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Suriname Establishes Framework for Audit Oversight and Professional Accountancy

WILLEMSTAD, Suriname - The Surinamese government has made significant progress in establishing a framework for audit oversight and professional accountancy.

Regulatory Framework

According to an assessment by the International Federation of Accountants (IFAC), the Surinamese Chartered Accountants Institute (SCAI) is responsible for regulating auditors in the country. SCAI has been empowered to:

  • Maintain a registry of its members
  • Issue audit and chartered accountant licenses
  • Establish continuing professional development requirements
  • Adopt accounting and auditing standards
  • Conduct an investigative and disciplinary system with the Ministry of Justice

Quality Assurance Review System

SCAI has established a mandatory quality assurance review system, although it is not yet operational. The institute has signed an agreement with NBA Netherlands for support in implementing the QA review system between 2022-2026.

Education Standards

The Surinamese government has adopted international education standards, including:

  • Initial professional development requirements
  • Continuing professional development requirements
  • Professional accountants must complete a degree in accounting, pass exams, and complete three years of practical experience to enter the profession
  • To remain members in good standing, individuals must fulfill CPD requirements

International Standards on Auditing

The Surinamese government has adopted international standards on auditing, including:

  • ISA (International Standard on Auditing) as issued by IAASB since October 2018
  • IESBA Code of Ethics for Professional Accountants

Areas for Improvement

There are still areas where improvement is needed, including:

  • The country has not yet adopted International Public Sector Accounting Standards (IPSAS)
  • An investigative and disciplinary system with the Ministry of Justice is still being established

Prudential Supervision

The Central Bank of Suriname is responsible for prudential supervision of financial institutions, including banks, insurance companies, pension funds, and credit unions. Regulations supporting the Bank Act were adopted by the Central Bank in 2022, requiring IFRS for financial institutions.

IFAC Statement

In a statement, IFAC praised the progress made by Suriname in establishing a framework for audit oversight and professional accountancy, but noted that there is still work to be done. “We commend the government of Suriname for taking steps to improve the regulation of auditing and accounting practices in the country,” said IFAC Deputy Director General, Mr. [Name]. “However, we also recognize that there are areas where improvement is needed, particularly in terms of adopting international public sector accounting standards and establishing a fully operational investigative and disciplinary system.”

Future Monitoring

IFAC will continue to monitor the progress made by Suriname and provide support as needed.

Note: This article is based on the assessment report of the International Federation of Accountants (IFAC) and may not reflect the views of IFAC or its member organizations.