The regulation of the accounting profession, practice of public accountancy and matters related thereto in Bermuda is governed by legislative Act. The Institute of Chartered Accountants of Bermuda Act 1973 provides for the establishment of ICAB and provides thereto full responsibility for the oversight of the society of accountants in Bermuda with the following principal objectives:
(a) to promote and increase the knowledge, skill and proficiency of its members and students;
(b) to regulate the discipline and professional conduct of its members and students;
(c) to promote the best standards of practice in financial reporting and in the expression of professional opinions in relation thereto;
(d) to promote and protect the welfare and interest of the Institute and the accounting profession.
Under this Act, in addition to its oversight role of Chartered Accountants, ICAB is also charged, amongst other things, with:
(a) providing for determination of the number of individual members to be elected or appointed to the Council, and for such election or appointment;
(b) prescribing the requisite qualifications of individual members and corporate members,
(c) providing for admission to membership in the Institute of individual members and corporate members, providing for the registration of students and determining the rights and obligations of individual members and corporate members;
(c) providing for admission to and tenure of membership in the Institute, and for the registration of students;
(d) providing for the establishment and maintenance of pre-certification and post qualification (continuing professional development) classes, lectures, courses of study and systems of training, and for requirements relating to practical experience and examinations;
(h) providing for the exercise of disciplinary authority over members and students of the Institute by expulsion, suspension, fine or the imposition of any other penalty after due enquiry;
(i) providing for standards and tests of competency, fitness and moral character, and for Rules of Professional Conduct;
As provided under this Act, only good standing members of ICAB can use the designation CA and/or hold himself/herself out as a Chartered Accountant and/or practice as a public accountant.