Bermuda's Accounting Profession and Practice
Vision of the Institute of Chartered Accountants of Bermuda (ICAB) states that accounting is the leading profession in Bermuda's international business and it commands leadership positions in Senior Management, Advisory, Financial, Tax and Assurance roles.
Bermuda's Chartered Accountants have played a significant role in growing the International Business of Bermuda
to the level where it is today, enabling client knowledge, transparency and required accountability.
In 2010, there have been 738 Chartered Accountant (CAs) in Bermuda who are members of the ICAB. 229 of them are Bermudians. Out of all the members, one-third of them are in public services while the rest are serving the various other industries.
In 1973, ICAB received an affiliation with Canadian Institute of Chartered Accountants (CICA) making it at par with the Canadian Provincial institutes. The affiliation also enabled the Bermuda registered CAs to receive training at Atlantic School of Chartered Accountancy in Halifax, Nova Scotia.
Following firms in Bermuda (shown in alphabetical order) do professional accounting practice in the island:
Arthur Morris, Christensen & Co.
Barry Hanson, C.A.
Deloitte & Touche
Douglas Hillen, C.A.
Ernst & Young
Moore Stephens & Butterfield
Myron E. Binns, Jr., C.A.
Scott A. Johnson, C.A.
The Big-4 as known in the international arena (Deloitte, Ernst & Young, KPMG, and Pricewaterhouse Coopers) have all had long standing presence in Bermuda.
The services offered by all these Bermuda Firms cover the entire gamut of international business including accounting; actuarial; advisory; assurance; consulting; corporate trust and administration; forensic; insolvency; placement; recovery; and tax services.
Assurance services are the most in-demand and a lot of expertise has been developed in this area, particularly in the audit of insurance and reinsurance companies and collective investment schemes.
All the accounting firms are governed by ICAB by-laws and follow ICAB’s rules of Professional Conduct. Very high level of professional standards are ensured by ICAB through the following measures:
- Education arranged by the Professional Development Committee
- A practice inspection program arranged every three years through CICA; and
- A Disciplinary Committee.
Bermuda’s CAs also engage in assessing new and existing businesses, and assist in terminating unwanted businesses in close liaison with the Bermuda Monetary Authority, the Ministry of Finance, and the National Anti-Money Laundering Committee.
3) Check out Bermuda Economy
to know all about economic factors and trends in Bermuda.