1. Q. How to become a chartered accountant (CA)?
A. There are three (3) initials steps in becoming a CA and they are as follows (see full details under "CA Profession"):
- Obtain a University degree obtained from a recognized overseas university.
- Become employed by a public accounting firm who is approved to train students (ATO) to enter the CA program. There are eight such firms in Bermuda (see list under "About ICAB")
- Enroll in the CA program, which comprises of a series of correspondence courses through the Atlantic School of Chartered Accountancy (ASCA), in Halifax, Nova Scotia.
2. Q. Can an overseas CA student become a CA student in Bermuda and can their employment in Bermuda be used towards their 30 months of practical experience?
A. It is possible, subject to approval by the Bermuda Department of Immigration, for an overseas student to complete the CA program in Bermuda. Approval is more likely if the student is in their last year of the program and preparing to write the Uniform Final Evaluation. The student must be employed by one of the Approved Training Offices in Bermuda and yes, this period of time can be used towards their practical experience.
3. Q. How to become a member of the Institute of Chartered Accountants of Bermuda (ICAB), if I have not been a student in Bermuda?
A. To become a member of ICAB in these circumstances, one must have the following criteria (see further details under "Admissions":
- Be a member, in good standing, of another professional body, such as one of the Canadian Provincial Institutes and any other Institute outside of Canada who has been approved by the International Qualifications Appraisal Board (IQAB). This group includes U.S. State Boards who have reciprocity with the CICA (see list under "About ICAB").
- Complete ICAB's Application for Membership form, which can be obtained from the Institute office, or ICAB's website (see forms under "Member Services").
- Have completed the minimum number of practical experience hours specified by ICAB.
4. Q. What Institutes around the world qualify for membership in ICAB?
A. To list a few, all Canadian Provincial Institutes, most U.S. State Boards, England & Wales, Scotland, Ireland, Australia, New Zealand, South Africa (see full list under "About ICAB". It also lists those that are not acceptable).
5. Q. What practical experience does a person need to become a member of ICAB?
A. To become a member of ICAB, one must have 30 months of practical experience, which should indicate 625 hours in audit and 1250 in assurance (see relevant form under "Member Services").
6. Q. What benefits are received if I become a member of ICAB?
A.
- eligibility to call oneself a "chartered accountant" and use the initials "CA" after one's name in Bermuda.
- ability to perform audits and sign audit reports on behalf of their company.
- advocacy of members' interests as it relates to Governmental regulations.
- access to professional development courses to assist members to keep up-to-date with current professional regulations.
7. Q. Why are some members from some Institutes eligible for membership and others are not?
A. The reason that members from some Institutes are eligible for membership and others are not is due to the fact that the International Qualifications Appraisal Board (lQAB) has performed a detailed assessment of such Institute's programs and has determined that their programs are equivalent to the CA program offered by ICAB.
8. Q. Do we have a calendar of upcoming CPD courses/seminars?
A. We do have set dates for courses/seminars, which we will advise members closer to the time of the course as they come up through the year. We are working towards having full calendars for the whole year. Please keep checking our website regularly for updates.
9. Q. Can a company from overseas perform audits for a Bermuda company?
A. The practice of public accounting in Bermuda is regulated by ICAB and you must be a member of ICAB to practice public accounting in Bermuda. In addition, to work in Bermuda also requires permission of the Bermuda Department of Immigration. However, if the audit is performed outside of Bermuda, there is no requirement for the person signing the audit report to be a member of ICAB or obtain permission of the Department of Immigration.
10. Q. Is there an option for companies to advertise through ICAB for the purpose of employing CAs?
A. We do not provide such a service in general, but we do assist not-for-profit organizations to locate accountants to provide volunteer services.
11. Q. How much are fees per year to become a member?
A. Fees are determined by each individual member's circumstances, in particular where one is employed and where one pays their CICA Prime fees.
12. Q. How can I pay my fees, is there the possibility of paying via wire transfer?
A. Following are various ways a member can pay their annual fees:
- by cash payment (hand delivered to ICAB)
- by cheque payment (mailed or hand delivered to ICAB)
- by bank transfer direct from the member's account to ICAB's account, advising ICAB of such a transfer. Also, always advise the relevant bank to indicate who the payment is for, either by your name or membership number.
- online payment (not as yet set up in the website).
13. Q. How can a member change their contact information?
A. A facility is available on the website for each member to access their record and update it accordingly. The member will need their CICA/Membership Universal number to access their record (access instructions to come).
14. Q. How can a CA from another country become employed in Bermuda?
A. One must apply for a position direct to the perspective employer in Bermuda (note such positions are generally advertised in our local newspaper, The Royal Gazette). If that firm/company wishes to employ you then the company must apply to the Bermuda Department of Immigration for permission to bring you into Bermuda for the purpose of employment. Only then would you be able to enter Bermuda for the purpose of employment.
15. Q. Do we have a list of recognized Institutes, being those whose members are eligible for ICAB membership?
A. Yes, see list under "About ICAB"