The Act and Bye-Laws Review Committee completed their review of the Act and Bye-Laws in November 2002 and submitted their proposed amendments to Council. The consultation process (with members) started in April 2002 and continued until the completion of the proposed amendments in November 2002. The revision and update of the Act and Bye-Laws of the Institute were to reflect present day realities and requirements. Principal areas are:
- A more precise definition of “practising” of public accountancy;
- Removal of the $5,000 exemption contained in Section 9(4) of the Act;
- Detailed step-by-step procedures for receiving complaints against members, investigating such complaints and, where necessary, disciplining members;
- Inclusion of procedures that will ensure continuity of the Council as the group charged with carrying out the functions of the Institute;
- Inclusion of a civil violation clause in the Act under which ICAB could pursue breaches of the Act as civil matters rather than relying on the DPP’s office to prosecute;
- Inclusion of provision for Honours and Awards to be conferred by Council; and,
- Provision for members to engage in public practice as a limited partnership, company, or entity under certain terms and conditions.
The proposed amendments to the Act and the Bye-Laws of the Institute were approved, by resolution, by members present at a General Meeting held on December 19, 2002 for that purpose. The Bye-Laws now constitute the new Bye-Laws of the Institute and the proposed amendments to the Act will be presented to the Minister of Finance for consideration.