5 (1) The Council may admit as a member -
(a) any person who is a student who has met the requirements prescribed by by-law 53; or
(b) any person who is a member in good standing of a Provincial Institute/Ordre, and has, in the opinion of the Council, attained a standard of education, training and experience equivalent to that required of students to become members; or
(c) any person who meets all of the following requirements -
(i) is a member in good standing of The Institute of Chartered Accountants of Scotland, The Institute of Chartered Accountants in England & Wales, The Institute of Chartered Accountants in Ireland or another body having objects similar to those of the Institute,
(ii) has complied with the recommendations of the International Qualifications Appraisal Board of the Canadian Institute of Chartered Accountants concerning admission to membership in provincial institutes (except recommendations with respect to satisfying provincial institute course and examination requirements, hereinafter referred to as "transition recommendations"),
(iii) has, in the opinion of the Council, attained a standard of education, training and experience equivalent to that required of students to become members, and
(iv) is resident in Bermuda.
(2) A person admitted to membership under paragraph (1)(c) shall cease to be a member if, in the opinion of the Council, he or she has ceased to be resident in Bermuda, provided always that his or her membership shall not terminate as aforesaid if prior to his or her ceasing to be so resident in Bermuda he or she has complied with the transition recommendations.
Re-admission of former member to membership
7 (1) A former member may apply for re-admission as a member provided such former member-
(a) is not in default of payment of any monies payable to the Institute or a ProvincialInstitute;
(b) has complied with every requirement in any order or orders made in respect of him or her under one or both of by-laws 73 and 75, or an equivalent order made under the by-laws of a Provincial Institute completed any outstanding continuing professional development under by law 60; and
(c) satisfies at least one of the following requirements, that is to say -
(i) previously became a member by virtue of sections 2 and 12 of the Act,
(ii) was previously admitted as a member by virtue of by-law 5(1)(a),
(iii) was previously admitted as a member by virtue of by-law 5(1)(b),
(iv) was previously admitted a member by virtue of by-law 5(1)(c) or by-law 11 and -
(aa) is resident in Bermuda, or(bb) has satisfied the course and examination requirements in Canadian taxation, law, the CICA (Handbook and the rules of professional conduct relating to membership in a provincial institute, or
(v) was previously admitted as a member by virtue of by-law 6(1).
(2) Where a former member is precluded by sub-paragraph (1)(b) from applying for re-admission as a member, the Council shall have power, in addition to all its other powers -
(a) where the time has expired which was fixed for compliance with an order or part thereof described in that sub-clause, to fix a new time for compliance, and
(b) where compliance with a requirement is otherwise impractical or impossible, to substitute another requirement which in its opinion is a reasonable alternative,
each of which shall thereafter stand in place of that fixed in the order or orders for the purpose of affording such former member the opportunity of satisfying the requirements of sub-paragraph 1(b).
(3) An application for re-admission as a member shall be in the form prescribed by the Council, and shall include -
(a) a declaration that the requirements of subparagraphs (1)(a) and (b) have been satisfied;
(b) a statement as to which of the requirements of sub-paragraph 1(c) is satisfied;
(c) a declaration in writing by the applicant, or in the case of a corporate member by each of two directors of the applicant, that, to the best of such applicant's or director's knowledge and belief, since the applicant's termination of, or resignation or expulsion from, membership the applicant has not engaged in conduct, other than as specifically described in the declaration, which, if engaged in by a member, could reasonably be considered a violation of the rules of professional conduct; and
(d) a declaration as to whether the applicant has been a member in good standing of a provincial institute or another body having objects similar to those of the Institute, and if affirmative, then stating -
(i) the name and place of incorporation of such provincial institute or body;
(ii) the date and manner of cessation of such membership, if any; and
(iii) whether the applicant has complied with every requirement in any order or orders made in respect of the applicant by such provincial institute or other body.
(4) The Council may investigate any application for re-admission as a member, and shall do so -
(a) where the applicant was expelled from membership in the Institute under the terms of an order of a discipline committee pursuant to by-law 73 or of an appeal committee pursuant to by-law 75, or the applicant's membership was terminated pursuant to by-laws 50 and 64;
(b) where the declaration furnished pursuant to sub-paragraph (3)(c) describes conduct in which the applicant has engaged which, if engaged in by a member, could reasonably be considered a violation of the rules of professional conduct;
(c) where a complaint has been made about the applicant's professional conduct during the time that he or she was a member, in respect of which proceedings were not completed because the complaint was made after the applicant's termination of, or resignation or expulsion from, membership in the Institute;
(d) where an objection has been raised to re-admission of the applicant to membership on grounds of the applicant's conduct since the applicant's termination of, or resignation or expulsion from, membership;
(e) where the applicant has not held membership in good standing, within five years of the date of application for re-admission, in the Institute, a provincial institute, The Institute of Chartered Accountants of Scotland, The Institute of Chartered Accountants in England and Wales, The Institute of Chartered Accountants in Ireland, or another body having objects similar to those of the Institute; or
(f) where the declaration furnished pursuant to subparagraph 3(d) is affirmative,
and the Council shall have power, in addition to all its other powers, to appoint a committee of one or more members of the Institute to conduct or assist in conducting an investigation and to report, all in such manner as the Council shall prescribe.
(5) In considering an application for re-admission as a member the Council shall have regard to such circumstances as it may deem appropriate, which may include -
(a) the information contemplated in paragraphs (3) and (4); and
(b) its opinion as to whether the applicant is competent to carry on the practice of public accounting.
(6) After its deliberations pursuant to paragraph (5) the Council may, subject to the provisions of paragraph (7) -
(a) re-admit the applicant as a member;
(b) defer further action on the application pending fulfillment by the applicant of such requirements as it may deem appropriate; or
(c) reject the application.
(7) If the Council finds, upon its investigation pursuant to paragraph (4), that the application contains information which the applicant or the directors of the applicant knew, or should have known, was false or misleading, it shall reject the application for re-admission.
(8) Where a former member is re-admitted as a member having satisfied the requirements of sub-paragraph (1)(c) solely in terms of subparagraph (iv)(aa), then by-law 5(2) or by-law 11(2), as the case may be, shall be deemed to apply to that member.
Prescription of fees
44 Every member and student, and every applicant for admission or re-admission as a member and for registration or re-registration as a student, shall pay such fees as are prescribed by the Executive Committee from time to time.
Admission or re-admission fee
45 (1) Every person admitted or re-admitted as a member shall thereupon pay such admission fee as the Executive Committee may by resolution determine.
(2) Where a person who has ceased to be a member by virtue of by-law 5(2) or by-law 11(2) is re-admitted as a member within five years, he or she shall pay no admission fee on re-admission.
Classes of membership
46 (1) For purposes of this by-law there shall be such classes of membership as the Executive Committee may from time to time determine.
(2) Subject to paragraph (4), the annual membership fee for each class of members, and any special assessments of fees pursuant to paragraph (3), shall be fixed or levied in such amounts, and shall be payable at such times, in respect of such membership period, and in such manner, as the Executive Committee may from time to time determine.
(3) From time to time there may, subject to the provisions of by-law 45(2), be levied on the members or on any class of members such special assessment of fees for such purposes as the Executive Committee may determine.
(4) The annual membership fee payable by each member shall be the sum of the annual membership fee fixed pursuant to paragraph (1)(b) and the annual amount payable by the Institute to the Canadian Institute of Chartered Accountants in respect of such member.
(5) Where a member is a public accountant and neither the member nor any partner or former partner of the member was a public accountant at any time more than three years before the member's annual membership fee becomes due and payable, the annual membership fee for that member, as prescribed in paragraph (2), and any member who is an employee in such member's practice, shall be reduced by one half.
(6) A person admitted or re-admitted to membership in any membership period shall pay the appropriate portion of the annual membership fee determined pro-rata for the remainder of the membership period.
(7) A member who during a membership period changes from one classification of membership to another for which a higher fee is prescribed, shall thereupon pay an additional fee equal to the difference between the fees prescribed for the two classifications, determined pro rata for the remainder of that membership period.
(8) An individual member shall be exempt from the payment of annual fees and special assessments if the member has attained the age of sixty-five years and is retired and not in regular, daily, gainful occupation on the date upon which any fees and special assessments become payable.
(9) A member engaged in the practice of public accounting shall pay a fee in respect of any inspection of the member's practice authorized by the Executive Committee at such rate as the Executive Committee may determine.
(10) A member or student appealing against a finding or order by a discipline committee in accordance with by-law 73(6)) shall, when giving written notice of such appeal to the secretary, pay to the Institute a fee in accordance with such rate or rates as the Executive Committee may from time to time determine.
(11) Notwithstanding by-law 45(2), a former member applying for re-admission as a member shall pay such investigation fee, if any, as may be fixed by the Executive Committee in respect of an investigation made or to be made in accordance with the provisions of by-law 7(4).
Failure to pay fees
47(1) Failure to pay a fee or special assessment shall render a member liable to suspension from membership during such period of time and to fine and such other penalty not excluding expulsion as the Executive Committee may from time to time determine.
(2) The Executive Committee may remit fees in special circumstances which in its discretion warrant such remission.
(3) A member who has been expelled pursuant to paragraph (1) may apply to the Executive Committee for re-admission to membership, and the Executive Committee may notwithstanding by-law 7 grant the application if in its opinion the circumstances warrant, on payment of such fee for re-admission as it may prescribe.
Admission Steps for Bermudian CAs to ICAB Membership
For a Bermudian CA Graduate to become a member of the Institute of Chartered Accountants of Bermuda (ICAB), they must first complete their Practical Experience hours with their relevant Public Accounting Firm. Once they have completed their experience hours, they can apply for membership in the Institute. To do this, they must complete ICAB's Application for Membership form, duly signed by a current member, in good standing, of the Bermuda Institute and a member that knows the applicant to be of good moral character and habits and in every way a fit and proper person to be admitted to membership in the Institute. The applicant must also have a Practical Experience Form completed by their relevant Public Accounting firm in which they are/were employed, indicating that they have completed the required 30 months of practical experience (the minimum hours are 625 in audit and 1250 in assurance). On receipt of the completed Application for Membership and Practice Experience forms by ICAB, the documents are prepared for presentation to ICAB's Application Review Committee and then to ICAB's Council for final approval for membership.
International Qualifications Appraisal Board
The International Qualifications Appraisal Board (IQAB) is responsible for assessing the admission standards of foreign accounting bodies and recommending to the provincial institutes of Chartered Accountants in Canada whether and under what conditions members of these bodies may be admitted to the Canadian CA profession based on their foreign qualifications. IQAB also negotiates Mutual Recognition Agreements (MRAs) with foreign accounting bodies whose qualifications processes have been assessed as substantially equivalent to the Canadian CA standards of professional education, experience and evaluation and who can provide Canadian CAs with reciprocal rights to licensure and certification ("designated bodies). IQAB works closely with our provincial institutes, which are ultimately responsible for approving its reports and Mutual Recognition Agreements. We work closely with US IQAB - comprised of AICPA and NASBA representatives - on those reviews in which both groups have a common interest.
IQAB's recommendations that have been approved by the provincial institutes reflect eleven foreign accounting bodies whose members are recommended for exemption from the Canadian Uniform Evaluation (UFE) ("designated bodies") and seven bodies whose members are not.
Designated Accounting Bodies
The eleven designated accounting bodies whose members are recommended for exemption from the UFE are:
The Institute of Chartered Accountants in Australia
Institut des Reviseurs d'Enterprises de Belgique
The Institute of Chartered Accountants in England and Wales
The Hong Kong Institute of Certified Public Accountants
The Institute of Chartered Accountants in Ireland
Instituto Mexicano des Contadores Pùblicos (IMCP)
Nederland Instituut van Register Accountants
The Institute of Chartered Accountants of New Zealand
The Institute of Chartered Accountants of Scotland
The South African Institute of Chartered Accountants
The State Board of Accountancy in the United States of America which exempt CAs in the respective province / territory from the requirement to pass the AICPA final examination
Non-Designated Accounting Bodies
The seven non-designated accounting bodies whose members are not recommended for exemption from the UFE are:
The Australian Society of Certified Practicing Accountants
The Institute of Chartered Accountants of India
The Institute of Chartered Accountants of Pakistan
The Philippines Institute of Certified Public Accountants
The Institute of Chartered Accountants of Sri Lanka
The Association of Chartered Certified Accountants of United Kingdom
The Institute of Chartered Accountants of Zimbabwe
Accounting Bodies Currently Under Review
Institute of Chartered Accountants of Bangladesh
Ordre des Experts Comptables (France)
Japanese Institute of Certified Public Accountants
Members of Non-Assessed Accounting Bodies
Accounting bodies not listed under Members of Designated Accounting Bodies and Members of Non-Designated Accounting Bodies above, have not been assessed by the Canadian CA profession's International Qualifications Appraisal Board (IQAB). If your accounting body is not mentioned in either of these lists, you come under the category of Members of Non-Assessed Accounting Bodies. If you belong to a non-assessed accounting body, you are not automatically eligible for exemptions from any education or examination requirement of the CA program. You may, however, ask for an individual assessment of your qualifications and those of your accounting body to determine if the respective provincial institute will grant you any education or examination exemptions in the respective jurisdiction. If exemptions are not granted, you will be required to complete all the requirements of the respective institute's program to qualify for membership. (For the details on these requirements, refer to the respective institute's website).Ã‚
Prince Edward Island