The
Accountancy Profession In Bermuda
There
are both local and international firms
of accountants in Bermuda, including
offices of the 'Big Four'. Many firms
have a specialisation in insurance,
given the dominance of that sector
in the Bermudian economy.
The
profession is governed by the Institute
of Chartered Accountans of Bermuda
(ICAB). ICAB is formally affiliated
to the Canadian Institute of Chartered
Accountants. Accountants may join
ICAB based on their membership of
an approved overseas accounting body,
or they may take the Canadian Uniform
Final Examination.
Canadian
Generally Accepted Accounting Principles
and auditing standards are applied
in Bermuda; but the GAAP of any other
jurisdiction may be followed at the
choice of a Bermudian comapny, subject
to full disclosure in its accounts.
It
is normal for Bermudian companies
to have local auditors, although this
is not legally required. The preparation
of an audit can be waived by agreement
of the directors and shareholders
of a company, but the resident Bermudian
directors of an exempt or 'permit'
company normally oppose such a waiver
unless a company is dormant. For insurance
companies, an audit by a local auditor
is compulsory.
The
judiciary in Bermuda is independent,
consisting of Magistrates' Courts,
the Supreme Court headed by the Chief
Justice (appointed by the Governor),
and the Court of Appeal. There is
an appeal to the Privy Council in
London in some instances.
For
a listing of accountancy firms in
Bermuda, see the Lowtax
Bermuda Services Directory.
