CAP. 305 ACCOUNTANCY PROFESSION ACT BELIZE
ACCOUNTANCY PROFESSION ACT
CHAPTER 305
REVISED EDITION 2000
SHOWING THE LAW AS AT 31ST DECEMBER, 2000
This is a revised edition of the law, prepared by the Law Revision Commissioner
under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,
Revised Edition 1980 - 1990.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
ACCOUNTANCY PROFESSION ACT 5
Amendments in force as at 31st December, 2000.
BELIZE
ACCOUNTANCY PROFESSION ACT
CHAPTER 305
REVISED EDITION 2000
SHOWING THE LAW AS AT 31ST DECEMBER, 2000
This is a revised edition of the law, prepared by the Law Revision Commissioner
under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,
Revised Edition 1980 - 1990.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
ACCOUNTANCY PROFESSION ACT 5
Amendments in force as at 31st December, 2000.
THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000
Printed by the Government Printer,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Accountancy Profession [CAP. 305
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CHAPTER 305
ACCOUNTANCY PROFESSION
ARRANGEMENT OF SECTIONS
PART I
Preliminary
1. Short title.
2. Intexpretation.
PART II
The Institute of Chartered Accountants
of Belize
3. Incorporation of the Institute.
4. Objects of the Institute.
5. Bye-laws.
6. Council and officers of the Institute.
7. Mode of execution of documents.
8. Use of designations and initials.
PART III
Regulation of the Practice of Public
Accountancy
9. Prohibition on practising without practising certificate.
10. Membership.
11. Eligibility for practising certificate.
12. Striking off, suspension, etc.
13. Publication of persons holding practising certificate.
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FIRST SCHEDULE
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SECOND SCHEDULE
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CHAPTER 305
ACCOUNTANCY PROFESSION
[7th November, 1984]
PART I
Preliminary
1. This Act may be cited as the Accountancy Profession Act.
2. In this Act, except where the context otherwise requires-
“auditor” means a person who examines and reports on financial statements
or accounts;
“Belize Association of Accountants” means the Belize Association of
Accountants registered under the Business Names Act;
“bye-laws” means the bye-laws of the Institute from time to time in force;
“Institute” means the Institute of Chartered Accountants of Belize established
by section 3;
“member” means a member of the Institute;
“Minister” means the Minister of Government responsible for Finance;
“officers” means those officers of the Institute provided for by section 6 (1)
of this Act;
“practising certificate” means a certificate issued pursuant to section 9 of this
Act;
Short title.
CAP. 256A,
R.E. 1980-1990.
17 of 1984.
Interpretation.
CAP. 247.
“prescribed” means prescribed by this Act or by the bye-laws of the
Institute;
“public accountant” means a person practising as defined in section 9 (2) of
this Act;
“scheduled societies” means the societies set out in the Second Schedule
hereto and any other professional accountancy body that may be approved
from time to time by the Council;
“seal” means the seal of the Institute as adopted from time to time;
“student” means a student in good standing of a scheduled society and
registered under the rules of the institution.
PART II
The Institute of Chartered Accounts
of Belize
3.-(1) There shall be a body corporate by the name of the Institute of
Chartered Accountants of Belize with the perpetual succession and a
common seal and with power to sue and be sued in all courts of law and
equity in its corporate name.
(2) The Institute shall have full power to acquire and hold within
Belize, by purchase, devise or otherwise, all lands and tenements whatso-
ever of every tenure and also all estate, and to convey, assign, demise or
otherwise dispose of such real and personal estate.
(3) As from the commencement of this Act, the persons who are
for the time being members of the organisation constituted under the name
of the Belize Association of Accountants shall, by virtue of such member-
ship, become members of the Institute and all assets and liabilities of the
Second Schedule.
Incorporation of
Institute.
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Belize Association of Accountants, vested in it immediately before the
commence-ment of this Act, are hereby transferred to and vested in the
Institute.
4. The objects of the Institute shall be-
(a) to regulate the ethics, discipline, professional conduct
and standards of its members and students;
(b) to promote and increase the knowledge, skill and
proficiency of its members and students;
(c) to promote and protect the welfare and interest of the
Institute and the accountancy profession in Belize;
(d) to make provision for the training, education and
examination of persons engaging in or intending to
engage in the said profession;
(e) to advise and assist the Govemment of Belize, statutory
bodies, educational or charitable institutions, trade
unions, business and other professional organisations
upon any question within the province of the profession;
(f) to promote and foster relations with other professional
bodies in Belize and elsewhere for the purpose of better
achieving the objects of the Institute, and to subscribe to
and join or associate with regional and other national
professional organisations whose objects are not
inconsistent with those of the Institute;
(g) to do all things which are incidental to the aforesaid
objects or which the Institute may think conducive to the
attainment of those objects or any of them.
Objects of the
Institute.
5.-(1) The Institute may from time to time make such bye-laws as may be
necessary or expedient to carry out the objects of the Institute. Without
prejudice to the generality of the foregoing, bye-laws may be made under
this section in relation to all or any of the following matters:-
(a) the admission and resignation of members of the
Institute;
(b) prescribing the rights and privileges of members;
(c) regulating the use of facilities of the Institute by
members, students and the public;
(d) regulating the holding and conducting of meetings of the
Institute;
(e) prescribing the annual subscription and other fees to be
paid by members and students;
(f) the election of officers and the mode of voting including
voting by proxy or by ballot and regulating the holding
of polls;
(g) regulating the appointment, retirement and remuneration
of an auditor or auditors;
(h) regulating the receipt, management, investment and
disposal of money and property;
(i) prescribing standards and tests of competency, fitness
and moral character for the registration of students and
for membership of the Institute;
(j) arranging the establishment and maintenance of classes,
Bye-laws.
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lectures, courses of study, systems of training, periods of
service and examinations;
(k) providing machinery for the exercise of disciplinary
authority over members and students of the Institute by
expulsion, suspension or the imposition of other penalty
after due enquiry;
(l) providing standards of professional conduct for
members and students of the Institute;
(m) the use and custody of the seal of the Institute;
(n) prescribing requirements for membership of the Institute;
(o) the manner in which persons cease to be members or
students of the Institute otherwise than as a result of
disciplinary proceedings.
(2) The bye-laws of the Institute shall be those given in the First
Schedule hereto and they may be varied or amended in any respect or
repealed and replaced by new bye-laws.
6.-(1) There shall be a President, Vice President, a Secretary and a
Treasurer of the Institute each to be elected at the annual general meeting of
the Institute, in each year by a simple majority vote, and these officers
together with two others elected likewise as committee members, shall form
the Council of the Institute.
(2) No person who shall have held the office of President for two
consecutive years shall be eligible for election to that office following the
expiration of the second of such consecutive years.
Council and
officers of the
Institute.
First Schedule.
(3) The affairs of the Institute shall be administered by the Council.
7. All deeds, documents or other instruments requiring the seal of the
Institute shall be sealed with the common seal of the Institute in the presence
of two officers of the Institute who shall sign every such deed, document or
other instrument to which the common seal is affixed, and such signing shall
be sufficient evidence that the seal was duly and properly affixed.
8.-(1) Every member of the Institute shall, by virtue of such membership,
have the right to use the designation “Chartered Accountant” and shall also
have the right to use after his name the initials “C.A.”
(2) No person shall, in relation to the practice of accountancy in
Belize, use in relation to himself any of the following designations, that is to
say, “Certified Accountant”, “Chartered Accountant”, “Certified General
Accountant”, “Certified Public Accountant”, or any of the following initials,
that is to say, “C.A.”, “C.P.A.”, “C.G.A.”, “F.C.A.”, “A.C.C.A.”,
“A.C.A.”, either alone or in conjunction with other words or initials or use,
in relation to himself, any other designation, title, name, initials or description
indicating or implying that he is entitled to use any such designation as
aforesaid, unless he is entitled to use such designation by virtue of his being
a member of the Institute or of a professional body outside Belize whose
members are entitled to use such designations or initials.
(3) Any person who contravenes any of the provisions of this
section commits an offence and is liable on summary conviction-
(a) in the case of a first offence, to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding three months, or to both such fine and term of imprisonment;
(b) in the case of a second or subsequent offence, to a fine not exceeding five hundred dollars or to imprisonment for a term not exceeding six months, or to both such
fine and term of imprisonment.
Mode of execution
of documents.
Use of designa-
tions and initials.
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PART III
Regulation of the Practice of Public
Accountancy
9.-(1) With effect from the first day of January of the year immediately
following the commencement of this Act, no person, unless he possesses a
valid practising certificate issued by the Council, shall practise as a public
accountant.
(2) A person practises as a public accountant within the meaning of
subsection (1) of this section if, for reward, he prepares or examines
financial, accounting or related statements, or issues any written report or
certificate concerning any such statements, but a person does not practise
accountancy as aforesaid by reason only that he does so in the course of his
duties as an employee.
(3) Any person not a member of the Institute who at the com-
mencement of this Act-
(i) is ordinarily resident in Belize; and
(ii) is obtaining not less than one-half of his taxable
income from the public practice of accountancy,
may apply for exemption from the provisions of
section 9 (1). Such application shall be made to
a Board comprising two persons appointed by
the Minister, one of whom shall be the Chairman
having a casting vote and two persons appointed
by the Institute, and must be filed within three
months of the commencement of this Act.
Thereafter, successful applicants shall be
required to submit regular annual applications to
the Board not later than the 31st January in each
Prohibition on
practising
without
practising
certificate.
year. The Board’s decision shall be final.
(iii) Such persons as may be exempted under this
section shall not be entitled to use any of the
designations referred to in section 8 (2).
(4) The provisions of subsection (1) shall not apply to any person
earning less than five thousand dollars from practice as a public accountant
during any calendar year for which a practising certificate would otherwise
be required.
(5) Any person who contravenes the provisions of this section
commits an offence and shall be liable on summary conviction-
(a) in the case of a first offence, to a fine not exceeding five hundred dollars or to imprisonment for a term not exceeding six months, or to both such fine and term of imprisonment; and
(b) in the case of a second or subsequent offence, to a fine not exceeding two thousand dollars or to imprisomment for a term not exceeding one year, or to both such fine and term of imprisonment.
10.-(a) The following are eligible for membership of the Institute-
(i) any person resident or formerly resident in
Belize who is a member of one of the scheduled
societies and who makes a written application
to the Institute for membership;
(ii) any person resident in Belize in practice or in
service as an accountant who shall prove to the
Institute that he is a fit and proper person to be
admitted to membership;
Membership.
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(iii) any person possessing the Belize College of
Arts, Science and Technology accountancy
course certificates, and who satisfies the Council
that he has the qualifications and experience to
practise accountancy in Belize;
(iv) any person possessing the accountancy
examination certificate conducted by the Institute
of Chartered Accountants of Belize;
(v) any person possessing any qualification accepted
by the Council as sufficient to qualify the
applicant to practise as an accountant in Belize.
(b) All applications for admission to membership of the
Institute shall be made to the Council in the form for the
time being prescribed by the Council.
(c) All admissions to membership shall be by the Council
which shall have power to decide conclusively whether
any applicant is or is not to be admitted to membership.
(d) In relation to any applicant for admission the Council,
may require such evidence as it thinks fit as to the
character, suitability and fitness of the applicant for
admission.
(e) Every person bemg admitted to membership of the
Institute shall receive a certificate of membership in such
form as shall from time to time be prescribed by the
Council. All certificates issued by the Institute shall
remain the property of the Institute and shall be
renewable upon the person ceasing to be a member of
the Institute for any reason whatsoever.
Student Registration
(f) The Council shall cause to be kept a register of
students of any of the scheduled societies who are
ordinarily resident in Belize.
(g) On payment of an affiliation fee of an amount as may
from time to time be determined by the Institute in
general meeting, a registered student shall be entitled to
attend any general meeting of the Institute or any
lectures, debates or functions of the Institute but shall
not be entitled to vote at any meeting or to hold office
other than as a member of a students’ committee.
11. A member of the Institute shall be entitled to a practising certificate
if-
(a) he satisfies the Council that he has been continuously a
member in good standing of the Institute or of another
recognised accounting body for a period of not less
than two years;
(b) he satisfies the Council as to his professional
competence; and
(c) his application for a practising certificate is
accompanied by the prescribed fee.
12.-(1) If a person to whom a practising certificate has been issued:-
(a) is convicted of any criminal offence involving
dishonesty; or
(b) is found, upon enquiry by the Council-
Eligibility for
practising
certificate.
Second Schedule.
Striking off,
suspension, etc.
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(i) to have procured his practising certificate as a
result of any misleading, false or fraudulent
representation; or
(ii) to have been guilty of grave impropriety or
infamous conduct, in the performance of his
professional duties, or of gross negligence or
gross incapacity or to have been guilty of any
act, default or conduct bringing discredit or
calculated to bring discredit upon the profession,
the Council may, if it thinks fit, exercise in
respect of that person all or any of the
disciplinary powers conferred on the Institute by
subsection (2) of this section.
(2) The disciplinary powers which the Council may exercise as
aforesaid in respect of any such person are as follows-
(a) the Council may withdraw from such person a practising
certificate either for a fixed period or indefinitely;
(b) the Council may fine such person up to a maximum of
ten times the prescribed annual practising certificate fee
for the time being;
(c) the Council may censure such person;
(d) the Council may order such person to pay to the Council
such sum as the Council thinks fit in respect of the costs
and expenses of, and incidental to, the enquiry;
(e) the Council may cause to be published in the Gazette
brief details of the matter giving rise to the enquiry and
of its decision thereon.
(3) In every case where the Council has exercised any of its
disciplinary powers in respect of any person, the Council shall notify that
person in writing accordingly.
(4) Any person, including a student, who is aggrieved by the
decision of the Council pursuant to a bye-law governing the admission to
and tenure of membership of the Institute or the exercising of disciplinary
measures may, within twenty-one days from the day on which notice thereof
was served on him in accordance with the bye-laws of the Institute, appeal
therefrom to the Appeal Committee.
(5) The Appeal Committee shall hear and determine all appeals
made to it, and its determination shall be final and binding on all the parties
to the appeal.
13.-(1) The Council shall cause to be maintained a register of all persons
possessing valid practising certificates and persons exempt under section
9(4).
(2) The Council shall cause to be published annually in the Gazette
within ninety days of the 31st day of December of the preceding year a list
of all persons possessing valid practising certificates.
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Publication of
persons holding
practising
certificate.
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FIRST SCHEDULE
[Section 5]
Bye-laws of the Institute
THE COUNCIL
1. The Annual General Meeting of the Institute for the election of the
Council, the appointment of auditors and for the transaction of such other
business as may be brought before the meeting shall be held within three
months after the end of each financial year at such time and place as the
Council may from time to time determine.
2. At least twenty-one days notice of the Annual General Meeting
setting forth the procedure for nomination and election of the Council shall be
given to each member and at the same time or at a reasonable time before
the Annual General Meeting a copy of the report of the President and the
Council, including the annual financial statement and the report of the auditors
thereon, shall be sent to each member.
3. Nomination of candidates for election to the Council shall be in
writing signed by two members and shall be lodged with the Secretary at
least two weeks before the day of the Annual General Meeting.
4. Election of the Council shall be by ballot and in the case of members
not present at the meeting, by proxy.
S. At the Annual General Meeting of the Institute a member or
members other than members of the Council shall be elected auditors for the
current year.
6. General Meetings of the Institute shall be held from time to time, on
resolution of the Council or after a requisition delivered to the Secretary
signed by six or more members for such purpose, for the transaction of such
business as may be specified in the resolution or requisition. At least
twenty-one days notice of such meetings shall be given to members.
7. Any General Meeting of the Institute may be adjourned from time to
time but no business shall be transacted at any adjournment meeting other
than the business left unfinished at the meeting from which the adjournment
took place.
8. Subject to the bye-laws, the procedure at all meetings in connection
with the affairs of the Institute shall be governed by the rulings of the person
presiding.
9. The monies of the Institute shall be kept in such bank as the Council
may from time to time by resolution determine.
10. The Council may invest any monies of the Institute not currently
required.
11. All cheques drawn on the account of the Institute shall be signed by
two persons appointed for that purpose by the Council.
12. All membership certificates and practising certificates shall be under
the seal of the Institute attested by the President or Vice President and by
the Secretary.
13.-(1) The Council may from time to time appoint such Committees or
Boards from among the members of the Institute as the Council may deem
necessary or desirable, including an Investigations Committee and a
Disciplinary Committee.
(2) The Investigations Committee shall, when necessary or
desirable, investigate the conduct and good standing of members and
students and any matters referred to it by the Council, and shall have power
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to make enquiries from members and students about professional matters
and to require the production of books, documents and working or other
papers.
(3) The Disciplinary Committee shall conduct hearings of charges
preferred against members and students by the Investigations Committee.
14. The Council may make rules and regulations with regard to any
matter, provided, however, that such rules and regulations shall not be
contrary to the provisions of this Act or of these bye-laws.
15. The Council may from time to time pass Rules of Professional
Conduct prescribing the standards of fitness, moral character and conduct of
members and students but no such rule or any amendment thereto shall take
effect until it has been approved at an Annual General Meeting or at a
General Meeting of the members of the Institute specially convened to
consider such rule or amendment.
16. Notwithstanding the terms of the Rules of Professional Conduct, the
Council shall have the additional right and power to determine from time to
time in particular cases what acts, omissions, matters or things constitute
unfitness, lack of moral character or professional or other misconduct or
constitute violations of the bye-laws and rules and regulations of the Institute.
17. Members and students shall comply with such standards as are
prescribed and with the bye-laws, rules and regulations of the Institute.
MEMBERS
18. The Council shall admit to membership of the Institute any person
entitled to membership under this Act.
19. Subject to the foregoing, the Council may only admit to membership
an applicant who shall have made application in the prescribed form and who
is proposed by two members of the Institute who shall certify that the
applicant is a fit and proper person to be a member.
20. No member of the Institute shall engage in public practice without
first having obtained from the Council a certificate authorising him so to
practise.
21. Every person who applies for membership shall thereupon pay a fee
of twenty-five dollars which is not refundable.
22.-(1) Annual membership fees shall be due and payable on the lst of
January each year as follows-
(i) member resident in Belize - $30.00
(ii) member resident outside Belize - $15.00
Provided that any person admitted to membership in the last six
months of the financial year shall pay one half of the annual fee.
(2) A person practising as a public accountant within the meaning
of section 2 of this Act shall in addition pay an annual practising fee of fifty
dollars.
23. Any member whose fees are not paid within three months after the
date when such fees have become due and payable may be suspended by
the Council from the privileges of membership, provided that upon payment
of such fees (subject to the provisions of bye-law 24) the Council shall
reinstate a suspended member.
24. Any member whose fees are not paid within three months after the
date of his suspension or whose fees are in arrears for nine months shall be
deemed to have thereby terminated his membership and the Council shall
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direct that his name be removed from the register. Such a person may be
readmitted on such terms as the Council may approve.
25. Any member may submit his resignation in writing to the Council and
his membership shall termmate on the day set for such termination by the
Council in each case or from time to time.
STUDENTS
26. The Council shall maintain a register of students of the Institute.
27. Any person who is recommended by a member as being of good
moral character and habits may apply to be registered or re-registered as a
student of the Institute.
28. Every application for registration as a student shall be in the form and
accompanied by such documents as may be prescribed by the Council.
29. The Council may investigate the progress, competence, character,
conduct and suitability for membership of any student.
30. The Council may in its discretion after inquiry register, re-register,
refuse to register or cancel the registration of a student.
DISCIPLINE
3 1. Any person may address to the Council in writing a charge or
charges of professional misconduct on the part of any member or student or
any person to whom a practising certificate has been issued. Any such
charge or charges shall be laid before the Council.
32. The Council may in its discretion take whatever action it deems
proper in connection with such charges and, without limiting the generality of
its powers, may among other things refer the charge or charges to the
Investigations Committee.
33. It shall be lawful for the Council to exclude from membership or to
withdraw a practising certificate from a person convicted in any court of a
criminal offence involving dishonesty, such conviction not having been
quashed on appeal, without any further charge being made or laid.
34. Neither the Institute nor the Council shall be required to take notice
of any published article or private communication or of any statement
affecting the conduct of a member, student or person in public practice.
35. If at any time in the opinion of the Council or of the Investigations
Committee a formal hearing of all or any of such charges is necessary or
desirable, a special meeting of the Disciplinary Committee shall be held for
that purpose. Fourteen days notice of such meeting with a copy of the
charge or charges shall be given to the person charged and to such other
persons as the Disciplinary Committee may from time to time direct. If any
person so notified fails to appear at any time, the formal hearing may
proceed in his absence.
36. The procedure at all formal hearings shall be by ruling of the
Chairman whose decision shall be final, binding and conclusive.
37. If the Disciplinary Committee is satisfied that any charge or charges
have been admitted or proven, the Committee may recommend one of the
following to the Council-
(a) a reprimand;
(b) a severe reprimand;
(c) a fine not exceeding one thousand dollars;
(d) suspension from membership for a period not
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exceeding six months;
(e) exclusion from membership.
38. The Council may either-
(a) accept the recommendation; or
(b) vary the recommendation; or
(c) refer the matter for review by the Appeal Committee (on
grounds stated).
39. A member or student shall have the right of appeal to the Appeal
Committee from any decision of the Disciplinary Committee. Such appeal
shall be in writing and received by the Secretary within fifteen days, or such
extended time as the Council may allow, of notice of the decision being
communicated to such member or student.
40. The Appeal Committee shall consist of all members of the Council
who are not members of the Investigations Committee or of the Disciplinary
Committee together with such other person as may be appointed to the
Committee by the Minister.
SECOND SCHEDULE
[Section 2]
Scheduled Societies
United Kingdom: The Institute of Chartered Accountants in
England and Wales
The Institute of Chartered Accountants of
Scotland
The Association of Certified Accountants
The Institute of Cost and Management
Accountants
The Chartered Institute of Public Finance and
Accountancy
The Society of Company and Commercial
Accountants
The Association of International Accountants
Ireland: The Institute of Chartered Accountants in Ireland
United States of The American Institute of Certified Public
America: Accountants
The American Accounting Association
Canada: The Canadian Institute of Chartered Accountants
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The Certified General Accountants Association
of Canada
Caribbean: The Institute of Chartered Accountants of Guyana
The Institute of Chartered Accountants of Jamaica
The Institute of Chartered Accountants of
Trinidad & Tobago
The Institute of Chartered Accountants of Barbados
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