L.R.O. 1/2012
LAWS OF GUYANA
INSTITUTE OF CHARTERED ACCOUNTANTS OF
GUYANA ACT
CHAPTER 97:03
Act
7 of 1991
Amended by
7 of 2006







(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
1 – 29 ... 1/2012
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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.




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INSTITUTE OF CHARTERED ACCOUNTANTS OF GUYANA ACT
ARRANGEMENT OF SECTIONS
SECTION
PART I
PRELIMINARY
1. Short title.
2. Interpretation.
PART II
INCORPORATION OF INSTITUTE
3. Incorporation of Institute.
4. Objects of Institute.
5. Powers of Institute.
6. Council of Institute.
7. By-laws.
PART III
STAFF AND MEMBERS OF INSTITUTE
8. Appointment of officers and employees of Institute.
9. Secondment or transfer of employees of Institute.
10. Qualifications for membership of Institute.
11. Requirement of practice certificate by members of Institute.
PART IV
REGISTRATION

12. Register of Chartered Accountants and register of students.
13. Application for registration as Chartered Accountant.
14. Registration as Chartered Accountant.
15. Effect of registration as a Chartered Accountant.
16. Disciplinary powers of Council.
17. Surrender of certificate of registration and practice certificate.
18. Prohibition affecting non-registered persons.
19. Publication of registration of practising Chartered Accountants.
20. Forgery or other improper use of certificate of registration as
Chartered Accountant.
CHAPTER 97:03
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SECTION
21. Offences relating to registration.
PART V
FINANCIAL PROVISIONS
22. Funds and resources of Institute.
23. Application of revenue.
PART VI
MISCELLANEOUS
24. Use of designations and initials by members of Institute.
25. Prohibitions regarding use of designations and initials by
unauthorised persons.
26. Accounts and audit.
27. Annual report.
28. Appeals.
29. Evidential provisions.
30. Power of Minister to make regulations.
SCHEDULE—Bodies of Accountants.
__________________________
INSTITUTE OF CHARTERED ACCOUNTANTS OF GUYANA
ACT
7 of 1991 An Act to provide for the registration of persons as
Chartered Accountants, to regulate the practice of
accountancy and for matters connected therewith.
[5TH MARCH, 1991]
CHAPTER 97:03
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Short title.

Interpretation.
[7 of 2006]
PART I
PRELIMINARY
1. This Act may be cited as the Institute of Chartered
Accountants of Guyana Act.
2. In this Act —
“by-laws” means by-laws made by the Institute under section
7;
“Chartered Accountant” means a person who is duly
registered and whose name appears in the Register, not
being a person whose registration is for the time being
suspended;
“Council” means the Council of the Institute referred to in
section 6;
“Institute” means the Institute of Chartered Accountants of
Guyana;
"Member State" has the same meaning assigned to it in the
Revised Treaty of Chaguaramas establishing the
Caribbean Community (CARICOM), including the
CARICOM Single Market and Economy signed at
Nassau, The Bahamas, on 5th July 2001;
"national" means a person who –
(a) is a citizen of that State; or
(b) has a connection with a Member State of a kind
which entitles him to be regarded as belonging
to or, if it be so expressed, as being a native or
resident of the State for the purpose of the laws
thereof relating to immigration.
“Register” means the Register of Chartered Accountants
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Schedule.

Incorporation
of Institute.
c. 89:01

Objects of
Institute.
mentioned in section 12 (1) (a);
“registered body” means any of the bodies mentioned in the
Schedule.
“registered graduate” means a registered student of the
Institute who has passed the qualifying examination, but
who is unable for the time being to satisfy the
qualifications required for membership of the Institute;

“registered student” means a student registered with the
Institute and who is undergoing training to become a
member thereof and includes a registered graduate;
PART II
INCORPORATION OF INSTITUTE
3. (1) As from the commencement of this Act, the
persons who are for the time being members of the company
incorporated under the provisions of the Companies Act by
the name of the Institute of Chartered Accountants of Guyana
(hereafter in this Act referred to as “the existing
Organisation”) and existing at such commencement shall be a
body corporate not being a company, by the name of the
Institute of Chartered Accountants of Guyana.
(2) Notwithstanding anything in the Companies Act
or in any other written law, all assets and liabilities of the
existing organisation, being assets and liabilities existing
immediately before the commencement of this Act, are
hereby without further assurance transferred to and vested in
the Institute.
4. The objects of the Institute shall be—
(a) to promote and increase the knowledge,
skill and proficiency of its members and its
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registered students;
(b) to regulate the discipline and professional
conduct of its members and its registered
students by maintaining a strict standard of
professional ethics;
(c) to foster, promote and protect the
welfare and interests of the accountancy
profession;
(d) to make provision for the training,
education and examination of persons
engaged in or intending to engage in the
accountancy profession;
(e) 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;
(f) to submit the views of members to the
Government and public bodies on
legislation or other matters of professional
interest to or affecting members;
(g) to provide opportunities for its members to
meet to exchange views and to discuss
matters of interest, particularly between
practising and non-practising members.


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Powers of
Institute.


Council of
Institute.
5. The Institute shall have power—
(a) to purchase or otherwise acquire land;
(b) to erect or acquire buildings whether or not
necessary for the use and occupation of the
Institute or for carrying out its objects;
(c) to hold, mortgage, charge, lease, dispose of,
sell, alienate or convey any property
whether movable or immovable;
(d) to borrow money upon credit of the
Institute, issue bonds, debentures, debenture
stock or other securities and pledge or sell
such bonds, debentures, stock or other
securities;
(e) to take any gift of property, whether subject
to any special trust or Act, for any one or
more of the objects of the Institute;
(f) to invest any surplus funds in such
securities as may be prescribed by by-laws;
(g) to do all things reasonably necessary to carry
out the objects of the Institute.
6. (1) Subject to this Act, the direction, control and
management of the affairs of the Institute shall be vested in
the Council which may for those purposes exercise all the
powers of the Institute other than the power to make by-laws.

(2) The Council shall consist of—
(a) the Chairman;
(b) the Vice-Chairman;
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Schedule.

By-laws.
(c) such other members as may be
specified by the by- laws.
(3) The President and Vice-President of the
Institute shall be the Chairman and Vice-Chairman
respectively of the Council.
(4) The other members of the Council shall be
elected in the manner prescribed by the by-laws from among
the members of the Institute who shall be members of such
bodies as are specified in the Schedule.
(5) The persons who, immediately before the
commencement of this Act, are members of the management
committee of the existing organisation, shall assume office as
members of the Council as if they had been elected thereto
in pursuance of the provisions of the by-laws.
(6) The Council may appoint such committees as it
thinks fit and may delegate to any such committees the power
and authority to carry out on its behalf such duties as the
Council may determine, and the constitution of each
Committee so appointed shall be determined by the Council.
(7) The Council may pay out of the funds of the
Institute to any member of the Council such sum, as may be
determined by the Council, to defray expenses incurred by
that member in attending any meeting of the Council or of
any committee or sub-committee of the Council or of the
Institute.
(8) The names of the members of the Council as
first constituted and every change in the membership thereof
shall be notified in the Gazette.
7. (1) The Institute may from time to time make such
by-laws as may be necessary or expedient to carry out the
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objects of the Institute and, without prejudice to the generality
of the foregoing, by-laws may be made in relation to all or
any of the following matters—
(a) the constitution of the Council and the
election or appointment of members
of the Council and their tenure of
office;

(b) the appointment, resignation and
removal of officers of the Institute;
(c) the holding of meetings of the Council
and of the members of the Institute;
(d) the manner of voting at meetings or
elections;
(e) the use and custody of the seal of the
Institute;
(f) the powers, duties and functions of
the Council, officers and other
employees of the Institute;
(g) the receipt, management, investment
and expenditure of the monies and
other property of the Institute;
(h) the admission of the students into the
Institute;
(i) the fees, subscriptions or other sums
payable to the Institute by members
or registered students;
(j) the examination of candidates for
admission as members of the
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Institute and the fees payable for any
such examination;
(k) the classification of members of the
Institute;
(l) the prescribing of requirements for
membership of the Institute;
(m) the issue of practice certificates to its
members;
(n) the exemption of persons from
courses of study, practical experience
requirements or examination;
(o) the exercise, after due inquiry, of
disciplinary authority over members
and registered students of the
Institute, including expulsion,
suspension or the imposition of other
penalties;
(p) the manner in which persons cease to
be members or registered students of
the Institute otherwise than by the
exercise of disciplinary authority;
(q) the professional conduct of members
and registered students of the
Institute;
(r) the making of corrections to the
register and the removal therefrom of
the names of persons who have died,
or who, by virtue of the provisions of
this Act, have ceased to practise
accountancy in Guyana or have been
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Appointment
of officers and
employees of
Institute.
absent from Guyana;
(s) the service of documents under or for
the purpose of any provision of this
Act;

(t) the surrender of certificates of
registration and practice certificates;
(u) the situation of the registered office;
(v) the issue of statements of standard
accounting and auditing practices to
be followed by the members of the
Institute.
(2) Every by-law which immediately before the
commencement of this Act was in force as a by-law of the
existing organisation shall, unless it is inconsistent with any
provisions of this Act, as from such commencement be
deemed to be a by-law made by the Institute under this
section, until it is revoked or amended by a by-law made
under this section.
(3) Every by-law made under this section shall
come into force fourteen days after publication in the Gazette.
PART III
STAFF AND MEMBERS OF INSTITUTE

8. (1) The Council may employ at such remuneration
and on such terms and conditions as it thinks fit a Registrar, a
Secretary, a Treasurer and such other officers and employees
as it considers necessary for the purpose of carrying out the
objects of the Institute.
(2) There shall be a President and Vice-President of
the Institute to be elected by the members of the Council from
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Secondment or
transfer of
employees of
Institute.
c. 27:02
c. 39:05
Qualifications
for member-
ship of
Institute.
[7 of 2006]
among themselves in accordance with the procedure
prescribed by by-laws.
9. (1) Where a public officer is seconded or
temporarily transferred from a pensionable office within
the meaning of the Pensions Act to an office with the
Institute, section 5 of that Act shall apply to him as if his
service with the Institute were service in a public office.

(2) Where a public officer is appointed to an office
with the Institute, his service with the Institute shall be other
public service within the meaning of, and for the purpose
of such provisions applicable in relation thereto as are
contained in, the Pensions Act (including the Pensions
Regulations 1957).
(3) Subsections (1) and (2) shall, as they apply in
relation to a public officer, apply mutatis mutandis in relation
to a teacher to whom the Teachers’ Pensions Act applies and
who is employed by the Institute.
10. (1) Subject to subsection (2), with effect from the
commencement of this Act, the following persons, on
payment of any fee required by the by-laws of the Institute,
shall be eligible to become members of the Institute—
(a) any person who—
(i) is a citizen of Guyana or a
national of a Member State or
was immediately before the
commencement of this Act
ordinarily resident in Guyana;
and
(ii) at any time before the
commencement of this Act, was
a member of, or had (apart
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from the payment of any fee)
satisfied the conditions for
membership of any registered
body or any other professional
accountancy body that is
approved by the Council;
(b) any person who—
(i) is a citizen of Guyana or a
national of a Member State or
was immediately before the
commencement of this Act
ordinarily resident in Guyana;
(ii) was immediately before the
commencement of this Act a
registered student of any such
body as falls within paragraph
(a) (ii);
(iii) has passed the qualifying
examinations of the body of
which he was a registered
student; and
(iv) has satisfied the conditions for
membership of such body or
has satisfied such requirements
for membership of the Institute
as may be provided for by the
by-laws of the Institute;
(c) any person who passes such
qualifying examination as may be set
or designated by the Council for the
purposes of this paragraph, and who
satisfies such other requirements for
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Requirement
of practice
certificate by
members of
Institute.
membership as may be, provided for
in the by-laws of the Institute.
(2) The Council may, in its discretion, admit to
membership of the Institute any person who is a member of a
professional accountancy body approved by the Council for
the purposes of this subsection, being a person who is not
eligible for membership of the Institute under subsection (l).
(3) No person shall be admitted as a member of the
Institute, unless the Council is satisfied that the person—
(a) has attained the age of twenty-one
years;
(b) is of good character; and
(c) is eligible for membership of the
Institute under this section.

11. (1) After the commencement of this Act, a
member shall not engage in public practice of
accountancy without having first obtained from the
Council a certificate authorising him so to practise (hereafter
in this Act referred to as a practice certificate).
(2) Any person who becomes a member of the
Institute shall be entitled to receive a practice certificate
on application, notwithstanding that he is also a member of
any registered body and receives or has received a certificate
to practise from that body.
(3) A practice certificate shall be issued by the
Council to any member who, after becoming a member of the
Institute or of any registered body or of any other body with
objects similar to those of the Institute and approved by the
Council, whichever was the earlier, has served continuously
for at least two years in the office or offices of one or more
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Register of
Chartered
Accountants
and register of
students.
practising members of the Institute or of any registered body
or of such other body.
(4) The decision of the Council on any matter
arising under this section shall be final and conclusive and, in
particular, but without prejudice to the generality of the
foregoing, the Council may issue a practice certificate to a
member who would have been entitled to it but for the fact
that his period of service or employment in accordance with
the by-laws has not been continuous for reasons of ill-health
or for other causes deemed proper by the Council.
(5) A practice certificate shall remain the
property of the Institute and in the event of the
termination or suspension of membership for any reason
other than death, shall be returned to the Institute on demand
therefor.
(6) Every person who has been issued with a
practice certificate as prescribed by the by-laws shall exhibit it
publicly at his place of business and shall maintain the
certificate so exhibited at all times during which he continues
to practise the profession of accountancy.
PART IV
REGISTRATION

12. (1) The Council shall cause to be kept in such form
as it may determine—
(a) a register to be known as the Register
of Chartered Accountants; and
(b) a register of registered students of the
Institute,
in which shall be entered the name and such other particulars
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Application
for registration
as Chartered
Accountant.

Registration as
Chartered
Accountant.

Effect of
registration as
a Chartered
Accountant.
Disciplinary
powers of
Council.
as may be prescribed by by-laws of every person registered as
a Chartered Accountant of the Institute and every person who
is a registered student of the Institute, as the case may be.

(2) The registers mentioned in subsection (1) shall
be kept at the registered office of the Institute or elsewhere as
the Council may, from time to time, determine and shall be
open to inspection by members at all reasonable times.

13. Every application for registration as a Chartered
Accountant shall be made to the Council in such manner and
shall be accompanied by such fee and such documents as may
be prescribed by by-laws.
14. (1) Where the Council is satisfied that the
applicant is eligible for registration, the Council shall enter his
name in the register as a Chartered Accountant and shall
notify the applicant in writing accordingly and shall furnish
him with a certificate of registration in such form as may be
prescribed by by-laws.
(2) The Council shall cause notice of such entry to
be published in the Gazette.
(3) Where a certificate of registration has already
been issued to a person, the Council shall not be obliged to
issue a further certificate unless it is satisfied that the original
certificate has been lost or destroyed.
15. A person who is registered as a Chartered
Accountant pursuant to section 14 shall, by virtue thereof,
become a member of the Institute.
16. (1) If any person registered under this Act as a
Chartered Accountant—
(a) is convicted of any criminal offence
involving dishonesty or any other
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offence which in the opinion of the
Council renders that person unfit to
practise as a Chartered Accountant;
(b) has been declared insolvent or
bankrupt by a court of law;
(c) has been medically certified to be of
unsound mind;
(d) is found, upon due inquiry by the
Council—

(i) to have procured his
registration under this Act as a
result of any misleading, false
or fraudulent representation; or
(ii) to have been guilty, in a
professional respect, of gross
impropriety or infamous
conduct, or to have been guilty,
in the performance of his
professional duties, of gross
negligence or gross incapacity,
or to have been guilty of any
act, default or conduct
discreditable to the profession;
(e) ceases to possess the qualification in
respect of which he was registered; or
(f) fails to pay membership fees within
six months after the fees became due,
the Council may, if it thinks fit, exercise in respect of that
person, all or any of the disciplinary powers conferred on the
Council by subsection (2).

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(2) The disciplinary powers which the Council may
exercise as aforesaid in respect of any such person are as
follows:—
(a) the Council may cause the name of such
person to be removed from the Register;
(b) the Council may suspend the registration of
such person for any period not exceeding
one year;
(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.
(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 and
shall inform that person of the rights of appeal conferred by
section 28.
(4) Upon application to the Council made in such
manner and within such period as may be prescribed by
regulations, the Council may direct that any decision of the
Council exercising any of the disciplinary powers conferred
on it by this section shall be suspended while the person to
whom the decision relates remains entitled to appeal in
accordance with section 28 or while any such appeal by that
person is pending before the court.
(5) In any case where the Council causes the name
of any person to be removed from the Register, the Council
may, as part of its decision, fix a time before which the person
whose name is so removed shall not be eligible to apply to the
Council for re-registration under this Act.
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Surrender of
certificate of
registration and
practice
certificate.
[6 of 1997]

Prohibition
affecting non-
registered
persons.
[6 of 1997]
(6) Subject to subsection (5), a person whose name
has been removed from the Register may apply for re-
registration at any time and the provisions of this Act relating
to registration shall, so far as applicable, apply to re-
registration under this section.
(7) All costs and expenses payable to the Council
under this section shall be recoverable as a debt due to the
Council.
17. If a person to whom a certificate of registration or
a practice certificate or both has or have been issued ceases to
be a Chartered Accountant, he shall within twenty-one days
return to the Council the certificate of registration, or the
practice certificate or both, and if he fails to do so without
reasonable excuse he shall be liable on summary conviction to
a fine of fifteen hundred dollars a day while the offence
continues.
18. (1) With effect from the expiration of the period of
six months after the commencement of this Act, or such
longer period as the Council may specify, no person -
(a) shall practise as a Chartered
Accountant in Guyana unless he is a
registered Chartered Accountant who,
being a member of the Institute, has
had a practice certificate issued to
him;
(b) unless he is a member of the Institute
shall in Guyana–
(i) use, in relation to himself, the
designation “Chartered
Accountant” either alone or in
conjunction with any other
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words or initials; or
(ii) use, in relation to himself, any
designation, title, name, initials
or description indicating or
implying that he is entitled to
use the said designation, or that
he is a registered Chartered
Accountant.
(2) A person practises as a chartered accountant
within the meaning of subsection (1) (a) if—
(a) he practises accountancy within the
meaning of subsection (3); and
(b) in practising accountancy as
aforesaid, he holds himself out
(whether expressly or by implication)
as being a professionally qualified
accountant or an expert in
accountancy or auditing matters.
(3) A person practises accountancy within the
meaning of subsection (2) (a) if, for reward, he prepares or
examines financial, accounting or related statements, or issues
any written opinion, report or certificate concerning any such
statement, but a person does not practise accountancy as
aforesaid by reason only that—
(a) he does so in the course of his duties
as an employee of any person; or
(b) he engages in bookkeeping or cost
accounting or the installation of a
bookkeeping system, business or
cost system or in such work as may be
prescribed by regulations for the
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Publication of
registration of
practising
Chartered
Accountants.


Forgery or
other improper
use of
certificate of
registration as
Chartered
Accountant.
[6 of 1997]
purposes of this subsection.
(4) Any person who contravenes the provisions of
this section shall be liable on summary conviction in the case
of a first offence to a fine of nine thousand dollars and to
imprisonment for three months and in the case of a
subsequent offence, to a fine of eighteen thousand dollars and
to imprisonment for six months.

19. (1) The Council, in the month of January in every
year, shall cause to be printed and published in the Gazette a
correct record of all those persons registered as Chartered
Accountants and who have been issued with practice
certificates as on 31st December in the preceding year.
(2) A copy of the Gazette containing the record
referred to in subsection (1) shall be evidence in all courts of
law that those persons therein specified are registered under
this Act; and the absence of the name of any person from the
said copy of the Gazette shall be prima facie evidence that that
person is not registered under this Act.
(3) The Council shall as soon as practicable after a
person’s name has been removed from the register in
accordance with section 16 cause notice of such removal to be
published in the Gazette.
20. (1) If, with intent to deceive, a person—
(a) forges or uses or allows to be used by
any other person a certificate of
registration as Chartered Accountant
issued under this Act; or
(b) makes or has in his possession a
document as closely resembling any
such certificate as aforesaid as to
be calculated to deceive,
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c. 8:01

Offences
relating to
registration.
[6 of 1997]

Funds and
resources of
Institute.

he shall be liable on summary conviction in respect of each
offence to a fine of nine thousand dollars, and in the case of a
continuing offence to a further fine of fifteen hundred dollars
for every day subsequent to the day on which he is convicted
for the offence during which the contravention continues.
(2) In this section, the word “forges” has the same
meaning as in section 240 of the Criminal Law (Offences) Act.
21. Any person who wilfully procures himself to be
registered as a Chartered Accountant or procures the
retention of his name upon the Register by making or
procuring or causing to be made or procured any false or
fraudulent representation or declaration, ether verbally or in
writing and any person aiding or assisting him therein, shall
be liable on summary conviction to a fine of nine thousand
dollars and to imprisonment for three months.
PART V
FINANCIAL PROVISIONS
22. The funds and resources of the Institute shall
consist of—
(a) moneys received by the Institute by way
of fees payable by students for training
activities, subscriptions payable by members
and other sums payable to the Council or
Institute;
(b) such moneys or other assets as may accrue
to or vest in the Institute by way of
grants, subsidies, bequests, donations or
gifts;
(c) sums borrowed by the Institute for the
purpose of meeting any of its obligations or
attaining any of its objects; and
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Application of
revenue.
(d) all other sums or property that may in any
manner become payable to or vested in the
Institute in respect of any matter incidental
to its powers and duties.
23. The revenue of the Institute for any financial year
shall be applied in defraying the following charges—
(a) the remuneration and allowances of the
members of the Council or any committee of
the Institute or Council;
(b) the remuneration, allowances and gratuities
(including payments for the maintenance of
any pension scheme) of the officers and
employees of the Institute;
(c) working operations and establishment
expenses and expenditure on, or provision
for, the maintenance of property of the
Institute, the insurance of the Institute and
the discharge of the functions of the
Institute properly chargeable to revenue
account;
(d) interest on any debenture and debenture
stock or other security issued and on any
loan raised by the Institute;
(e) sums required to be transferred to a sinking
fund or otherwise set aside for the purpose
of making provision for the redemption of
debentures or debenture stock or other
security or the payment of other borrowed
money;
(f) such sums as it may be deemed appropriate
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Use of
designations
and initials by
members of
Institute.
Prohibitions
regarding use
of designations
and initials by
unauthorised
persons.
[6 of 1997]
to set aside in respect of depreciation on any
property of the Institute having regard to
the amount set aside out of the revenue
under paragraph (e); and
(g) any other expenditure authorised by the
Council and properly chargeable to revenue
account.
PART VI
MISCELLANEOUS

24. (1) Every member of the Institute shall, by virtue
of such membership, have the right to use the designation
Chartered Accountant” or the initials “C.A.”
(2) Nothing in this section shall preclude the use
by any member of the Institute of any other designations
or initials in accordance with the provisions of section 25.
25. (1) No person shall, in relation to the practice of
accountancy in Guyana, use, in relation to himself, any of the
following designations, that is to say, “Chartered
Accountant”, “Certified Accountant”, “Certified Public
Accountant” or “Incorporated Accountant”, either alone or in
conjunction with any other words or initials, or use, in
relation to himself, any other designation, title, name, initials
or descriptions indicating or implying that he is entitled to so
use any such designation as aforesaid unless he is entitled to
so use such designation by virtue of his being a member of
the Institute or of any such body as falls within section 10 (1)
(a) (ii).

(2) Every person who uses, in relation to himself,
any of the following initials, that is to say, “C.A.”,
“A.C.A.”, “A.C.C.A.”, “F.C.C.A.”, “C.P.A.”, or “A.C.P.A.” or
any combination thereof, shall be deemed, for the purposes of
subsection (1) to have used in relation to himself one of the
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Accounts and
audit.
[6 of 1997]
designations mentioned in that subsection, unless it is proved
that the manner and circumstances in which he used any such
initials were such as to raise no reasonable inference that he
was referring to the practice or profession of accountancy.
(3) Any person who contravenes any of the
provisions of this section shall be liable on summary
conviction in the case of a first offence to a fine of nine
thousand dollars, and in the case of a second or subsequent
offence, to a fine of eighteen thousand dollars. and in either
case in default of payment thereof, to imprisonment for six
months.

26. (1) The Institute shall cause to be kept proper
books of account with respect to—
(a) all sums of money received and
expended by the Institute and the
matters in respect of which such
receipt and expenditure take place;
(b) the assets and liabilities of the
Institute.
(2) For the purposes of subsection (1), proper
books of account shall be deemed to be kept with respect to
the matters referred to in that subsection if such books give a
true and fair view of the state of the Institute’s affairs and
explain its transactions.
(3) The accounts of the Institute shall be audited
annually by an auditor appointed by the Institute.
(4) The books of accounts of the Institute shall be
kept at the registered office of the Institute.
(5) The Minister may, at any time, appoint an
auditor to examine the accounts of the Institute and to report
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Annual
Report.
thereon to the Minister.

(6) The members of the Council, officers and other
employees of the Institute shall grant to the auditor appointed
to audit the accounts of the Institute under subsection (3)
or (5) access to all books, documents, cash and securities of
the Institute and shall give to him on request such
information as may be within their knowledge in relation to
the operations of the Institute
.
(7) An auditor appointed under this section shall
have power to summon and examine all persons whom he
shall think fit to examine for the purpose of obtaining
information in connection with the examination and audit
of the accounts of the Institute and respecting all other
matters and things whatever necessary for the due
performance of the functions vested in him and if any person
summoned as aforesaid is not a public officer or an officer or
other employee of the Institute he shall be entitled to payment
for his attendance as if he were a witness attending a legal
proceeding in obedience to a summons issued at the instance
of the State.
(8) Any person summoned under subsection (7)
who, without reasonable excuse, makes default in obeying the
summons shall be liable on summary conviction to a fine of
three thousand dollars, or, in default of payment, to
imprisonment for three months.
(9) The Institute may write off bad debts.

27. The Council shall as soon as practicable after the
end of each financial year of the Institute make and transmit
to the Minister a report dealing generally with the activities
of the Institute during the preceding financial year,
including a statement of its accounts audited in accordance
with section 26 (3), and the Minister shall cause a copy of
every such report to be laid on the table of the National
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Appeals.

Evidential
provisions.
Assembly.
28. (1) In any case where the Council has refused to
register under section 14 any person as a Chartered
Accountant or has, in respect of any person registered as a
Chartered Accountant, exercised any of the disciplinary
powers conferred on the Council by section 16, that person
may, in accordance with rules of court, appeal against such
refusal or such exercise of disciplinary powers, as the case
may be, to the High Court.
(2) Upon such appeal, the High Court may—
(a) dismiss the appeal and confirm the
decision appealed from;
(b) allow the appeal and set aside the
decision;
(c) vary the decision; or
(d) allow the appeal and direct that
the matter, the subject of the appeal,
be determined afresh by the Council.

(3) The High Court may, upon such appeal, make
such order as to costs before the Council and as to costs of the
appeal as the Court thinks proper.

29. The following documents shall be prima facie
evidence in all courts and before all persons of the facts
certified therein—
(a) a certificate of registration or a practice
certificate issued by the Council; and
(b) a certificate under the hand of the Secretary
of the Institute that a person is or is not a
member of the Institute.
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Power of
Minister to
make
regulations.

s. 2
30. The Minister may, after consultation with the
Council, make regulations generally for carrying into effect
the purposes of this Act, and, in particular, but without
prejudice to the generality of the foregoing, the regulations
may make provision in relation to all or any of the following
matters—
(a) the making of complaints against registered
Chartered Accountants;
(b) the procedure to be followed in respect of
disciplinary inquiries held by the Council;
and
(c) prescribing any other matter or thing
required or authorised by this Act to be
prescribed by regulations.

SCHEDULE
BODIES OF ACCOUNTANTS
1. The Institute of Chartered Accountants in England
and Wales.
2. The Institute of Chartered Accountants in Ireland.
3. The Institute of Chartered Accountants in Scotland.
4. The Canadian Institute of Chartered Accountants.
5. The Chartered Association of Certified Accountants.
6. The Certified Public Accountants of the United States
of America.
7. Any other bodies of Accountants which might be
recognised from time to time by the Institute.
____________________