About ICAG
Who We Are
The Institute of Chartered Accountants of Guyana (ICAG) is the body responsible for the regulation of the accounting profession in Guyana under the Institute of Chartered Accountants of Guyana Act 1991. It is a public interest body whose objects include the promotion and increase of the proficiency of its members and students, regulation of the conduct of its members and students and promotion of the accountancy profession.
Membership
Codes and Standards
The ICAG is a member of the Institute of Chartered Accountants of the Caribbean (ICAC) and the International Federation of Accountants (IFAC) and has adopted standards and codes for application by its members including:
- The IFAC Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA). IESBA pronouncements form ethics guidance to be followed by members.
- International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). IASB pronouncements form financial reporting guidance to be applied by members.
- International Standards on Auditing (ISAs) issued by the International Accounting and Auditing Standards Board (IAASB). IAASB pronouncements form auditing guidance to be followed by members. As a part of compliance with ISAs, ICAG Members are subject to Practice Monitoring.
- Monitoring is conducted on behalf of ICAG by the Association of Chartered Certified Accountants (ACCA) and reports submitted to an independent Regulatory Committee for review and action.
Our Story
History of the ICAG
Prior to 1956 the Association of Certified Corporate Accountants was represented in Guyana (British Guiana) by Colin Alan Campbell, FCCA, Governing Director of Real Daylight Balata Company Limited, a subsidiary of Bookers Mc.Connell and Company Limited. He co-opted the help of Messrs. E.A. Adams, ACCA and Charles Gonsalves, ACCA to assist with applications for student registration. The applications for student registration had grown considerably in the 1950’s and at his request a group of Certified Accountants consisting of Wilton Lloyd Wilson, Patrick C. Yansen, John G. and Noel F. Barcellos and V. J. Gangadin, undertook to relieve him of the task and to further set about forming a representative body of qualified Accountants to look after the interest of the profession in Guyana. With help of a number of well established qualified Accountants, including Fred Farrer CA (Canada), A .B. Way CA, John Jardim FCCA, W. G. Stoll, FCCA, and C.V. Too-Chung, FCCA, a meeting of Accountants was summoned and a resolution was passed to form an unincorporated body – The British Guyana Association of Accountants. The name Association of Accountants was selected because at that time, there were Chartered, Certified and one Incorporated Accountant F.B. Henderson Asam who was attached to the Bauxite Industry. The first chairman of the newly formed Association was Colin A. Campbell. Committees were formed by the Association to deal with applications for student registration, legal matters, e.g. misuse of the designation Certified Accountant, Taxation advice to the Minister of Finance, Entertainment and Public Relations.
On the 9th November 1966 eight Professional Accountants – Wilton Lloyd Wilson, A.S Ridler, J. Hudson, W. G. Stoll, J.L . Rawlins, Geo Gray, A.E. Bush and Noel F. Barcellos signed the Memorandum and Articles of Association for the incorporation under the Companies Act of the Guyana Association of Accountants, which was, renamed the Institute of Chartered Accounts of Guyana on the 11th July 1974.
The Parliament of Guyana enacted the Institute of Chartered Accountants of Guyana Act 1991. This Act, which was assented to on 2nd April 1991, provides for the registration of persons as Chartered Accountants, to regulate the practice of accountancy and for matters connected therewith.
The Institute has been very active in the regional development of the accounting profession. In the 1970’s, under its then President Mr. John Barcellos Guyana endorsed the idea of a Regional Body of Accountants.
On 28th October 1988 the ICAG was one of the signatories at the inaugural signing ceremony of the Institute of Chartered Accountants of the Caribbean (ICAC). The first Vice President of the ICAC was Mr Christopher L Ram of the ICAG. In 1998 the then President of ICAG , Mr Ronald Alli was elected as the Second President of the ICAC.
While in the 1970’s the membership of the ICAG was in excess of 200, the membership for the past few years average 45 as the country continues to be affected by ongoing migration. Notwithstanding the limited resources at its disposals the Institute continues to work assiduously for the development of accountants and the Accounting profession.
what we aim for
Objectives of the ICAG
- to promote and increase the knowledge, skill and proficiency
of its members and its registered students; - to regulate the discipline and professional conduct
of its members and its registered students by maintaining a strict standard of professional ethics; - to foster, promote and protect the welfare and interests
of the accountancy profession; - to make provision for the training, education and examination of persons
engaged in or intending to engage in the accountancy profession; - to maintain contact with other recognised professional bodies
with like objects as the Institute, whether within or outside Guyana, on all matters pertaining or of interest to the accountancy profession and to make representations to those bodies or any of them on matters affecting the interest of members of the Institute; - to submit the views of members
to the Government and public bodies on legislation or other matters of professional interest to or affecting Members; - to provide opportunities
for its members to meet to exchange views and to discuss matters of interest, particularly between practising and non-practising members