Qualifications
Chartered Accountants must meet the highest standards of financial expertise, strategic thinking, business insight and leadership. The CA profession's commitment to excellence and the public interest provides the crucial foundation for this trust. In fact, Bermuda and Canadian CAs are recognized around the world for high professional standards and expertise. Becoming a CA requires:
- A university degree in specified courses
- 30 months of practical employment experience with an Institute-approved training office
- Completion of the Institute's Professional Program
- Passing the national Uniform Evaluation - one of the most demanding professional examinations in the world
Regulation
Throughout their professional careers, CAs are subject to ongoing regulation to safeguard the public interest. CAs are subject to:
- Mandatory practice inspection and professional liability insurance programs for CAs in public accounting
- The enforcement of exacting Rules of Professional Conduct
- Continuing Professional Development requirements
- Comprehensive public oversight and discipline mechanisms
The profession of Chartered Accountancy in Bermuda is governed by the ICAB Act of 1973. Standards of practice are enforced by the Institute's Rules of Professional Conduct and bylaws.
About Public Accounting
Public accounting is the business of expressing independent assurance on financial statements and other financial information of enterprises of every size, to ensure that the information truly reflects their financial condition. Large and small investors, financial institutions and other third parties then use that assurance to help them make informed investment and lending decisions. Many of those decisions involve investments in hedge, mutual or pension funds.
Where CAs Work
Public accounting is a core CA activity and always will be. However, some two-thirds of Bermuda's 800 CAs now practice outside public accounting in positions in industry (CEOs, CFO's, VPs Finance, etc.), in government or the not-for-profit sector.
CA practitioners serve every corner of Bermuda, through some sole practitioner offices, local partnerships and the major International firm offices. Public practice CAs are involved in a wide range of complex disciplines from finance and taxation, to assurance, performance measurement and information technology.