A 15-page bill that would give legal authority for the BVI Association for Professional Accountants to issue public accounting licences and regulate the profession in the Virgin Islands has been drafted and could soon be considered by the House of Assembly.
The Professional Accountants Act 2015 would create the territory’s first regulatory regime for the public accounting profession.
Currently, accountants in the VI who perform audits or other services for third parties are typically certified by professional groups such as the Association of Chartered Certified Accountants. The profession is also regulated indirectly by the Financial Investigations Agency, which ensures that anti-money-laundering regulations are in place.
However, no laws are in place to define the qualifications for a public accountant in the VI or revoke a licence to practise if the rules aren’t being followed.
The BVIAPA hopes to change that, its president, Ryan Geluk, said at a meeting of the body held March 25 to discuss the proposed law. He explained that the proposed bill is designed to help engender accountability within the profession.
See the April 2, 2015 edition for full coverage.
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