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Institute of Chartered Accountants of Bermuda Amendments to By-Laws 2008

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Institute of Chartered Accountants of Bermuda Amendments to By-Laws 2008
INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008


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BR 47/2008

INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
ACT 1973

1973 : 93

INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008



The Institute of Chartered Accountants of Bermuda, in exercise
of the powers conferred on it by section 7 of the Institute of Chartered
Accountants of Bermuda Act 1973, makes the following By-Laws:

Citation
1 These By-Laws, which amend the Institute of Chartered
Accountants of Bermuda By-Laws 2006 (the “principal By-Laws”), may
be cited as the Institute of Chartered Accountants of Bermuda
Amendments to By-Laws 2008.

Amends section 2
2 Section 2 of the principal By-Laws is amended by inserting in the
appropriate alphabetical order the following—

““organization” includes corporation, company, society,
association, firm or similar body as well as any department or
division of a government or a quasi autonomous
governmental organisation, agency, board or commission
established by or pursuant to statute;

“practising office” means an office of a member or firm engaged
in the practice of public accounting;”

Inserts new by-law 17A
3 The principal By-Laws are amended by inserting the following
by-law next after by-law 17 —

INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008


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“Prohibition of members practising public accounting without
the prescribed experience
17A No member may practice public accounting unless —

(a)(i) the member has attained such experience in the
practice of public accounting as the Council may
prescribe; and

(ii) such experience has been attested to, in such
manner as may be prescribed by the Council, by a
member who is, in accordance with this by-law,
permitted to practice public accounting; or

(b) the member was a member prior to June 30, 2007.”.

Inserts new by-law 40A
4 The principal By-Laws are amended by inserting the following
by-law next after by-law 40—

“Application of procedures required to be performed by public
accountants under the Proceeds of Crime Act 1997
40A The Executive Committee may, from time to time, make
regulations setting out guidance and standards for its members
on the application of procedures required to be performed by
public accountants under the Proceeds of Crime Act 1997, as
amended.”.

Amends by-law 41(1) (a)
5 By-law 41(1) (a) is amended by —

(a) adding a colon immediately after the words “public
accounting in Bermuda”;

(b) deleting the words “as such standards relate to the
performance of accounting and auditing activities”; and

(c) inserting the following sub-clauses after clause (a) —

“(i) as such standards relate to the performance of
accounting and auditing activities; and

(ii) as such standards relate to the requirements of
the regulations set out in by-law 40A.”.

Amends by-law 52(1)
6 By-law 52(1) of the principal By-Laws is amended by deleting the
words “an office” and substituting the words “a practising office or
organization”.

INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008


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Repeals By-Laws 66 and 67
7 By-Laws 66 and 67 are repealed and replaced with the
following —

“Approval of practising offices and organizations for the
training of students
66 (1) Every practising office employing one or more students
and every member who as an employee of an organization
approved pursuant to sub-section 66(3) of this by-law has
responsibility for the supervision and training of one or more
students employed by the organization—

(a) is responsible for giving such practical experience
and instruction and for affording such
opportunities as are necessary to enable each
student to acquire the art, skill, science and
knowledge of a chartered accountant; and

(b) shall maintain records showing, in reasonable
detail, the disposition of each student’s time while
so employed and the type of work allocated to him
or her.

(2) The practice inspection committee shall have the
power to make whatever investigation it deems necessary,
including an inspection of the books and records of the
practising office, to satisfy itself that the practising office is
complying with the requirements of this by-law and, based on
such investigation the practice inspection committee may —

(a) approve, or extend or withdraw the existing
approval of, the practising office to employ
students; and

(b) set a maximum number of students which may be
employed by the practising office.

(3) The Council may —

(a) designate any person to make whatever
investigation is deemed necessary in accordance
with the policies and procedures adopted by the
Council to determine whether an organization
meets, or continues to meet, the standards
prescribed by the Council to be qualified to
employ students; and

(b) upon review of a report made by the person
pursuant to clause (a) above—

INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008


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(i) approve, or extend or withdraw the
existing approval of, an organization to
employ students; and

(ii) set a maximum number of students
which may be employed by such
organization.

Requirements for registration or re-registration as a student
(4) Any person—

(i) who is recommended by—

(a) a partner or director or the sole
practitioner of a practising office; or

(b) a member of the Institute who has
responsibility for the training and
supervision of the person in an
organization that has been approved
for the training of students
pursuant to sub-section 66(3), such
approval not having been
withdrawn; and

(ii) who for the purpose of securing practical
experience is employed to perform the duties
of a student in such office or organisation

may apply to be registered or re-registered as a student.

Practical experience requirements
(5) Every student registered with the Institute shall as a
prerequisite to admission to membership in the Institute
complete, in one or more practising offices or organizations that
has or have been approved pursuant to by-law 66(3) for the
training of students (such approval not having been withdrawn),
a period of practical experience of an amount and nature
prescribed by the Council.

Not Used
67 Not used.”.









INSTITUTE OF CHARTERED ACCOUNTANTS OF BERMUDA
AMENDMENTS TO BY-LAWS 2008


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Made this 28th day of March, 2008





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The Institute of Chartered Accountants of Bermuda