The Bahamas Institute of Chartered Accountants (BICA) is the professional governing body of the accounting industry in the Bahamas.
History of the BICA
The move to form a regulating body to oversee the accounting industry in Bahamas initiated back in 1965. After completing their professional Chartered Accounting examinations in England, three Bahamians, Maitland Cates, Basil Sands and Clifford Culmer started thinking of an association that would regulate accounting industry in Bahams. Some other persons supported them and these people made an organizing committee.
Using their professional experience and information from other international sources, the committee drafted by-laws and rules that would govern the association. These laws shaped the basic framework of the Bahamas Institute of Chartered Accountants (BICA), which was incorporated by in 1971.
- The BICA became a member of the International Federation of Accountants (IFAC) in 1978 and that of the Institute of Chartered Accountants of The Caribbean in 1988.
- The Parliament of the Bahams passed the Public Accountants Act 1991 on 17 July 1991 and this act empowered the BICA to control and administer the accounting industry in the country.
- The institute maintained its continuous growth and best practices in accounting sector. Currently, 600 members and 250 license holders are associated with the BICA.
Responsibilities of the BICA
The responsibilities of the BICA include:
- Education and licensing of professional accountants in the Bahamas
- Regulating the professional activities of members, associates, students, and also of public accountants who are not members
- Arrangement of lectures and discussion programs
- Dissemination of accounts related information
- Promoting the interests of the accounting occupation and
- Supporting best practices of financial reporting