Compliance with the governing framework
- The conduct of the Institute’s operations and of its members shall comply with the requirements of:
- the Accountants Act 2010;
- any regulations and statutory rules as may be promulgated pursuant to the Act from time to time,
- these rules established by the Council and as set out in the following Schedules to these rules
- the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants as prescribed in these rules as set out in Schedule 2 and any standards pronouncements issued by the Institute from time to time
- the accountancy standards issued by the international bodies responsible for auditing and financial reporting for private and public sector reporting entities (IAASB, IASB and IPSASB) as prescribed in these rules and any standards pronouncements issued by the Institute from time to time
- the education standards issued by the International Accounting Education Standards Board (IAESB) as prescribed in these rules and any standards pronouncements issued by the Institute from time to time; and
- the Statements of Membership Obligations issued by the International Federation of Accountants as prescribed in these rules and any standards pronouncements issued by the Institute from time to time.
- All references to legislative provisions in regulations, statutory rules and rules established by the Council are references to the Act.
- 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 Act.
- The Minister may, acting on the advice of the Council, make regulations to give effect to the provisions of this Act, and in particular to make regulations prescribing the following –
- penalties for offences created by regulations to a fine not exceeding 10,000 penalty units;
- fees and allowances for members of any committee or the Disciplinary Board;
- the form of notice to be used for summoning of witnesses by the Disciplinary Board;
- allowances for witnesses to any inquiry before the Disciplinary Board; or
- any other matter required to be prescribed under the Act.
- Any regulations promulgated by the Minister pursuant to section 54 of the Act shall be read in conjunction any promulgated statutory rules and these rules and where there is any conflict of meaning the regulations shall prevail.
Rules-made by the Council
- The Act provides under section 14 for the Council the power to make rules about the following matters –
- procedures for meetings of the members of the Institute;
- procedures for meetings of the Council, Standards Committee and Registration Committee;
- elections of Council members;
- due performance of professional obligations, standards or conduct by members of the Institute or registered practicing accountants;
- proper and accountable management of trust funds held by registered practicing accountants for their clients;
- procedures and operations of sub-committees;
- disciplinary matters, including grounds for dishonest, unethical or unprofessional conduct;
- fees for membership and registration.
- The Council has established these rules pursuant to this provision of the Act and where relevant on the advice of the Standards Committee.
- The rules set out in the schedules to these rules shall govern the operation of the organs of the Institute and consequent processes involved in those operations.
- Any statutory rules gazetted by the Institute shall be read in conjunction with these rules and where there is any conflict of meaning the statutory rules shall prevail.
Amendments to the governing framework
- Amendments to the Act or any regulations or statutory rules that have been promulgated under the Act may only be recommended to the Minister following a special resolution of a duly convened Council meeting of members wherein such a motion attains a majority of vote in favour of not less than two thirds of attending members eligible to vote.
- Amendments to the rules established by the Council may only be made following a special resolution of a duly convened meeting of Council wherein such a motion attains a majority of vote in favour of not less than two thirds of attending members.
- Definitions of key terms in the Act, any regulations, any statutory rules and the rules established by the Council are set out in Schedule 1.