IFRS for Small- and Medium-sized Entities (SMEs) by reference, without modification.

Current Status: Adopted

Relevant Organizations

• Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

Relevant Legislation

• Companies Act, 1995, and Companies Regulations
• Co-operative Societies Act of 1971 (as amended 1993)
• Financial Institutions Act of 2008
• ICATT Rules and Regulations 2018
• Insurance Act of 1980 (as amended 2009)
• Institute of Chartered Accountants of Trinidad and Tobago (ICATT) Act of 1970
• Securities Industry Act of 1995

Relevant Publications

• ICATT, Annual Reports
• ICATT, Practice Monitoring Reports.
• ICATT, Definition of a Public Interest Entity, December 2017.
• ICATT, SMO Action Plan, 2025.
• IFRS Foundation, IFRS Application Around the World, Jurisdictional Profile: Trinidad and Tobago, June 2016.
• World Bank, Report on the Observance of Standards and Codes (ROSC), Accounting and Auditing: Trinidad and Tobago, March 2013.
• World Bank, Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries, June 2015.