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Gambian Institute of Chartered Accountants Tightens Regulations on Practicing Auditors

The Gambian Institute of Chartered Accountants (GICA) has introduced new regulations to maintain professional standards and ensure public trust in the profession. The revised rules aim to regulate the registration and practice of chartered accountants and practicing auditors.

Qualification Requirements

To register as a chartered accountant or practicing auditor, applicants must meet strict qualification requirements. These include:

  • Holding a valid professional certificate from GICA
  • Demonstrating independence of mind in their conduct as auditors
  • Complying with continuing professional development (CPD) requirements

Quality Assurance Reviews and Disciplinary Measures

Registered auditors are required to undergo quality assurance reviews at regular intervals, as prescribed by the Institute. Failure to meet these requirements may result in refusal of registration or suspension of practice.

GICA has also strengthened its disciplinary measures, enabling it to:

  • Refuse registration to applicants who provide false information
  • Revoked licenses in any jurisdiction

Suspension of Accountants with Mental Disabilities

In a move aimed at protecting public interest, GICA has introduced provisions allowing it to suspend registered accountants who become mentally disabled and pose a risk to the public.

Member Firms and Practicing Certificates

GICA has revised its rules on member firms, requiring them to:

  • Have at least two practicing auditors among their partners
  • Maintain professional indemnity insurance

Registered auditors are prohibited from practicing under the name of a firm unless the Institute has approved the name. The Institute has also introduced new regulations governing the issuance of practicing certificates, which will now be issued for a limited period and on payment of prescribed fees.

Designations

Chartered accountants and practicing auditors are now entitled to use specific designations, including:

  • “Chartered Accountant” or “C.A.”
  • “Practicing Auditor”

Effective Date and Compliance

The new regulations come into effect immediately. All stakeholders are expected to comply with the revised rules. GICA will conduct regular reviews and enforcement of these rules to ensure public confidence in the profession.

Contact Information

For more information, please contact:

Gambian Institute of Chartered Accountants (GICA) Phone: +220 439-xxxx Email: info@gica.gm