ICATT Code of Ethics – Code of Ethics for Professional Accountants
In 2015 ICATT adopted the IFAC Code of Ethics for Professional Accountants in replacement of the Rules of Conduct.
The IFAC Code of Ethics for Professional Accountants clarifies the requirements for all professional accountants and significantly strengthening the independence requirements of auditors.
Click here to view the 2016 Code of Ethics currently in effect.
The International Ethics Standards Board for Accountants® (IESBA®) released a revised Code of Ethics for Professional Accountants in 2018. This updated Code brings together key ethics advances, is clearer about how accountants should deal with ethics and independence issues, and is easier to use and enforce. This code has been in effect from June 15th, 2019.
Click here to view the Code of Ethics for Professional Accountants
Code of Conduct for Members of Council, Tribunals and Committees of Council:
Click here to view the Code of Conduct for Members of Council, Tribunals and Committees of Council
Definition of Public Interest Entity (PIE)
The Council of The Institute of Chartered Accountants of Trinidad & Tobago (ICATT) has approved a definition of a Public Interest Entity, together with considerations with regard to the Long Association of Senior Personnel (Including Partner Rotation) with an Audit Client for the guidance of members. This definition of a Public Interest Entity and the Long Association for Senior Personnel Exemption shall become effective for audits of financial statements for periods beginning on or after 15 December, 2017.
Click here for the full document
Definition of Public Practice
In accordance with the ICATT Rules and Regulations, the definition of Public Practice is as follows:
Public Practice which may be undertaken by a person means:
a) accepting an appointment as an auditor; or
b) signing or producing any accounts or report or certificate or tax return concerning any person’s financial affairs in circumstances where reliance is likely to be placed on such accounts or report or certificate or tax return by any other person (the third party), or doing any other thing which may lead the third party to believe that the accounts or report or certificate or tax return concerning the financial affairs of such a person have been prepared, approved or reviewed by the practitioner; or
c) holding oneself out, or allowing oneself to be held out, as being available to undertake the activities referred to in (a) and (b) above and allowing oneself to be known as a firm of “Chartered Accountants”, an “Accountant” or an “Auditor” or any similar description or designation in the context of the practitioner’s business shall be regarded as an example of such a holding out; or
d) holding oneself out, or allowing oneself to be held out, as a sole proprietor, partner or director of a firm, where public practice is carried on.