President’s Time and Web Site Info

The monthly “President Time” initiated by the President in 2001 continued during the year to keep members informed and in dialogue with Council and with other members.

On December 19, 2002 the ICA Belize web site was launched at the Institute’s Christmas Luncheon held at the Radisson Fort George Hotel. The site is a work-in-progress and already work is being contemplated to upgrade to a state of the art level suitable for sponsorship.

The Institute’s 18th Anniversary Christmas Luncheon

The Institute held its eighteenth Anniversary Christmas Luncheon at the Radisson Fort George Hotel on December 19, 2002. Twenty-two members attended and four members sent their apologies. All members enjoyed the good fellowship.

The Secretariat

Council approved new terms of reference for the Institute’s Secretariat for the delivery of its services to members and for the running of its daily operation. Council agreed to the further strengthening of the Secretariat especially with the addition of student members to service. In this light, Council has expanded its offices and planned to pursue further expansion to house a student center.

Fellowship Awards (FCA)

Under the newly revised Bye-Law 104 of the Institute, Council conferred the Fellowship Award (FCA) to the following members: Jose Bautista, Rene Blanco, Arsenio Burgos, Clinton Castillo, Julian Castillo, Douglas Erskine, Felix Reyes, Kathlyn Tillett, Marion Usher, Michael Coye, Jose Habet, Mary Martinez, and Thomas Tattersfield. The Award ceremony was held at the Radisson Fort George Hotel and the Minister of Investment and Foreign Trade, Honourable Eamon Courtenay, presented the certificates to the members.

According to Bye-Law 104, Council may only confer the Fellowship Award (FCA) on members who have been members in good standing for at least five years prior to their nomination for the award. Nominees must have served the Institute for a minimum of three years either on Council or on a committee established by Council and must be nominated, in a form prescribed by Council, by two members in good standing.


Council fostered and maintained good working relationship with its members and affiliates during the year. However, there is a lot of unfinished business on the path of perfecting our Institute and the profession. Also, despite the bad publicity and corporate scandals in the year 2002 involving accounting practices around us, in our opinion, the profession still ranks highly in trustworthiness and value among business leaders.

Some work-in-progress for the next Council are: launching of the CPE program for members, putting into Law the proposed amendments to the Accountancy Profession Act, finalizing the Student Education and Training programs, and updating the Institute’s Action Plan.

Respectfully submitted
Oh Behalf of Council

Felix Reyes
President, ICA Belize

Dated: March 20, 2003

Accountancy Profession Act and Bye-Laws Review

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.

The Website

ICAB’s website consists of a landing page, the main website with links to the organization’s social media pages, and a “members only” web-based file sharing site.


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