About Us

WHO ARE WE AND WHAT WE DO

The Institute of Solomon Islands Accountants (ISIA) is a body corporate and the Professional Accountancy Organization (PAO) established under the Accountants Act 2010 of Solomon Islands ("the Act").

OUR OBJECTIVES

Under the Accountant Act 2010, ISIA is mandated to develop and regulate the practice of accountancy and auditing in the Solomon Islands.

OUR HISTORY

ISIA was originally formed in August 1982 under the Charitable Trust Act [Cap 55] by a group of Solomon Islanders who had undergone training in accountancy and were employed in the private and public sectors in accountancy and accounts related work. In 2010, it subsequently became a statutory body established under the Act to regulate the accounting and auditing profession in Solomon Islands.

The Institute of Solomon Islands Accountants (ISIA) operates within a statutory and professional governance framework established under the Accountants Act 2010.

The governance framework comprises the Accountants Act 2010, regulations and statutory rules made under the Act, and rules established by the ISIA Council. These instruments provided the framework within which the Institute, its members and registered persons operate.

1. Compliance with the governing framework

1.1

The conduct of the Institute’s operations and of its members shall comply with the requirements of:

(a) the Accountants Act 2010;

(b) any regulations and statutory rules as may be promulgated pursuant to the Act from time to time;

(c) the rules established by the Council and as set out in the following Schedules to these Rules;

(d) the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants as prescribed in these Rules including Schedule 2, and any standards pronouncements issued by the Institute from time to time;

(e) applicable accountancy standards issued by the international bodies responsible for auditing and financial reporting for private and public sector reporting entities including the International Auditing and Assurance Standards Board (IAASB), International Accounting Standards Board (IASB) and International Accounting Standards Board (IPSASB) as prescribed by these Rules and any standards pronouncements issued by the Institute from time to time;

(f) applicable education standards issued by the International Accounting Education Standards Board (IAESB), as prescribed by these Rules and any standards pronouncements issued by the Institute from time to time; and

(g) the Statements of Membership Obligations (SMOs) issued by the International Federation of Accountants (IFAC), as prescribed by these Rules and any standards pronouncements issued by the Institute from time to time.

1.2

References to legislative provisions in regulations, statutory rules and rules established by the Council shall be references to the Accountants Act 2010, unless otherwise specified.

1.3

Section 62 of the Interpretation and General Provisions Act (Cap. 85) does not apply to any rules of the Institute or Council made under the Accountants Act 2010.

2.Regulations

2.1

The Minister may, acting on the advice of the Council, make regulations to give effect to the provisions of the Accountants Act 2010, and in particular, regulations prescribing:

(a) penalties for offences created by regulations to a fine not exceeding 10,000 penalty units;

(b) fees and allowances for members of any committee or the Disciplinary Board established under the Act:

(c) the form of notice to be used for summoning witnesses under section 45 of the Act;

(d) allowances for witnesses to any inquiry before the Disciplinary Board; and

(e) any other matter required to be prescribed under the Act.

This reflects section 54 of the Accountants Act 2010.

2.2

Regulations promulgated by the Minister pursuant to section 54 of the Accountants Act 2010 shall be read in conjunction with applicable statutory rules and the Rules of the Institute.

2.3

Where there is a conflict of meaning between applicable regulations and statutory rules of Rules of the Institute, the regulations shall prevail.

3. Rules Made by the Council

3.1

The Accountants Act 2010 provides under section 14, the Council with power to make rules concerning matters including:

(a) procedures for meetings of the members of the Institute;

(b) procedures for meetings of the Council, Standards Committee and Registration Committee;

(c) elections of Council members;

(d) the due performance of professional obligations, standards and conduct by members of the Institute or registered practicing accountants;

(e) the proper and accountable management of trust funds held by registered practicing accountants for their clients;

(f) procedures and operations of sub-committees;

(g) disciplinary matters, including grounds relating to dishonest, unethical or unprofessional conduct; and

(h) fees for membership and registration.

3.2

The Council has established Rules pursuant to the Accountants Act 2010 and, where applicable, on the advice of the Standards Committee.

3.3

The Rules set out in the Schedules to these Rules govern the operation of the organs of the Institute and the processes associated with those operations.

4. Statutory Rules

4.1

Any statutory rules adopted by the Institute pursuant to the Accountants Act 2010 shall be read in conjunction with the Rules of the Institute.

4.2

Where there is conflict of meaning between applicable statutory rules and the Rules of the Institute, the statutory rules shall prevail.

5. Amendments to the Governing Framework

5.1 Amendments to the Act, Regulations or Statutory Rules

Amendments to the Act 2010, or to regulations or statutory rules made under the Act, may only be recommended to the Minister following a special resolution of a duly convened meeting of the Council at which the motion receives the required majority in accordance with the Act and the applicable Rules of the Institute.

5.2 Amendments to Council Rules

Amendments to Rules established by the Council may only be made following a special resolution of a duly convened meeting of the Council at which the motion attains a majority of vote in favor of but not less than two thirds of attending members, in accordance with the Rules of the Institute.

6. Definitions

6.1

Definitions of key terms used in the Accountants Act 2010, regulations, statutory rules and Rules established by the Council are set out in Schedule 1.

The objects of the Institute of Solomon Islands Accountants (ISIA), as provided under the Accountants Act 2010, are to:

Regulate the Practice of Accountancy

Regulate the practice of accountancy, including the registration, discipline and membership of persons eligible under the Act to practice in accountancy and auditing.

Regulate Qualifications and Membership Requirements

Regulate the qualifications, requirements and other conditions for the registration of persons and membership of the Institute.

Regulate Accounting and Auditing Standards

Regulate accounting, auditing and other standards applicable to audited financial statements that comply with national, regional and international standards, including the scale of fees and charges.

Promote Research and Knowledge

Undertake research on matters under the Act for the benefit of members, registered persons and the accountancy and auditing profession, including obtaining and disseminating information relating to national and international developments in the profession.

Provide Professional Education and Development

Develop and provide training and continuing professional education to members and registered persons.

Support Accountancy and Auditing Education

Facilitate and assist in the teaching of accountancy and auditing at university level and at other higher educational institutions and colleges, including scholarships, prizes, career expositions and other career or professional exhibitions.

Promote Professional and Ethical Standards

Regulate professional and ethical conduct and other professional standards for members and registered persons.

Regulate Trust Funds

Regulate the management and control of trust funds kept by registered persons for their clients.

Represent the Profession

Represent members and registered persons on matters relating to the accountancy and auditing profession before the Government and national, regional and international bodies or organizations.

Promote the Interests of Members and Registered Persons

Undertake any other activities that promote the interests of members and registered persons in accordance with the objectives of the Institute or give effect to the provisions of the Accountants Act 2010.

ISIA's strategic direction is guided by its vision, mission and the 2025-2027 Strategic Plan.

The Institute's strategic focus is:

To be an international standard Professional Accounting Organization that provides leadership and builds trust in the accounting, assurance, audit, finance and business advisory profession in Solomon Islands.

The Institute's strategic priorities include:

Member Value

ISIA is committed to delivering greater value to its members through professional development, technical and leadership development, networking opportunities and initiatives that strengthen the profile and contribution of members.

Professional Development

ISIA continues to strengthen professional education and continuing professional development opportunities, supporting members in their professional growth and progression towards CPA status.

Financial Sustainability

ISIA is focused on strengthening its financial sustainability and internal revenue base so that it can continue providing quality services and programs to members and stakeholders.

International Recognition

ISIA aims to develop as a fully functional professional accounting organization that meets international standards and achieves recognition with regional and international accounting organizations, including the Confederation of Asian and Pacific Accountants (CAPA) and the International Federation of Accountants (IFAC).