Institute of Chartered Accountants of Barbados
The Institute of Chartered Accountants of Barbados (ICAB) is the professional membership organization representing approximately 1,080 Chartered Accountants in Barbados along with approximately 810 students pursuing professional accounting qualifications. ICAB is the regulator and standard setter for accounting and auditing in Barbados. It is a body corporate created by the Institute of Chartered Accountants of Barbados (Incorporation) Act 1974 (Cap. 369A). According to the legislation ICAB has the responsibility to;
Promote, foster and maintain the highest standards of accounting in public practice, the public service and commercial and industrial spheres.
Safeguard and enhance the professional standing, interest and reputation of accountants who are members thereof and are employed in the spheres specified above.
Maintain the highest standards of professional etiquette and ethics amongst its members and encourage the observance of such standards among non-members.
Express its views to the Government, public authorities, commissions of enquiry and similar bodies regarding matters affecting its members and the profession
ICAB is a member of the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of the Caribbean (ICAC). ICAB adopts the international standards issued by the International Auditing and Assurance Standards Board (IAASB) as national standards. Accordingly, financial statements in Barbados are prepared according to International Financial Reporting Standards (IFRS), the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) or International Public Sector Accounting Standards (IPSAS). Audits are conducted as prescribed by the International Standards on Auditing (ISAs). Chartered Accountants, as members of ICAB, are bound by the IFAC Code of Ethics and ICAB as an institution has committed itself to best practice as a participant in the IFAC Member Body Compliance Programme.