The Bahamas Institute of Chartered Accountants' (BICA) Accountants Week ends today, and after a week packed with professional development opportunities and high-level discussions, the institute last night held an extraordinary general meeting (EGM) during which the BICA regulations were expected to be approved.

BICA President Darnell Osborne was excited about the week-long gathering, which is due to conclude today in Freeport before a weekend of festivities.

"Each day was packed with informative topics on progressive initiatives impacting our members, financial services industry and the nation. I'm looking forward to a lively discussion during our EGM, after which the regulations are expected to be accepted by the majority of the members," she told Guardian Business yesterday, anticipating a celebratory end to the evening.

Osborne recently stated that she hopes to have key regulations enforced by the end of 2015 and usher in a "drastic change" for BICA's membership to satisfy growing international requirements and attract more business to The Bahamas. Although pleased with the BICA Act, 2015, which came into effect on October 1, 2015, Osborne said the proposed regulations, including bolstered investigatory and disciplinary standards and increased education requirements, would bring much-needed reform to the profession and bring it in line with international best practices.

BICA was temporarily suspended from the International Federation of Accountants (IFAC) in June 2012 after failing to take adequate steps in introducing reforms similar to the pillars of the BICA Act, 2015: auditing, regulation and discipline and international education standards. The regulations will also address growing transparency requirements through practice monitoring, or 'auditors auditing the auditors,' according to Osborne. BICA has signed on to a tripartite agreement between BICA, the Institute of Caribbean Accountants and the U.K's Association of Chartered Certified Accountants.

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