Policies and Guidelines

Updated Summary Financial Statements Position Paper

SUMMARY FINANCIAL STATEMENTS THE FORM AND CONTENT OF SUMMARY FINANCIAL STATEMENTS Recommended by the Auditing and Accountings Standards Committee of ICATT and Approved by Council on January 21, 2020 Please click here to access

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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 […]

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Peer Review Checklist

The following template was recommended by the Auditing and Accounting Standards Committee of ICATT and approved by council on February 18th 2021 Please click here for more information

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Challenges being experienced whilst executing audits in a COVID-19 restricted environment.

Conducting an audit in the COVID-19 environments has proven to be very challenging and has resulted in rather ingenious solutions to these challenges being devised. This document was recommended by the Auditing and Accounting Standards Committee of ICATT and Approved by council February 18th 2021. Please click here to access

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Recommended template for use by the External Auditors in the execution of their obligation under Regulation 10 (2) (a) of the Financial Obligations Regulations 2010 (as amended)

The following template was updated by the Institute of Chartered Accountants of Trinidad and Tobago, in consultation with the Central Bank of Trinidad and Tobago, the Financial Intelligence Unit of Trinidad and Tobago and the Trinidad and Tobago Securities Exchange Commission, in accordance with the relevant anti-money laundering laws and regulations. All external auditors must […]

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Recommended template for use by the External Auditors in the execution of their obligation under the regulator’s Guidelines on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017

The following template was prepared by the Institute of Chartered Accountants of Trinidad and Tobago, in consultation with the Central Bank of Trinidad and Tobago, in accordance with the Guidelines1 on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017 (TIEAA). All external auditors must submit their reports using this […]

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FATCA Compliance Report 2020 Template

Recommended template for use by the External Auditors in the execution of their obligation under the regulator’s Guidelines on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017 Please click here to view

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FATCA Compliance Report Template

Recommended template for use by the External Auditors in the execution of their obligation under the regulator’s Guidelines on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017 FATCA Compliance Report Template 2020 CBTT revised 15 Feb 2021

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AML Report

EXTERNAL AUDITOR’S ASSESSMENT REPORT ON COMPLIANCE WITH ANTI MONEY LAUNDERING/ COMBATING FINANCING OF TERRORISM/ COUNTERING PROLIFERATION FINANCING LEGISLATION AND GUIDELINES (“AML REPORT”) Please click here to access

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TEMPLATE PRACTICE CONTINUITY AGREEMENT

THE INSTITUTE OF CHARTERED ACCOUNTANT OF TRINIDAD AND TOBAGO (ICATT) SETS OUT THE ELIGIBILITY CRITERIA FOR OBTAINING AUDITING AND PRACTICING CERTIFICATES AND DETAIL THE CONTINUING OBLIGATIONS PLACED ON CERTIFICATE HOLDERS. THE CONTINUITY OF PRACTICE REQUIREMENTS ARE CONTAINED IN PRACTICING REGULATIONS 12.1 TO 12.3 OF THE ICATT RULES AND REGULATIONS 2018. This guide has no regulatory […]

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CBTT, TTSEC, TTSE RESPOND TO ICATT REQUESTS

Dear Value Member, Following the actions and advisories of the Government of the Republic of Trinidad and Tobago (GORTT) to manage the national response to the COVID 19 emergency, on behalf of our membership, the Council of the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) made a decision to request  grace periods for […]

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Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017.

Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017. The Central Bank of Trinidad and Tobago has advised that it has amended the revised guideline relating to the captioned matter.  As indicated, the purpose of this Guideline is to provide guidance to Financial Institutions for the implementation of, and on-going compliance […]

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Code of Practice for Engagement with External Auditors of Financial Institutions

The Central Bank of Trinidad and Tobago advised that in accordance with S 4.4 (a) of the Code of Practice for Engagement with External Auditors which was issued to the Industry on  March 7, 2018, financial institutions are required to advise Central Bank of the contact details  of the Audit Partner responsible  for the external  […]

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FIU AML/CFT GUIDANCE FOR ACCOUNTANTS

The Financial Intelligence Unit of Trinidad and Tobago (“the FIU”) has provided  an overview of the Obligations under the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) regime of Trinidad and Tobago for Accountants irrespective of membership in a recognised professional body. The purpose of this guidance is to provide industry specific guidance for the accounting sector […]

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ICATT Guidelines for Reviewing Audit Monitoring Reports

(ICATT, July 21,  2015) – The Institute of Chartered Accountants of Trinidad & Tobago has released Guidelines for Reviewing Audit Monitoring Reports.  These guidelines were prepared by the Quality Assurance Committee of Council. An update to the guidelines is in accordance with IFAC SMO 1. The recommendation by the QA committee was approved by Council on […]

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ICATT Guidelines – Reminder to Practitioners on Partner Rotation

(ICATT, December 29,  2014) – The Institute of Chartered Accountants of Trinidad & Tobago has released a Reminder to Practitioners on Partner Rotation.  These guidelines were prepared by the Auditing and Accounting Standards Committee of Council to remind membership of the relevant guidance provided by the 2013 Handbook of the Code of Ethics for Professional […]

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ICATT Guidelines – Use of IFRS for SMEs as Applied to Micro-Enterprises

(ICATT, December 22,  2014) – The Institute of Chartered Accountants of Trinidad & Tobago has released guidelines for the use of International Financial Reporting Standards (IFRS) for Small and Medium- Sized Enterprises (SMEs) as Applied to Micro-Enterprises.  These guidelines were prepared by the Auditing and Accounting Standards Committee of Council to assist entities currently using […]

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ICATT Guidelines for The Review of Predecessor Auditor’s Working Paper Files

(ICATT, December 15,  2014) – The Institute of Chartered Accountants of Trinidad & Tobago has released guidelines for The Review of Predecessor Auditor’s Working Paper Files.  These guidelines were prepared by the Auditing and Accounting Standards Committee of Council to provide assistance with the important step of gathering sufficient appropriate evidence on opening balances by […]

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