Policies and Guidelines

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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Guidance Note to Members Computing Expected Credit Losses for Sovereign Debt

Guidance Note to Members Computing Expected Credit Losses for Sovereign Debt   ICATT has developed the following general guidance to assist its members in approaching the determination of ECLs for sovereign debt for which objective evidence of impairment does not already exist on adoption of IFRS 9.   This paper does not seek to provide […]

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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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External Auditor’s Assessment Report on Compliance with Anti Money Laundering/ Combating Financing of Terrorism/ Countering Proliferation Financing Legislation and Guidelines (“AML Report”)

Since the issuance of the previous Anti Money Laundering (AML) Report template on April 17, 2013, a number of amendments were made to the relevant existing legislation and multiple authoritative guidelines were issued by the CBTT, TTSEC and FIU (the regulatory authorities). Moreover, the AML Report, in its previous form, was not in accordance with […]

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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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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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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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