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About The Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

History

The Institute of Chartered Accountants of Trinidad & Tobago (ICATT) was established 45 years ago by an Act of Parliament in 1970. Prior to ICATT’s establishment, there was the Trinidad and Tobago Association of Chartered and Certified Accountants which was a small association of professional accountants with varying designations. Members of this group lobbied government for the incorporation of a local accountancy body that would be able to set its own exams and regulations. The origins were humble but the objective of the Institute was bold which was to forge a new path in the local accountancy profession. ICATT’s responsibility was for the training, development and sustainability of the accounting profession through education and lobbying to government on matters of a national interest.

ICATT’s membership stands at approximately 1,391 active members who operate in all sectors of the economy and Government. We adhere to the ethical code of Integrity, Objectivity, Professional Competence, Confidentiality and Professional Behaviour.

Our Council comprises volunteers – members who are elected from the general membership at the Annual General Meeting and is represented by the various interest groups within the profession, such as the Big Four, Small and Medium Size Practitioners and Professional Accountants in Business. ICATT’s administrative functions are undertaken by a secretariat staffed by hired persons. ICATT hosts monthly technical and soft skill CPD training sessions for its members and other non-member accounting professionals.

ICATT is a member of the International Federation of Accountants and Trinidad and Tobago was one of the first countries to fully adopt International Financial Reporting Standards (IFRS) formerly International Accounting Standards in 1999 and more recently adopted IFRS for SMEs in 2010. The Institute has also successfully engaged in the Practice Monitoring initiative which is intended to serve the interest of the public. The Practice Monitoring process involves visiting licensed auditors/firms and reviewing their audit files to verify whether they have complied with International Standards on Auditing (ISA) and is an important component of the self – regulatory functions of the Accountancy Profession.  In 2015, ICATT adopted the International Federation of Accountants (IFAC) Code of Ethics and Professional Conduct in replacement of the Rules of Conduct.  In addition, the practice monitoring programme was renewed after several year of successful implementation.  ICATT’s independent Reviewer will continue to be the Association of Certified Chartered Accountants (ACCA).

The Institute has been engaged in strategic relations with various stakeholders; including the Government, state regulatory agencies, the Bankers Association and various Trade Associations. With the advent of globalization and the technology boom, the professional landscape that we as accountants operate in, is rapidly and continuously changing, becoming far more sophisticated and complex. These changes required the Institute to revisit its operational model and make the necessary adjustments in order to keep pace with these rapid changes and to address the complexities of the 21st century.

ICATT hopes to forge stronger relationships with our members and our key stakeholders in order to strengthen the profession and provide a voice on key topical matters that face our business community and economy.

 

Mission: