pgs 7 & 34 - institute of chartered accountants of ... auditors’ report 17 ... ruthven jack...

A N N U A L R E P O R T

&Integrity

THE INSTITUTE OF CHARTERED ACCOUNTANTS

OF TRINIDAD & TOBAGO

Transparency

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C O N T E N T S

Mission and Vision Statements 2

Profile of Council Members 3

ICATT Team 4

Corporate Information 5

ICATT Committee Members 5

President’s Report 6

Financial Overview 6

Stakeholder Meetings 7

Membership 8

Practice Monitoring 8

Review of Rules and Regulations 9

Continuing Professional Development 10

Annual General Meeting 2008/2009 Highlights 11

IFRS for SMEs 11

Accountants’ Week 2009 13

40th Anniversary Celebrations 14

Student Focus 14

Secretary’s Report 16

Financial Statements

Independent Auditors’ Report 17

Statement of Financial Position 18

Statement of Comprehensive Income 19

Statement of Changes in Equity 20

Statement of Cash Flows 21

Notes to the Financial Statements 22 - 31

Notice of Annual General Meeting 32

Proxy Form 33

ICATT Members as at December 31st 2009 34 -40

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2009IntegrityTransparency&

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD & TOBAGO

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M I S S I O N S T A T E M E N T

V I S I O N

To effectively promote, regulate and support the development of the accountancy profession in Trinidad and Tobago, and ensure adherence to the highest technical and ethical standards,

for the benefit of members, students and the general public.

We will be:

• The preferred body for providing guidance and direction in accountancy

• Representing the entire accountancy profession in Trinidad and Tobagoand all accounting institutions

• Providing leadership, lobbying and influence with regard to regulatory bodies, Government, accountancy institutions, professionals standards, compliance,conduct of members, development of the profession and good governance

• Facilitating pre and post membership education

• An effectively governed and governing Institute withappropiate organizational infrastructure, operating with

integrity and transparency and accountable to stakeholders

•The leading accountancy institute in the region and the most prominent professional organisation in Trinidad and Tobago.

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Marlene Murray is the Chairperson of the Licensing committee and has extensive experience in senior management positions as a regulator of the Financial Sector. She currently holds the position of Advisor to the Minister in the Ministry of Finance, and also lectures in Finance on a part-time basis at the University of the West Indies.

Marlene Murray, B.Sc., M.Sc., CA, CFA

Anthony Pierre currently serves as the President of ICATT. He is the founder and principal of the firm, Anthony P. Pierre & Co. Chartered Accountants - a position he has held for the past 18 years. Mr. Pierre is Trinidad's alternate director on the Board of the Institute of Chartered Accountants of the Caribbean. He serves on the board of Junior Achievement of Trinidad and Tobago as its finance director, is a member of Council of the Medical Board of Trinidad and Tobago and serves as a director on the Boards of three (3) private companies.

Anthony Pierre, President, CA, FCCA, CFC

Angela Lee Loy is the immediate Past President of the Institute of Chartered Accountants of the Caribbean and a past President of ICATT. She is the Managing Director of Aegis Business Solutions Limited, an accounting outsourcing company and Chairman of Aegis Management Solutions Limited, a management consultancy company. She is also the Chair of the National AIDS Coordinating Committee (NACC).

Angela Lee Loy, CA, FCCA,

Richard Roach is the Chairman of ICATT’s Audit Committee and a member of the Professional Accountants in Business Committee. He serves as a Managing Director of Irwin Services Limited – a professional consulting firm. He has considerable experience in finance operations and computerized accounting environments.

Richard Roach, CA, FCGA,

Kyle Rudden is Chairman of the Disciplinary Committee and is also a Past President of ICATT. Kyle is Managing Director of KR Services Limited with over 25 years' regional experience as an actuary and chartered accountant.

Kyle Rudden, FIA, FSA, CA (T&T), FCCA, ACAS, ACIB

Marie-Suzanne Borely is a member of the Professional Accountants in Business Committee and has several years' experience in Audit as well as insurance. She currently holds the position of Senior Manager, Finance and Accounting at the Central Bank Trinidad and Tobago.

Marie-Suzanne Borely, B.Sc., CA, FCCA

Rudranand Maharaj is the Chairman of the Small & Medium Practice Committee. He is the Managing Partner of Maharaj Mohammed & Co., Chartered Accountants and serves on a number of client related audit committees. He has over 20 years experience in the audit industry gained both locally and regionally and has specialized knowledge in Receiverships, Liquidations and the establishment of Offshore Trusts and International Business Companies (IBC’s).

Rudranand Maharaj, CA, FCCA

Ruthven Jack is a member of the Professional Accountants in Business Committee and Principal Consultant of the firm Ruthven Jack & Associates. He holds over 20 years of experience in Management, Finance and Information Technology at a senior level. He continues to serve on the Board of Directors of various organizations. He has attended the IFRS Implementation program conducted by the Society of Management Accountants of Canada in Ontario.

Ruthven Jack, CA, CMA

Earl Wilson is the chairman of the Investigations committee and is a member of the Professional Accountants in Business Committee. He has over 25 years of senior management experience in the manufacturing, distribution, construction and financial services sectors. He currently serves as chairman of the BESK Investment Group and Managing Director of Business Equipment and Interiors International Ltd (BEI).

Earl Wilson, CA, FCCA, MBA (Financial Services)

Andrew Tom is the Vice President and Chairman of the Members & Students Relations Committee. He holds the role of assurance partner at Ernst and Young and has considerable experience in serving clients in the Retail, Distribution and Manufacturing Sectors and in auditing large companies with regional and international operations. Andrew also has extensive knowledge of current and emerging local and international technical accounting requirements.

Andrew Tom CA, FCCA

Sean Ramirez is the immediate past President of ICATT’s Council having served as Chairman of the Accounting & Auditing Standards Committee for a three year term and as Vice President for two years. He is a Partner in the Assurance & Business Advisory Services Department at PricewaterhouseCoopers.

Sean Ramirez, CA, FCCA, ACIB

Ramganie Bob Gopee is the Chairman of the Membership Committee and a member of the Investigations and Small & Medium Size Practitioners Committees. He is the Managing Partner of Bob Gopee and Associates, offering public Accounting Services. He is Chairman of several small hotels in Trinidad and Tobago.

Ramganie Bob Gopee, B.A. (Econ & Soc), CA, FCCA

Garvin Francis-Lau chairs the Professional Accountants in Business Committee and also serves on the Membership and Students and Members Relations Committees. He has over 20 years experience in the manufacturing, energy and services industries and presently serves as Vice President, Services - PLIPDECO.

Garvin A. Francis-Lau, CA, FCCA

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The Council of the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) appointed Mr. Krishna Boodhai on 1st April, 2008 as Chief Executive Officer.

Krishna is a fellow of the Association of Chartered Certified Accountants (FCCA) and a member of ICATT. He holds an MBA (Finance) from Henley Management College and is a member of the Chartered Insurance Institute. He held senior management positions at major banks and insurance companies and most recently he was the Chief Financial Officer at a major Brokerage House.

He previously served on the board of directors of two State owned companies and currently serves on the Board of Directors of Intercommercial Bank Limited.

Krishna is a Rotarian and a past President of the Rotary Club of St. Augustine.

Mr. Krishna BoodhaiChief Executive Officer (ICATT)




The Secretariat: Back row, L-R: Camille Applewhaite; Ricardo Sullivan; Cynthia Lyons; Leela Satwar; Oneika Bushell; Kyzier FosterFront row, L -R: Avion Alves- Rollock; Barry Bishop; Giselle Gittens; Tricia Mayers- Ashby.

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C O R P O R A T E I N F O R M A T I O N

I C A T T C O M M I T T E E M E M B E R S

I C A T T S t a f f m e m b e r s



REGISTERED OFFICE2nd Floor, Building AProfessional CentreWrightson Road Extension(Opposite Jean Pierre Complex)Port-of-Spain

MAILING ADDRESS:P.O. Box 864, Port of Spain

TELEPHONE/FAX: (868) 623-8000/0176/625-1954; 625-2037/627-7675 Fax: 627-7087

E-MAIL: [email protected]

WEBSITE: www.icatt.org

AUDITORS Michael Lee Kim & Co.119A Woodford StreetNewtown, Port of Spain

SECRETARY TO COUNCILCynthia Lyons

AUDITChairperson: Richard Roach Neville Sandy Kevin Gaulteau Marina ChaseNola Drayton-Smith Wibert Harris

DISCIPLINARY Chairperson: Kyle Rudden

INVESTIGATIONSChairperson: Earl Wilson Vishnu Musai David Kissoon Keith De Freitas Ramganie Bob Gopee Gerrard Lee-Inniss

LICENSINGChairperson: Marlene Murray Kenny Jalsa

MEMBERS & STUDENT RELATIONS Chairperson: Andrew Tom Garvin Francis-LauCamille Cumberbatch-Dhoray Stacy Ann Golding Vashti Swamber Stanley Maharaj Narda Mc Master

MEMBERSHIPChairperson: Ramganie Bob Gopee Neville SandyGarvin Francis Lau Christopher MunroAdrian Bharath Lennox Soverall Christopher Kelshall

PROFESSIONAL ACCOUNTANTS IN BUSINESS (PAIB)Chairman: Garvin Francis-Lau Richard RoachEarl Wilson Rakesh GoswamiRuthven Jack Shiva Manraj Marie-Suzanne Borely Rehana MohammedAlicia Codrington Chandradath Maharaj

SMALL & MEDIUM SIZE PRACTITIONERS (SMP) Chairman: Rudranand Maharaj Ramganie Bob GopeeChanka Seeteram Atiba Caddle Amarjit Chadee Esther Cook Hyacinth Simms Mohan Mahabirsingh Riaz Ali Sunil Budhu Vishnu Musai Vashti Swamber

Krishna Boodhai, Chief Executive Officer

Cynthia Lyons, Corporate Secretary

Avion Alves - Rollock, Accountant

Camille Applewhaite, Manager, Students & Members Relations

Oneika Bushell, Communications & Marketing Officer

Tricia Mayers- Ashby, Membership/ Training Co-ordinator

Leela Satwar, Administrative Assistant

Kyzier Foster, Accounting Assistant

Giselle Gittens, Customer Service Representative

Barry Bishop, Customer Service Representative

Ricardo Sullivan, Office Assistant


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P r e s i d e n T ' S R E P O R T

interest, e.g. the National Budget, Proposed Insurance Act & Occupational Pension Plan Bill;

• Establishment of ICATT’s 40th Anniversary Public Relations & Media plan for implementation in 2010;

• Conclusion of the IDB funded project which commenced in 2003;

• Unprecedented growth in our membership during 2009. Closing the year with a membership of approximately 900, the target membership of 1,200 by 2012 to ensure sustainability certainly appears achievable.

• Extensive work in the review and rewrite of our Rules and Regulations.

2009 was indeed a year of transition for the Institute and I feel privileged to have served at the helm. I wish to thank my fellow Council members, the CEO, committee members and the dedicated staff of the Institute for their continued support in seeking to meet the needs of our members.

In 2010 we will celebrate the 40th Anniversary of ICATT and a number of events are planned to celebrate this milestone culminating in a day and half CPD Seminar followed by a gala dinner in October to replace the traditional Accountants’ Week. Let’s join together in our 40th anniversary celebration and continue to encourage qualified accountants to join the Institute and be a part of the change process.

Financial Overview

Continued GrowthTotal revenues increased year on year by 39% to $4 million and total expenses by 55% to $3.7 million. Despite increased cost of operations the Institute recorded a surplus of $273,851 compared with a budget of $250,000 for 2009.

Fellow members,

On behalf of the Council, Management and staff of ICATT, I am pleased to report on our activities and achievements for 2009/2010.

The past year was very challenging for the profession, as we grappled with the financial crisis and the subsequent fall out in terms of the image of the profession, both locally and internationally. I believe that we rose to the challenges the crisis presented – both from a standard setting perspective and as a self regulating profession.

ICATT undertook a number of initiatives and was involved in a number of activities in 2009. Accountants’ Week 2009 was definitely the highlight of the year and we witnessed an unprecedented high level of participation from members and non-members.

The key initiatives/ activities for 2009 which are covered in greater detail throughout the report are: • Our sustained Practice Monitoring initiative where

approximately 50% of the selected auditors/ firms were reviewed by December 2009;

• Establishment of the Students & Members relations committee to discuss issues and make recommendations relevant to these groups;

• Our largest ever Accountants’ Week held in October 2009 with 12 events over a 5-day period and a motivational event for students;

• Hosting of a regional IFRS for SMEs forum in conjunction with ICAC to discuss the standard’s application and adoption implications;

• A significant increase in networking events for our Members, 3 for the year outside of Accountants’ Week;

• Continued consultations on matters affecting the Public

Anthony PierrePresident

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In June 2009 your President, Vice President and CEO attended the ICAC regional Conference in Guyana thus strengthening regional networking. Your President and CEO attended the CReCER (Spanish acronym of Accounting and Accountability for Regional Economic Growth) Annual Conference in Brazil in September 2009 and also attended the International Federation of Accountants (IFAC) annual conference in Washington in November 2009. Attendance at these meeting facilitated new international linkages which will serve us in good stead as we build out our program for the 40th Anniversary.

In 2009 ICATT became one of the newest members of the Trinidad and Tobago Coalition of Services Industries (TTCSI) which is a national umbrella body that brings together all services sector organizations and associations. It is an alliance of professional services associations and organizations that will function as a focal point to lobby, channel and address trade in services issues and services development issues, which are critical for the sector to thrive in the competitive global environment. TTCSI is also the local institution responsible for issuing the Certificate of Registration as a CARICOM Service Provider in Trinidad and Tobago.

In early January 2010 we initiated a meeting among all the Insurance Companies and their Auditors to address issues in the draft Insurance bill; a position paper was submitted to Central Bank making specific recommendations on behalf of our members and stakeholders.

Stakeholder meetings are ongoing and we expect to continue in 2010 and beyond.

The contribution of the various categories of income to the total revenue position is highlighted below.

The Inter-American Development Bank grant expired in September 2009 and the Institute is now fully funded primarily from members and students subscriptions.

The accumulated fund stood at $2.4million at the year end (2008:$2.1 million). Short-term liquid assets remained relatively unchanged at the year end while the net liquid assets provides coverage for approximately five months of activity.

Stakeholder Meetings

We continue to reach out to new stakeholders as an integral part of participating in activities which will benefit all our members.

In April 2009 we initiated a meeting among T&T Chamber, Bankers Association of T&T, ATTIC and TTMA to present a broader perspective on input into the national budget; the team approach created a better forum to articulate issues common to most of the participating organisations and the actual presentations were made to the Minister of Finance in July 2009.

During the year we met with Bankers Association, Board of Inland Revenue and Comptroller of Accountants to deepen our relations with key stakeholders.

April 2009: National Budget Consultation.

19%

13%

3%

28%

37%

Total Income

Members Subscriptions and Fees - 28%Student-Subscriptions, Fees and Subventions - 37%Interest Income - 3%Grant Income - 13%Other Income - 19%

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Total Membership at the end of the year was as follows:

2009 2008 Members in Practice (MP) 170 181Members Not in Practice (MNP) 627 521Members Resident Overseas (MRO) 40 42Members in Retirement (MR) 50 49 TOTAL 887 793

We continue to encourage qualified accountants to join the Institute and participate in the ongoing development of the Accountancy Profession.

Practice Monitoring Practice Monitoring is an obligation for member bodies of International Federation of Accountants (IFAC) as outlined in its Statement of Membership Obligations (SMO).

ICATT is a member body of IFAC and is required to implement and maintain Practice Monitoring for all Licensed Auditors in Trinidad and Tobago. Similar arrangements exist for most members of the Institute of Chartered Accountants of the Caribbean (ICAC). The Quality Assurance reviews are intended to serve the interest of the public.

Practice Monitoring is an important component of the self – regulatory functions of the Accountancy Profession; it is a type of enforcement mechanism which encompasses the review of audit reports and related working files to test for compliance with International Standards on Auditing (ISA). All auditors/firms including the Big 6 firms are subject to the Practice Monitoring reviews.

The Practice Monitoring process involves visiting licensed auditors /firms and reviewing their audit files to verify whether they have complied with International Standards on Auditing.

The review process provides guidance to firms/ practitioners regarding deficiencies within their practice and recommendations in order to effect improvements. Where breaches of rules or non compliance with standards are not considered very serious, the monitoring team provides guidance on how to correct the deficiencies. Where breaches of rules or

IDB Grant

The Inter-American Development Bank (IDB) sponsored a project commencing in 2003 to improve the application and compliance with International Financial Reporting Standards (IFRS) and International Standards of Auditing (ISA); the overall grant was US$665,000 to be matched by US$335,000 from ICATT.

The initial funding period expired in September 2008 and a portion of the unused grant was committed under a special extension to September 2009 to cover specific contractual obligations.

A total of US$575,972 from the approved grant was accessed during the term of the grant which ended in September 2009. The grant provided the impetus to develop a more robust Administrative support unit to assist Council in executing its strategic objectives as outlined in the 2007/2010 Strategic Plan.

The grant was utilized to fund the following:• Training needs assessment • The development of technical information • A members' needs assessment • A Strategic and Business Plan • A sustainability workshop • Mid - term evaluation • Training and preparing members for Practice Monitoring • Review of Rules and Regulations • Partial financing of full time CEO and other staff • Audit and Final Report on Project

We are indeed grateful for the financial and other support from the IDB over the period of the grant which was of tremendous value in assisting with repositioning the Institute to better serve its stakeholders and the continuing development of the Accountancy Profession in Trinidad and Tobago.

MembershipWe continue to explore opportunities to encourage qualified accountants to join the Institute; during 2009, five (5) applications for practicing certificates (MP) and one hundred and twenty - four (124) applications for Members Not In Practice (MNP) were approved.

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ICATT will continue to strengthen the Regulatory framework for Auditors and the Accountancy profession.

Review of Rules & Regulations In 2008, Council agreed that we should initiate a project to review and update our rules and regulations in order to meet minimum standards set by the International Federation of Accountants (IFAC) and also reflect international best practices based on other Institutes in a similar stage of development as ICATT.

The estimated cost of the project required supplemental funding and we approached the Inter American Development Bank (IDB) to utilize part of the unused funds to finance this major project under the special extension of the grant. In September 2008, we engaged ACCA as consultants to do part of the review and rewrite of the Rules and Regulations as the total cost of an end to end review could not be accommodated under the IDB grant.

The scope of the consultant’s project was limited to the review of rules with a focus on meeting the 7 Statements of Member Obligation as required by IFAC; the remainder of the project to be done directly by the Institute. ACCA was engaged as Consultants based on their experience in doing similar projects in the Caribbean and Europe and their international experience in developing rules and Regulations in compliance with IFAC standards.

The first draft of the rules and regulations was received in February 2009 and circulated to all members for comments; in addition, consultations were held with members and stakeholders in March 2009. Based on feedback from members the revised version was presented by the Consultants and accepted by Council.

We also reviewed and updated the remainder of our Rules and Regulations during 2009 thus completing an end to end review and update to meet International best practices.

The revised draft of the entire Rules and Regulations was sent to all members in February 2010; the comments/feedback from members were included in the final version which will be presented to the members at an Extraordinary General meeting in 2010.

non – compliance with standards are serious and or repeated, regulatory action will be taken by ICATT.

The primary purpose of the monitoring visits is to assess the extent to which an auditor is complying with International Standards on Auditing (ISA) and International Standards on Quality Control #1 (ISQC 1). These visits include a review of the firms’ quality control policies and procedures and an examination of a sample of completed audits. The duration of the visit will depend on the number of offices, partners and size of clients of the firm.

After the visit, a comprehensive report is prepared by the review team which provides details of the findings, reference to non compliance with ISA’s where applicable and recommendations for improvements. The report addresses issues and does not refer to or disclose any client name.

A Confidential report is submitted to ICATT‘s CEO and reviewed by the Licensing Committee. A summary report is presented to Council which does not reflect the names of any auditors/firm.

Practice Monitoring commenced in 2008 with training for practitioners in preparation for the monitoring visits. The review process was outsourced to ACCA – a Professional Accountancy Body with expertise and experience in conducting reviews on behalf of Institutes similar to ICATT.

Actual field visits commenced in January 2009 and approximately 50% of the auditors /firms were reviewed by the end of December 2009 and the remainder will be done by the end of December 2010. Thereafter, follow up visits will be conducted to test for implementation of corrective actions emanating from the initial reviews and also a retesting will be done in due course.

The feedback from auditors/firms reviewed in 2009 was very positive as the new process provided value added recommendations to assist firms in complying with International Standards on Auditing.

Practice Monitoring has enhanced the regulatory framework for Auditors in Trinidad and Tobago which should redound to the benefit of all stakeholders.

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were to explore the link between the business reality and financial reporting and the impact of faulty reporting on stakeholders and an examination of details contributing to the financial events of 2009. Thirty- Four (34) persons were in attendance who provided a blend of positive reviews.

In June, IFRS update workshops were conducted at the Royal Hotel, San Fernando and at the Arthur Lok Jack GSB facility. ICATT engaged a mix of presenters to allow various perspectives on the content to attendees. An overview of the changes and updates to IASs 32, 39 and IFRS 7 and 8 were presented and updates and changes to IAS's 1, 23 and 27. Reviews received from the combined 94 participants indicated that the topics were pertinent and commended ICATT on offering this workshop to members.

In October, the traditional Accountants' Week activities were held with a focus on technical and soft skills. A total of approximately 400 persons participated over the 5 day week.

In November, the Institute of Chartered Accountants of the Caribbean (ICAC) in conjunction with ICATT, hosted a one-day forum on IFRS for SMEs that saw both local and regional participants. Presenters hailed from IFAC, The Trinidad and Tobago Stock Exchange, the Trinidad and Tobago Manufacturers' Association, KPMG, PricewaterhouseCoopers and IFRS Consultants' Inc. A total of approximately 100 persons attended the event that presented positive reviews.

Continuing Professional Development A variety of training sessions for members and non-members were held throughout 2009.

The Institute began its Continuing Professional Development training in 2009 with two, 2-day taxation workshops that ran consecutively from March 6th - 7th at Crowne Plaza, Port of Spain and March 20th - 21st at the Royal Hotel, San Fernando. An amalgam of presenters facilitated and the topics covered included different aspects of Income Tax, Corporation Tax, VAT and the Tax Laws of Trinidad and Tobago. A total of 109 participants attended the sessions with glowing reviews and recommendations for future events.

In May a joint session was held in collaboration with the CGA – Barbados Chapter entitled “Governance, Risk Reporting & the Turmoil in Financial Headlines”. The objectives of the seminar

ICATT CEO, Krishna Boodhai addresses attendees at the review of Rules & Regulations in March 2009.

May 2009: ICATT & CGA, Barbados Chapter host seminar entitled Governance, Risk Reporting & the Turmoil in Financial Headlines.

June 2009: IFRS update workshop held at Royal Hotel, San Fernando.

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The new standard is available for use in Trinidad and Tobago for qualifying entities and can also be used for presentation of financial statements for 2009 and prior periods.

Small and medium sized entities are entities that:

(a) do not have public accountability, and

(b) publish general purpose financial statements for external users. Examples of external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies.

An entity has public accountability if:

(a) its debt or equity instrument are traded in a public market or it is in the process of issuing such instrument for trading in a public market (a domestic or foreign stock exchange or an over - the - counter market including local and regional markets), or

Annual General Meeting & Members' Induction CeremonyICATT held its 39th Annual General Meeting on Tuesday 24th March 2009 at the Courtyard by Marriott, Port of Spain. The AGM attracted a total of 97 members who enjoyed the new format the AGM took in terms of statutory matters, the presidential chain of office handing over ceremony followed by a recognition function for Past Presidents and the outgoing Council and a presentation of scrolls to new inducted members.This memorable event culminated with a cocktail reception where new and existing members were able to network.

International Financial Reporting Standards for Small and Medium -Sized Entities (IFRS for SMEs)In July 2009 The International Accounting Standards Board (IASB) issued the IFRS for SMEs; the standard was circulated to all members for comments and feedback. Council agreed to adopt the standard effective 1st February 2010.

Immediate Past President, Sean Ramirez hands over the President’s medal to incoming president, Anthony Pierre.

ICATT’s Immediate Past President, Sean Ramirez presentsan award of recognition to Past President 1986-1988,

Richard Young at our 2009 AGM.

Attendees listen to the proceedings.

Katherine Kumar, CEO, Trinidad and Tobago Chamber of Industry and Commerce congratulates ICATT President, Anthony Pierre

while Immediate Past President, Sean Ramirez looks on.

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(b) it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses. This is typically the case for banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks.

The adoption of this Standard impacts the majority of entities in Trinidad and Tobago and would simplify the level of accounting and auditing requirements for qualifying entities choosing to implement the standard.

In November 2009 we held a Forum on the IFRS for SMEs; this was a joint program with the Institute of Chartered Accountants of the Caribbean (ICAC). In January 2010 we conducted two

L- R: ICATT CEO, Krishna Boodhai, Haseeb Mohammed, Pricewaterhouse Coopers; David Raggay, IFRS Consultants; Paul Thompson,

IFAC Representative; Harryram Parmesar, ICAC President at the close of the IFRS for SMEs forum.

L-R: Angela Lee Loy, Moderator; Greig Laughlin, TTMA President; Christopher Ram, Managing Partner, Ram & McRae

(Chartered Accountants); Stacy Ann Golding, Partner, KPMG.

Wain Iton, General Manager/CEO of The Stock Exchange of Trinidad and Tobago makes his presentation.

Mr. A. Chadee of ICATT's SMP Committee provides feedback.

A cross section of the audience.

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Financial Institutions, Central Bank of Trinidad and Tobago; Ms. Angella Persad, President, Trinidad and Tobago Chamber of Industry and Commerce; Mr. Steve Bideshi, Managing Director/ Group CEO, C L Financial Limited and Mr. Colin Soo Ping Chow, Chairman, Ernst & Young Caribbean also provided perspectives on varying aspects of the industry.

For 2009 the Institute hosted 12 events during the week, the largest ever that featured presentations from two international speakers, soft skills seminars on topics such as Executive Coaching, Managing Talent and Change Leadership and technical workshops on Taxation and IFRS. Accountants’ Week 2009 ended with a new-member recognition ceremony and networking event at Angostura House in Port- of - Spain with a special presentation by Paul Keens-Douglas, motivational speaker and entertainer. Sponsors of Accountants’ Week 2009 included:

Platinum: TSTT, WASA

Gold: Deloitte, CMA, Scotiabank, Ernst & Young, PricewaterhouseCoopers and CGA;

Silver: BDO, Intercommercial Bank Limited, KPMG and Prestige Holdings Limited

Bronze: Atlantic LNG and Petrotrin.

workshops on the implementation of the standard and more workshops and seminars are planned during the year. These seminars are intended to assist practitioners and SME owners to gain a better insight into the benefits of using the new standard.

Accountants' Week 2009

ICATT celebrated Accountants’ Week 2009 from October 19th to 23rd under the theme, Economic Recovery: A New Paradigm in Leadership. The week opened with the traditional breakfast meeting that featured a panel discussion on the week’s theme led by Senator, the Honourable Mariano Browne, who spoke of Government’s efforts to draft legislation that would aid in stimulating the local economy. Mr. Carl Hiralal, Inspector of

L-R Anthony Pierre, ICATT President; Carl Hiralal, Inspector of Financial Institutions; Krishna Boodhai, ICATT CEO; Angella Persad, TTCIC,

President; Colin Soo Ping Chow, Chairman, Ernst & Young Caribbean & Steve Bideshi, Group Chairman, C L Financial Ltd. at the close of the

Breakfast Meeting marking the launch of Accountants’ Week 2009.

Anthony Pierre presents the Honourable Minister in the Ministry of Finance and Minister of Trade, Senator Mariano Browne with a token of

appreciation at the Accountants’ Week Breakfast Meeting.A new member is presented with a scroll at the close of

Accountants’ Week 2009.

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On April 25th and November 3rd, the 2009 Certificate Handing Over Ceremonies were held for CAT and ACCA respectively. The CAT ceremony was held at Cascadia Hotel and just under 200 students received certificates from the December 2008 & June 2009 exam sittings. Additionally, approximately 180 ACCA Affiliates from the December 2008 & June 2009 exam sittings received certificates at the Hilton Hotel. Helen Brand, Chief Executive, ACCA addressed the graduands.

Student Focus As at December 31st 2009, there were approximately 4,100 ACCA students and 2,500 CAT students registered with ICATT under the joint scheme arrangement with ACCA.

During Accountants’ Week 2009 in conjunction with ACCA, we hosted a motivational event for accounting students, where attendees were informed about healthy study habits, the requirements to succeed in the profession as well as tips on personal image as part of the Institute’s thrust to strengthen its support and services to students. The session included a feature motivational presentation by Georgina Terry, a certified life coach and remarks from Paul Keens-Douglas, veteran entertainer and motivational speaker among others. The institute hopes to continue presenting events such as these to assist with the continued development of our students.

Week will be replaced by a 1 and a half day seminar on the 14th and 15th of October with international, regional and local presenters followed by a gala dinner on Friday, 15th October 2010. Throughout the year other activities will include a fun day and a social responsibility project.

40th Anniversary CelebrationsICATT will celebrate its 40th anniversary in 2010 and will formally launch its media campaign to raise the public’s awareness of the Institute’s objectives and the importance of our role in the National landscape. The traditional Accountants

A student addresses Georgina Terry, Life Coach at the first ever event for Students in Accountants’ Week.

Paul Keens- Douglas addresses the audience.

Students listen to ICATT President, Anthony Pierre at the student motivational event.

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Graduants pose for pictures with ACCA & ICATT officials at the 2009 CAT Certificate Handing Over Ceremony.

ACCA Chief Executive, Helen Brand.

Brenda Lee Tang, Head of Corporate Development, ACCA Caribbean addresses the audience at the 2009 ACCA Certificate Handing Over Ceremony.

ICATT President Anthony Pierre gives welcome remarks on behalf of ICATT.

Winner of the 2009 Award for Best Performance, Vanessa De Souza of St. Vincent.

ICATT Vice President, Andrew Tom presents an affiliate with her certificate.




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SECRETARY’S REPORT

Council members attendance at meetings held for the term 2009 – 2010 is as follows: No of meetings attended

Anthony Pierre President 9/9Marlene Murray 8/9Andrew Tom Vice President 7/9Angela Lee Loy 7/9 Garvin Francis-Lau 7/9 Rudranand Maharaj 7/9Earl Wilson 7/9Kyle Rudden 6/9 Ramganie Bob Gopee 6/9Richard Roach 6/9 Ruthven Jack 6/9 Marie -Suzanne Borely 4/9Sean Ramirez 4/4 (On Leave of Absence from September 2009)

Election to Council

Messrs. Kyle Rudden, Sean Ramirez and Garvin Francis-Lau are required to retire by rotation and being eligible, offer themselves for re-election. Mr. Bob Gopee is due to retire by rotation and does not offer himself for re-election.

Auditors The Auditor, Michael Lee Kim and Company, retires and being eligible, offer themselves for re-appointment. A resolution to this effect will be proposed at the meeting.

Conclusion

It has indeed been a pleasure working as Secretary with Council, the CEO and staff members during the past year and it is with pride, honour, satisfaction and gratitude that I look back at our achievements for 2009. Thank you for your support and for giving me the opportunity to serve and work with you in many ways. As this marks the end of a very good year let’s focus and keep ICATT's purpose in front of us to ensure that we achieve the strategic objectives of the Institute. I personally wish the Institute continued success in the New Year and urge members to offer their support where and when needed. May the Institute continue to grow and develop in 2010.

Cynthia LyonsCorporate Secretary

February 26, 2010.

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Independent Auditors’ ReportTo the members of

The Institute of Chartered Accountants of Trinidad and Tobago

Report on the financial statements

We have audited the financial statements of The Institute of Chartered Accountants of Trinidad and Tobago which comprises the statement of financial position as at 31 December 2009, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.

Council’s responsibility for the financial statements

The Council is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards for SMEs (IFRS for SMEs). This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Council, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the accompanying financial statements present fairly in all material respects the financial position of the Institute as at 31 December, 2009 and the results of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards for SMEs.

MICHAEL LEE KIM & CO.Chartered Accountants:Port of SpainTRINIDAD

March 03, 2010

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Statement of financial position As at 31 December, 2009

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2009 2008 Notes $ $ ASSETS

Current assets

Cash and cash equivalents 5 1,707,526 1,823,635Accounts receivable 6 604,147 1,147,315Inventories 7 18,776 -

Total current assets 2,330,449 2,970,950

Non-current assets

Property and equipment 8 938,369 880,901

Total assets 3,268,818 3,851,851

EQUITY AND LIABILITIES

Capital and reservesAccumulated fund 2,364,514 2,104,356Benevolent fund 9 133,934 120,241

Total equity 2,498,448 2,224,597

Current liabilities

Grant deferred 10 - 841,860 Accounts payable 11 409,020 363,895Due to Members/Students 11 166,850 261,499 Provisions 12 194,500 160,000

Total current liabilities 770,370 1,627,254

Total equity and liabilities 3,268,818 3,851,851

The accompanying notes to the accounts, on pages 22 to 31 form an integral part of these financial statements.

On 24 February 2010, the Council authorised these financial statements for issue.

President Council Member

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19

Statement of comprehensive income for the year ended 31 December, 2009

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ty2009 2008

Notes $ $ Revenue

Members subscriptions and fees 13 1,130,870 749,208 Students subscriptions, fees and subventions 14 1,504,018 1,057,883 Grant income 10 758,376 532,250Interest income 102,539 82,090Other income 15 521,294 478,972

Total revenue 4,017,097 2,900,403

Expenses

Employee salaries and benefits 16 (1,716,764) (1,169,300) Operating 17 (2,021,337) (1,234,716)

Total expenditure (3,738,101) (2,404,016)

Surplus before taxation 278,996 496,387 Green fund levy (5,145) (3,559)

Net surplus 273,851 492,828





Statement of changes in equity for the year ended 31 December, 2009

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Accumulated Benevolent Total Fund Fund Equity $ $ $

Year ended 31 December 2009

Balance at 1 January 2009 2,104,356 120,241 2,224,597

Transfer to benevolent fund (13,693) 13,693 -

Net surplus for 2009 273,851 - 273,851

Balance at 31 December 2009 2,364,514 133,934 2,498,448

Year ended 31 December 2008

Balance at 1 January 2008 1,636,169 95,600 1,731,769

Transfer to benevolent fund (24,641) 24,641 –

Net surplus for 2008 492,828 – 492,828

Balance at 31 December 2008 2,104,356 120,241 2,224,597


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Statement of cash flows for the year ended 31 December, 2009

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$ $

Operating activitiesNet surplus 273,851 492,828Adjustments for non-cash income and expenses: Depreciation 75,594 63,423 Loss on sale of fixed asset 12,460 587 Changes in provisions 34,500 160,000

Grant income (758,376) (532,250)Changes in operating assets and liabilities Decrease/(increase) in accounts receivable and prepayments 543,168 (781,837) (Increase)/decrease in inventories (18,776) 15,349 (Decrease)/increase in payables and accruals (891,384) 1,062,237 Net cash (used in)/from operating activities (728,963) 480,337

Cash flows from investing activities Purchase of non-current assets (145,822) (58,793) Proceeds from sale on non-current assets 300 1,100

Net cash used in investing activities (145,522) (57,693)

Cash flow from financing activities Receipts from grant 758,376 346,241

Net cash from financing activities 758,376 346,241

Net (decrease)/increase in cash and cash equivalents (116,109) 768,885

Cash and cash equivalents at beginning of year 1,823,635 1,054,750

Cash and cash equivalents at end of year 1,707,526 1,823,635





Notes to the financial statements for the year ended 31 December, 2009

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1 General information

The Institute of Chartered Accountants of Trinidad and Tobago (the Institute) was incorporated by Act No. 33 of 1970 in Trinidad and Tobago. Its principal activities are:

a) To regulate the ethics, discipline, professional conduct and standards of its members and students; and

b) To promote and increase the knowledge, skill and proficiency of its members and students.

2 Significant accounting policies

This is the first set of financial statements prepared by The Institute of Chartered Accountants of Trinidad and Tobago in accordance with the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The financial statements have been prepared on the historical cost basis. The preparation of financial statements in conformity with IFRS for SMEs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Institute’s accounting policies. Areas involving a higher degree of judgement or complexity, or areas where assumptions and estimations are significant to the financial statements are disclosed in notes 2.2 and 12.

2.2 Property and equipment

Property, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Institute adds to the carrying amount of an item of property, and equipment the cost of replacing parts of such an item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the Institute; the carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the period in which they are incurred. Depreciation on other assets is charged so as to allocate the cost over their estimated useful lives as follows.

Office premises – 2% straight line basisOffice equipment – 20% reducing balance basisComputer equipment – 33.33% reducing balance basisFurniture, fixtures and fittings – 10% reducing balance basis

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

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23

Notes to the financial statements for the year ended 31 December, 2009

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ty2 Significant accounting policies (cont'd)

2.3 Impairment of non-financial assets other than inventories

At each reporting date, property and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised in the statement of comprehensive income.

2.4 Inventories

Inventories comprising publications for resale are stated at the lower of cost or estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, inventories are assessed for impairment.

2.5 Accounts receivable

Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. All collections from sales are expected in one year or less and are classified as current assets.

Accounts receivable are initially recognised at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for impairment of accounts receivable is established when there is objective evidence that the Institute will not be able to collect all amounts due according to the original terms of the receivables.

2.6 Cash and cash equivalents

Cash and cash equivalents are carried in the statement of financial position at cost and comprise cash in hand, cash at bank, funds held in Trinidad and Tobago Dollars (TTD) and United States Dollars (USD) Income Funds, and other short-term highly liquid investments.

2.7 Accounts payable

Accounts payable are obligations on the basis of normal credit terms and do not bear interest.




Notes to the financial statements for the year ended 31 December 2009

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2 Significant accounting policies (cont'd)

2.8 Provisions

Provisions are recognised when the Institute has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2.9 Foreign currency translation

a) Functional and presentation currency

Items included in the financial statements of the Institute are measured using the currency of the primary economic environment in which the Institute operates (‘the functional currency’). These financial statements are presented in Trinidad and Tobago Dollars (TTD) which is the Institute’s functional and presentation currency.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

All other foreign exchange gains and losses are presented in the statement of comprehensive income within other income.

2.10 Revenue

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Institute’s activities and it is recognised on an accrual basis.

2.10.1 Interest Income

Interest income is recognised using the effective interest method.

2.11 Taxation

The primary activities of the Institute are of an educational nature and therefore are not liable to corporation tax. The Institute is however subject to Green Fund Levy paid at the rate of 0.1% of gross revenue.

2.12 Grant Income

Grants are recognised at their fair value in the statement of comprehensive income where there is a reasonable assurance that the grant will be received and the Institute complied with all attached conditions. Grants received where the Institute has yet to comply with all attached conditions are recognised as a liability and released to income when all attached conditions have been complied with. Grants received are included in ‘grant income’ in the statement of comprehensive income.

2.8 Provisions

Provisions are recognised when the Institute has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2.9 Foreign currency translation

a) Functional and presentation currency

Items included in the financial statements of the Institute are measured using the currency of the primary economic environment in which the Institute operates (‘the functional currency’). These financial statements are presented in Trinidad and Tobago Dollars (TTD) which is the Institute’s functional and presentation currency.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income .

All other foreign exchange gains and losses are presented in the statement of comprehensive income within other income.

2.10 Revenue

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Institute’s activities and it is recognised on an accrual basis.

2.10.1 Interest Income

Interest income is recognised using the effective interest method.

2.11 Taxation

The primary activities of the Institute are of an educational nature and therefore are not liable to corporation tax. The Institute is however subject to the Green Fund Levy paid at the rate of 0.1% of gross revenue.

2.12 Grant Income

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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD & TOBAGOIn

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ty2 Significant accounting policies (cont'd)

2.13 Employee benefit obligations

Pension obligations

The Institute has a defined contribution plan. A defined contribution plan is a pension plan under which the Institute pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

The Institute pays contributions to publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

3 Transition to the IFRS for SMEs

The Institute’s financial statements for the year ended 31 December 2009 are its first annual financial statements prepared under accounting policies that comply with the IFRS for SMEs.

The Institute’s transition date is 1 January 2009. The Institute prepared its opening IFRS for SMEs statement of financial position at that date. There were no differences in the reconciliation between full IFRS and IFRS for SMEs.

4 Financial instruments

Financial assets 2009 2008 $ $ Financial assets measured at cost less impairment - Cash and cash equivalents 1,707,526 1,823,635 - Accounts receivable 604,147 1,147,315 2,311,673 2,970,950

Financial liabilities

Financial liabilities measured at cost less impairment - Vendors payable 66,794 33,555 - Other payables 342,226 330,340

409,020 363,895


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26

2009 2008 $ $

5 Cash and cash equivalents

Income funds 1,600,767 1,582,859 Cash float 400 200 Cash at bank 104,359 239,076 Cash in hand 2,000 1,500

1,707,526 1,823,635

The Income Fund investments have been classified as cash equivalents as they are available for working capital requirements. The effective interest rate of these funds at the year end was 3.2% (2008: 6.1%).

The carrying amounts of the Institute’s foreign currency denominated monetary assets translated to the functional currency at the end of the reporting period are as follows:

2009 2008 $ $

USD Income and Growth Fund 56,304 53,859

2009 2008 $ $ 6 Accounts receivable

Accounts receivable-members and students 219,789 149,127 Other receivables 224,186 928,228 Prepayments 160,172 69,960

Total accounts receivable 604,147 1,147,315

6.1 Prepayments

Prepayments relate primarily to practice monitoring fees as the contract year is from 1 October to 30 September.

2009 2008 $ $

7 Inventories

Publications for resale 18,776 -





Office Premises

$

Office Equipment

$

Computer Equipment

$ Total

$

Furniture Fixtures

and Fittings

$

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8 Property and equipment

Year Ended 31 December, 2009

Opening net book amount 620,743 78,380 45,197 136,581 880,901 Additions - 31,100 99,303 15,419 145,822 Disposals - (10,628) - (2,132) (12,760) Depreciation charge (13,848) (16,728) (30,721) (14,297) (75,594) Closing net book amount 606,895 82,124 113,779 135,571 938,369

At 31 December, 2009

Cost 692,383 156,057 227,115 213,979 1,289,534 Accumulated depreciation (85,488) (73,933) (113,336) (78,408) (351,165) Closing net book amount 606,895 82,124 113,779 135,571 938,369

Year Ended 31 December, 2008

Opening net book amount 634,591 78,949 58,226 115,452 887,218 Additions - 16,343 7,858 34,592 58,793 Disposals - (631) - (1,056) (1,687) Depreciation charge (13,848) (16,281) (20,887) (12,407) (63,423) Closing net book amount 620,743 78,380 45,197 136,581 880,901

At 31 December, 2008

Cost 692,383 152,211 127,812 201,300 1,173,706 Accumulated depreciation (71,640) (73,831) (82,615) (64,719) (292,805) Closing net book amount 620,743 78,380 45,197 136,581 880,901

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9 Benevolent fund

The Benevolent fund which was established in 1982 is an accumulation of a maximum of 5% of the net surplus transferred each year. The purpose of the Benevolent Fund is to provide aid to distressed members of the Institute.

The current policy is to make annual disbursements from the Fund up to a maximum of 20% of its balance at the end of the preceding year.

2009 2008 $ $10 Grant deferred

Balance at 1 January 841,860 186,009Additional cash receipts utilised - 346,241Amounts received and released to income for: -Salaries (included in note 16) (329,073) (406,250) -Consultancies (429,303) (126,000)

Subtotal (758,376) (532,250) Amounts disallowed (83,484) - Amounts to be utilised during extension period - 841,860 Balance at 31 December - 841,860

In March 2003 the Institute signed an agreement with the The Inter-American Development Bank (IDB) for a grant of US$665,000. This was to cover a three (3) year project for the execution of a cooperation program to strengthen the accounting profession in Trinidad and Tobago. In September 2009, the grant expired with the Institute having received funding of US$575,972 . The Institute was therefore unable to access an amount of US$89,028 since the agreed term of the project ended prior to the completion of all project components. There was a commitment by the Institute to partially match the grant funding to the amount of approximately US$350,000 of which half of this counterpart funding was to be in cash. The Institute’s counterpart funding as at September 2009 was US$521,201.

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ty11 Accounts payable

2009 2008 $ $

Grant deferred - 841,860

Vendors payable 66,794 33,555Vat Payable 73,122 102,651 Other payables - 4,668Accrued liabilities 269,104 223,021

Total accounts payable 409,020 363,895

Members and students prepaid 166,850 261,499

575,870 1,467,254

The average credit period on purchases is 30 days. No interest is charged on the accounts payable.

12 Provisions

At 1 January 2009 - 160,000 160,000

Charged to statement of comprehensive income:

-Additions during the year 34,500 221,275 255,775

-Amounts charged against provision during year - (221,275) (221,275)

At 31 December 2009 34,500 160,000 194,500


Legal claims$

Employees salaries

and benefits$

Total$




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2009 2008 $ $

13 Members subscriptions and fees

Members not in practice 431,300 255,238Members in practice 655,330 467,570Members resident overseas 16,600 10,500Retired members 10,240 900Application fees 17,400 15,000

1,130,870 749,208

2009 2008 $ $14 Students

Subscriptions and fees 1,236,115 777,694Subvention 267,903 280,189 1,504,018 1,057,883

15 Other income

Surplus from seminars and functions 445,775 415,382Miscellaneous 16,891 14,759Surplus from sale of publications 58,628 48,831 521,294 478,972

2009 2008 $ $

16 Employee salaries and benefits

Salaries 1,546,232 1,061,459Employer’s medical plan contributions 7,384 7,404Employer’s pension contributions and national insurance 138,604 91,427Staff learning and development 24,544 5,514Staff uniforms - 3,496

1,716,764 1,169,300

At 31 December 2009, the Institute had 11 employees (2008: 9).

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ty 2009 2008 $ $17 Operating expenses

Advertising 64,713 38,193Public relations 53,971 57,190 Postage and printing 86,004 141,463Consultancy fees 636,882 285,615 Stationery and office supplies 49,845 33,268IFAC subscriptions 18,742 11,791ICAC subscriptions 76,867 67,646Telephone 99,867 71,188Occupancy expenses 93,177 97,707Computer maintenance 51,548 42,912International/regional travel 66,241 23,193Practice monitoring fees 120,607 23,319 Depreciation 75,594 63,423Repairs and maintenance 65,758 48,891Legal fees 141,938 -Council/committee meetings 65,586 36,301Insurance 33,268 7,761Other operating expenses 220,729 184,855 2,021,337 1,234,716

17.1 Consultancy fees

A total of $429,303 included in consultancy fees relate to consultancy expenses covered by the The Inter American Development Bank (IDB). (Refer also to Note 10.)

18 Related-party transactions

Key management compensation

The compensation paid or payable to all key management for employee services is shown below.

2009 2008 $ $

Total key management compensation 1,022,377 787,722




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tyMarch 8th, 2010

Dear Member

NOTICE OF THE FORTIETH ANNUAL GENERAL MEETING

Notice is hereby given that the Fortieth Annual General Meeting of the Institute will be held at The Normandie Hotel & Conference, 10 Nook Avenue, St. Anns, Port-of-Spain on Wednesday 24th March, 2010 at 5.00 p.m. to transact the following business:

ORDINARY BUSINESS

1. To receive and consider the Annual Report of the Council for the 2009 / 2010 Term.2. To receive and adopt the Accounts of the Institute for the year ended 31st December 2009 with the Auditor’s Report thereon.3. To elect four (4) of the following members to Council:

Garvin Francis-LauKyle RuddenSean RamirezPeter GittensAreef AliDerek Mohammed

a) Messrs. Garvin Francis-Lau, Sean Ramirez and Kyle Rudden are due to retire by rotation and being eligible, offer themselves

for re-election.

b) Mr. Ramganie Bob-Gopee is due to retire by rotation and does not offer himself for re-election.

c) Nomination forms were received on behalf of Messrs. Peter Gittens, Areef Ali and Derek Mohammed.

4. To appoint Auditors for the year ending 31st December 2010.

CYNTHIA LYONSSecretary to Council

Rule 85: No member shall be entitled to be present or to vote, at any general meeting who is in arrears with any subscriptions or sum payable by him/her to the Institute.

Rule 86: A member entitled to vote may appoint as his/her proxy any member who is qualified to vote.




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Inte

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tyFORM OF PROXYThe Institute of Chartered Accountantsof Trinidad and Tobago

I, ………………………………… of …………………………………...... being a member of the above mentioned Institute hereby

appoint ………………………………….. or failing him/her …………………………. each of whom is a member of the said Institute as

my proxy to vote for me on my behalf at the 40th Annual General Meeting of the said Institute to be held on the Wednesday 24th day

of March 2010 and at any adjournment thereof.

Signed this……… day of ……………………………. 2010

Signature of Member………………………………….................Membership No.………....

Please indicate with an “X” in the appropriate box below how you wish your vote(s) to be cast.

ORDINARY BUSINESS RESOLUTIONS FOR AGAINST

1 To receive and consider the Annual Report of the Council for the 2009 / 2010 Term.

2 To receive and adopt the Accounts of the Institute for the year ended 31st December 2009 with the Auditor’s Report thereon.

3 To elect four (4) of the following members to Council: Garvin Francis Lau Kyle Rudden Sean Ramirez Peter Gittens Areef Ali Derek Mohammed

4 To appoint Auditors for the year ending 31st December 2010

Rule 85: No member shall be entitled to be present or to vote, at any general meeting who is in arrears with any subscriptions or sum payable by him/her to the Institute.

Rule 86: A member entitled to vote may appoint as his/her proxy any member who is qualified to vote.

Rule 87: Every instrument of proxy shall be in writing and shall be signed by the appointer or his attorney and together with the power of attorney (if any) under which it is signed, shall be deposited with or sent to the Secretary so as to be received by him at least forty-eight hours before the holding of the meeting or adjourned meeting at which it is to acted on or, in the case of a poll, before the time appointed for the taking of the poll.

Unless otherwise instructed the proxy will vote as he/she thinks fit.




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M e m b e r s i n P r a c t i C e ( M P ) as at December 31st 2009

448 Moreau Gordon

367 Murray Russell

181 Musai Vishnu D.K

1161 Naipaul- Gopee Shelley

997 Narinesingh Pria

549 Neebar Sookmatee S.

80 Nunes Edward J.

561 Olliverre Gerald J.

903 Omardeen Sohaila

605 Ottley Bede P.

1037 Pariag Sarah

626 Parmesar Ramkarran

520 Parsotan Franklyn

334 Persad Herman

671 Philip Renee - Lisa

515 Phillip-Bruneau Aneitha

570 Pierre Anthony

359 Pujadas Leroy E.

415 Ragobar Steve

638 Ragoonath Kenrick

294 Rambhajan Sieunarine

538 Ramcharan Ramesh

265 Ramcharitar Jewan

789 Ramcharitar Leslie

190 Ramdass Ramnarine

809 Ramgoolam Sunita

782 Ramirez Sean

833 Ramkissoon Rajin

623 Ramkissoonsingh Deoraj

812 Ramlakhan Ramdath

827 Ramlakhan Steve

1143 Ramnarine Dev

465 Ramnarine Madan

573 Ramnath Errol I.

445 Ramoutar Alan

632 Ramoutar Larry A.

1053 Ramoutar Sharon Andra

319 Rampersad Ishri H.

373 Rampersad Kenny A.

281 Rampersad Ramdath D.

810 Rampersad Rikhi

629 Richards-Lawrence Nicole E.

820 Rochester Walter

443 Rodriguez Herman C.

566 Rudden Kyle M.

689 Gomez Trevor Nicholas

535 Gonsalves Lindsay L.

814 Gopaulsingh Anton A.

187 Gopee Ramganie B

18 Hadaway Bertram G.

164 Hewlett Charlesworth A. S.

216 Hogan Ronald V.

669 Hosein Dr. Shaffick

384 Inglefield Peter R

356 Jack Shirley P.

24 John Worrell E.

1007 Jokhoo Dinesh

556 Joseph-Caddle Veronica Debbie

1145 Kazim Khan

131 Knights Ralph C

863 Lalsingh Nicole

314 Lee Anne Marie

255 Lee Charles W.

29 Lee Kim Michael J

325 Lee Loy Angela M

961 Lee Tang Johnson Anthony

257 Lopez Lionel Dave Peter

746 Lutchman Nicole

644 Mahabir-Singh Mohan

204 Mahadeo Reynold

769 Maharaj Rudranand

956 Maharaj Steve

140 Maharaj Vishnu

276 Mangroo Jeewan

800 Manraj Shiva R.

939 Marchock Addie

137 Mark Ainsley Albert

93 Mike Hamlyn R.

459 Mitchell Graham F.

864 Mohammed Derek

660 Mohammed Haseeb

684 Mohammed Kamaral

865 Mohammed Shazad

792 Mohammed Yasmin

976 Mohammed Zakheem

989 Mohammed-Maraj Nazreen

277 Montano Danny A.

139 Montgomery David G.

852 Moodoo Roy Carlos

630 Moonoo Bhagwandaye

712 Ahloy Paul

516 Ahmad Hakeem

698 Alexander Errol Augustus

345 Ali Hanif

893 Ali Jameel

756 Ali Shahamad

1015 Ali A. Imtiaz

1024 Ali Mahammad M.

1 Ali Mumtaz

1131 Ali Riaz

641 Alleyne Robert A.

125 Alphonse Andre R.

244 Ambrose Leonardo M.

899 Arumugadasan Nalika

618 Baboolal Roshan

734 Bachoo Dhanraj

208 Baksh Zabar M.

332 Beharry Capildeo

645 Bharath Adrian M

593 Bharath Claude E

310 Boodoosingh Vishnu

53 Bowman Rupert T.

900 Bridglal Anil

365 Browne Mariano R.

107 Bruce Paul N.

577 Budhu Surindranath

512 Bynoe Mervyn A.

719 Camacho Craig Martin

274 Castillo Anselm J.

152 Chadee Amarjit

372 Chadee Ritchie

178 Chay Carl A.

468 Chedu-Piper Donna-Mae L.

6 Chow Leo

697 Cockburn Sheldon

882 Cook Esther

492 Daniel W. Keith

437 Davis Philmore

381 De Lisle Godfrey T.

127 De Nobriga Lanceworth A.

477 Dhanessar Winston

11 Dieffenthaller George A.

775 Dookiesingh Krishna

258 Fletcher Brian T

1174 Golding Stacy-Ann

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M e m b e r s i n P r a c t i C E ( M P ) as at December 31st 2009 (cont 'd)

M e m b e r s N O T i n P r a c t i C E ( M N P ) as at December 31st 2009

1193 Bhola Neil

1227 Bhowram Wendy

1097 Bisram Leena Vanessa

1081 Bickramdass Pricilla

519 Billy Brenda

1211 Billy Tami

357 Bisram Harripersad

1168 Bissessar Ishwar

948 Blanc Alec

943 Blanc Anthony

569 Blanc Daniela A

200 Blanchard Kenneth A

1162 Bob -Gopee Shivantee

262 Boodhai Krishna R

1064 Boodhai-Mohammed Poornawatie

946 Boodoo Balkrishna

1117 Boodoo Vashti

752 Borde Jelka

585 Borel Roland D

847 Borely Marie-Suzanne

891 Bowrin Anthony

1085 Boxhill-Sampson Sydelle

1156 Bridgemonhansingh Hadyn

1202 Brewster Joshua W.

885 Brown Delano N

738 Brown Dwight D

673 Browne Joel O'brien

530 Awang Brian C

813 Awai Lisa C.

853 Awing Melchiades Milton

1222 Babwah Ansuya

1159 Bachan-Ramdath Sherry-Ann

857 Bada Lylla Rose

1074 Badal Neisha

1062 Badri Neeta

736 Bailey Jennifer

875 Bailey Ian

495 Bain Godfrey D

804 Baksh Karina

731 Balbirsingh Valmiki

1255 Baliram-Ramoutar Judith

716 Baptiste Josef L.

844 Baptiste Ingrid C.

975 Baptiste Oscar Winston

1189 Baptiste Vernon D.

879 Basdeo Rajram

610 Beepath Doon

450 Beharry Ashram S

346 Beharry Boodlal

607 Benjamin David C E

1263 Besai Varesha

774 Bharath Anganee

1262 Ali Bhim Nadera

1010 Bharath Trudy

988 Bhim Vanessa

1092 Abdool Nadia

1094 Affan Aaron Anthony

1059 Alexander Neil Mitchell

1086 Ali Akeeta

707 Ali Faizal

316 Ali Haseena

964 Ali Jenifer

1093 Ali Rachel

685 Ali Razard B

783 Ali Razeem

586 Ali Salahudeen

1195 Ali Anisa

1120 Ali Areef

959 Ali Omardeen Karen

980 Ali Riaz

1115 Ali Vanessa

996 Ali Waheeda A. M.

765 Almandoz Rachael

1170 Alves Avion

836 Ambard Bernadette

711 Ammon Nicole K

1051 Andall Darren

410R Anderson Christian D.

353 Andrews St Aubyn H.

1027 Aqui Selwyn S

217 Arjune Errol S.

702 Attai Mitra C.C.

1084 Austin Carol P.

96 Taylor Owen O.

898 Thompson Ruthven

327 Thompson Wally M.

413 Thompson Ian E.

726 Tom Andrew A. A. H.

303 Toney Michael G.

207 Toppin Patrick B.

189 Waddell John E.

678 Wellington Bryan A

642 Wharfe Colin B. J. F.

399 Wilson Earl

428 Young Lily

918 Singh Maltie

982 Singh Bhesham

369 Smart-Cooper Allyson M.

999 Sobransingh Glenn S.

221 Sogren Stephen A.

960 Solomon Joseph

482 Soo Ping Chow Colin J.

714 Sookram Dushyant

962 Subnaik-David Rena

720 Sukhram Dhowlatram

958 Superville Mark Kevin

631 Swamber Vashti

406 Rupnarine Clive E.

347 Rutherford Deryck C.

157 Ryan Theodore P.

84 Sancho Gerald E.

86 Seegobin Krishna (Honarary Member)

1045 Seenath, Arun M

88 Seeterram Chandricka D.

881 Sharma-Maharaj Avesha

588 Siew Vijay

220 Simmonds Walter B.

464 Simms Hyacinth C.

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M e m b e r s N O T i n P r a c t i C ( M N P ) as at December 31st 2009 (cont 'd)

1153 Farley Gobin

1043 Farrier-Pierre Tessa

784 Ferguson Richard A.

694 Frampton-Benskin Marge B.

763 Francis Gregory

398 Francis-Lau Garvin A.

672 Frank Christine I.

877 Fraser Lorna

1121 Fraser-Pierre Natasha

721 Frederick Arlene G.

579 Frederick Junior M

914 Frederick Theresa

1019 Frederick H. Jennifer

537 Fullerton Robert Victor

646 Gallai Pearl

1098 Garcia Colin

1075 Gaulteau Kevin

1188 Gayadeen Richard

971 George-Sharpe Ayanna Natalla

1273 Gildharry Christine G

677 Gittens Peter E

472 Gittens Richard B.

855 Gobin Chandranath

619 Gobin John

639 Gobin Suresh Steven

1176 Goinda Sohah

539 Goindhan-Aquan Carmen

683 Gomes Stanley

259 Gonsalves Basil V.

953 Gonsalves Cherise

1220 Gopaul Sherry Ann

1256 Gooding Rupert

849 Gopee Rendra A

1164 Gopie Mohan

627 Gordon Geoffrey C. M.

1160 Goswami Rakesh

1032 Govia Kristian

1026 Grandison Deon

861 Griffith Sheldon

1166 Guyadeen Michael

1229 Hamid S. Aaliya

1047 Hannays Gregory S

1077 Hardyal Marisa S.

1066 Hardyal Sunil

469 Harris Wilbert A

808 Daniel Dexter K

866 Daniel Dianne

385 Daniel William W.

1087 D'Arcy Adrienne

594 Darmanie Terrence J

759 Dass Sinanan

1109 David Alexis

700 Davis Barry A

574 Davis Judith

362 De Four Hollis C.

250 De Freitas Keith B. F.

143 De Silva Gary R.

1035 De Silva John

10 Dean-Maharaj Vindar

1139 Declan Pattron

1072 Derby Sylvia

892 Devecar Basdeo

1192 Dial Desmond

927 Diaz Wayne

1243 Dickson Ann Marie

1124 Dipnarine Mungal

1028 Dixon Jill

1267 Dolores Mohammed

658 Dookaran Elawatee

663 Dookeran Omela

708 Dookie Jerome S

969 Doolan Carol

557 Dottin Howard A. W.

990 Douglas Denise D. D.

670 Dow Graeme

675 Downes Ian F G

1198 Durgah Lallitah

1204 Dwayne Rodriguez-Seijas

14 Edoo Ameer A

387 Edwards Joel C.

1057 Edwards James

1266 Edwards-Sandy Marilyn

952 Edwards Michael

661 Elcock Winston J

781 Elias-Wilson Natasha T.

124 Esau Joseph P

485 Espinet Richard G.

518 Farah Roger A. G.

987 Farfan Marsha G. M.

1107 Buchoon Rita

1105 Budd Nicole

418 Burrell Bernadette S.

424 Buxo Alexander P. M.

1147 Caddle Atiba

489 Callender Dawn

1000 Callender Benjamin Nichole S.

772 Calliste Leroy

1089 Camille Cumberbatch -Dhoray

272 Campbell Norris E

870 Carballo Michael

821 Cardinez Ravi Valerio

584 Carr Ronald C.

910 Carrington Ronald

169 Castro Hugo I

1052 Chadee Rudinauth

175 Chang Dave M.

206 Chang Judy Y

433 Chang Patricia A.

592 Charles Maxine J.

1201 Charles Melissa S.

1048 Chase Marina

831 Chevrotiere Garth

313 Chin Chuck Laurence

665 Chin Pang Valerie A

431 Chin-Rampersad Marilyn S. A.

954 Choon Neela

144 Chow Alwin S.

1203 Chrysostom-Ryan Ria J.

753 Clarke Seamus Joseph

859 Clarke - Andrews Marilyn

625 Clayton Allan Mark

729 Codrington Alicia B.

429 Codrington-Vincent Genevieve E.

1021 Coker Carlene A.

787 Cooke-Warrick Jennifer Anne

615 Cooper Gary C. G

565 Cooper Reynold

750 Costelloe Trisha

1247 Cuffie Osben

1177 Cumming Rex

1068 Cummings Learie

884 Dabiedeen Reaaz A

916 Daisley Verona

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1154 Le Maitre Sherwyn

837 Learmont Ashworth

1179 Lee Poy Curtis

992 Lee Tang Brenda Rose

590 Lee-Inniss Gerrard

1207 Lee Yuen Jonathan M.

1271 Leigh-Ann Benjamin Campbell

315 Lennard Prescod

1042 Leonce Kevin

984 Leung Giles Walter

816 Lewis-Belasco Patricia

915 Lewis-Eversley Barbara

1261 Lochansingh-Khan Lisanne

1206 Lopez Kern A.

829 Lopez Llewellyn Raeburn

819 Loquan Neil

376 Lue Ping Wa Feona G

1171 Lue-Fatt Katherine

653 Luk Jim Wendy

773 Lum Kang-Ramdeen Cyd Rebecca

628 Lum Young John C.

248 Lutchmeesingh Krishna

889 Lutchmeesingh Neena

835 Mackenzie Lisa

186 Mackenzie Roger A

840 Mahabir Hamant

936 Mahabir Susanne S

1082 Mahabir Sahendra

1236 Mahabir Vijay

553 Maharaj Amrith

637 Maharaj Aneal

690 Maharaj Glenn

656 Maharaj Gulabchand

1214 Maharaj Kamal

1113 Maharaj Karishma

552 Maharaj Phillip

771 Maharaj Rudranath P.

317 Maharaj Sharma B.

668 Maharaj Stanley

682 Maharaj Varun

979 Maharaj Lester Rajesh

1118 Maharaj Lolita

1137 Maharaj Ryan

1011 Maharaj Vishal

740 Jerome Larry N.

1148 Jessop Garnet

397 John Carolyn

410 Johncilla Kenny

1191 Johnson Crystal C.

435 Johnson Peter D.

803 Jones Richard Leopold

1158 Jones-Ifill Nicole

779 Jones-Mclean Aline

633 Joseph Anthony N.

922 Joseph Nicole

419 Joseph Richard A.

1252 Joseph Victor Carleen

298 Juman Shareef

1230 Kahrim-Alsaran Saara

778 Kamalodeen Azeem

758 Kanta - Persad Rawdon

236 Kelshall Christopher J.

1133 Kendal Walter

1141 Khan Lloyd

1184 Khan Sasha

1183 Khan Sharik

1080 Khan Zenobia

1004 Khanpradie Steve

587 King Marcia L.

874 King Maxine

1190 King Christopher

1009 Kirby Rayon T

801 Kissoon David Allan

455 Knights Denise Margot

192 Knights Marie A.

408 Kong Ting Patricia M.

1103 Koshina Raghunandan

355 Kumar Catherine R.

1169 La Pierre Donna

621 La Touche Doreen

826 Lackhan-Ramatally Shobha

488 Lai Paul J. W. M.

1178 Laidlow Wendy-Ann

540 Lalchan Moonilal

854 Lalla Jerry

974 Lalla Sylvia

1157 Laltoo Liza

640 Lashley Ingrid L-A.

722 Lawrence Peter F

405 Harris Willard P

1122 Heath Philomen

438 Heerah Parasram

1172 Heeraman Tabitha

1008 Henckel Franz E

1125 Henry Susanne

1250 Henry Lucyann N

867 Herbert Dixie-Ann

73 Herde Victor P.

883 Hewlett - Ola Celia A.

1083 Hiralal Carl

1196 Hodges David

1135 Holder Annabelle

762 Hosein Fazir

333 Hosein Hollis N

1025 Hosein Saeed

1129 Hosein Ramsingh Khadine

555 Hoyte U Wilmot

1259 Hussain Saleem

511 Hypolite-Ferdinand Camile

1054 Imamshah Nandai

966 Inniss Joy

478 Inniss-Demas Wendy G. D.

967 Irish Nigel Pernell

693 Isaac Derrick L

575 Jack Ruthven F.

934 Jackson Michelle M

838 Jacobs Kerwyn

880 Jagan Antoni

1130 Jagdesh V. Lakhan

649 Jaggat Lalchan

1254 Jaggernauth Bhamini

1237 Jaggernauth Kimberly

730 Jagmohan Indraine

1079 Jagroo-Seemungal Sabita

286 Jalsa Kenny K

529 James Anne Marie

666 James Dexter W E

395 James Earle M.

896 James Garvin

1240 Jarvis-Sealey Shanelle

1152 Jawahir Usha

1138 Jayneil Joseph

562 Jeffers Adrian L.

1205 Jeffers Kristle

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830 Pasea Christian

794 Pashley Charles

652 Persad Carmen

1060 Persad Bhawanee

1223 Persad Judy P

285 Persaud Charles F.

1070 Peters Yvette J.

1090 Pettier Gerhard

970 Phillip Preston Wesley

1258 Phillip Alicia

1217 Phipps Wanda G.

467 Pirali Asaf

232 Pollard Stephen H

527 Pollonais Inskip

393 Poon-Mayers Lesly E.

1146 Pravin S. Arjune

374 Prevatt Francis T.

843 Price Dominic

1049 Pujadas, Carla Marina

514 Raggay David A. E.

905 Ragoonanan Vijai

1197 Ragoonanan Stacey

648 Rajack Glen F.

1185 Rajaram Malini D.

1111 Rajh Arian R

1208 Rajkumar Vishwani R.

596 Rajkumarsingh Paula D.

926 Rajkumarsingh Rajesh

1016 Ram E. Aritha

1114 Ram Brian

1180 Ramanan Marsha

1272 Ramchandani Maya

1076 Ramcharitar Reisha

1050 Ramcharitar Javid R

1104 Ramchune Joanne

662 Ramdass Deodath

760 Ramdwar Roger

1031 Ramesar Patricia

777 Rameshwar-Singh Roshini

647 Ramgoolie Harinarine

822 Ramjit Sandra

1221 Ramkhelawan Andy

657 Ramkissoon Artma

559 Ramkissoon Deoraj

680 Ramkissoon Nello R

1225 Moreau Nicola R.

868 Morgan Susan

291 Morris Judith

911 Motilal Rishi

978 Munesh M Pinder

1006 Mungal Jaginder

1119 Mungal Vashtee

1044 Mungalsingh Avind L.

1235 Mungroo Diane

542 Munro Christopher A. B

931 Murally Leesa

917 Murray Marlene

811 Murray-Solomon Susan

937 Nackchadie Haridath

1128 Nanan Reshma

1241 Nanan Subrina

146 Nanton Gerald S.

1186 Naranjit- Lalla Neasha

449 Narayansingh Patricia M.

695 Narine Rhea

1210 Nazreen S. Soobratie

994 Nehorah-Arjoon Dianne

1149 Nelson A. Leslie

1215 Nickles Indrani

466 Nobie Alan M. C.

871 Noel Franklyn

664 Noel Sonia

1257 Noel-Nicholas Kathy-Ann

1108 Nola Drayton-Smith

951 Oakes Karen

869 Ogeerali Harroale

1078 Ogeer-Ali Aleema

912 Ojar Joy

973 Omadath-Heetai Chanroutie

1260 Omar-Ali Yusra

249 Omardeen Wahid A.

246 Ottley Sharman M.

1022 Ottley Dexter A.R.

704 Outar Rabindra H

1112 Panchoo Nigel

795 Pariag Narinejit

1242 Parmanand Neisha S.

776 Parmasar Lincoln

1187 Parris Nigel

751 Pascal Anand

550 Maharajh Syntra S.

1150 Maharajh Vishesh

780 Maharajh Vishwanath

617 Manchoon Curtis

1232 Manohar Rajesh

839 Manraj Sunita

924 Maraj Anil

748 Maraj Romilla

1200 Maraj Krishna

1231 Marajh Ronnie P.

1265 Marcano Randy M.

133 Marshall Philip A. F

876 Marshall Trevor

1270 Mathura Gerard

728 Matthew Nigel E.

681 Maurice-Bedassie Linda

600 Maynard David F.

1167 Maynard Marlene

1058 Mayrhoo Alisha

599 Mc Comie Raphael M.

541 Mc Lean Carl A.

1041 Mc Lean-Roberts Yvonne E.

1212 Mc Master Narda

1127 Merritt D'angelo

1274 Mills Keith A.

1002 Ming Hon-Mackenzie Marlene

568 Misir Partap

998 Mofford - Benjamin Elizabeth

897 Mohamed Albeadea

1224 Mohamed Melissa

957 Mohammed Anthony

162 Mohammed Esau

919 Mohammed Hannah

1132 Mohammed Ian

942 Mohammed Nadira

805 Mohammed Neil A.

933 Mohammed Rabia

260 Mohammed Rashide T.

945 Mohammed Rehana

1245 Mohammed-Ali Sheriffa

425 Mohammed-Dilbar Zaffoora

1249 Mohan Mahase

266 Monteil Louis A.

1001 Moorley Eugene D

1116 Mootoo Indra

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307 Soverall Lennox

894 St. Clair Anthony

818 St. Hilaire Rodger

604 St. Louis Cyril L.

580 Stewart Ainsley

845 Subryan Robert

832 Sudan Nicholas

1140 Sunita Jagroop

41 Supersad Sookh Mungal

1216 Suratsingh Raquel

985 Sylvester Pearlena Judith

1003 Syms Jacqueline

862 Tang - Lee Su Yin

1173 Taylor Oscar

546 Taylor-Hanna Andrea B. A.

269 Tewari Vishnu C.

1110 Thomas June

342 Thomas Martica

344 Thomas Nella V.

1071 Thomas Tabitha

1163 Thornhill Daniel

1040 Trimm-Bailey Koreene

932 Trotman Lois A.

904 Trotman Richard

963 Troy Toyer

860 Tsoi-A-Sue Ken

1067 Valley Shirvan G.

563 Vire Relna F.

1248 Walcott-Grappie Daryl

1165 Waldron Carlos

483 Walkins Frank H. R.

823 Watson Gary

944 Waterman Alicia

1136 Welch Sheree

1106 Whiteman Jason

1073 Whittle Mitchell

1269 Wilkie Rachelle

654 Williams Paula V

547 Williams Raphyl K.

608 Williams Ricardo

1069 Williams Nigel P.

1228 Williams Penelope N.

1218 Williams Sherwin D.

761 Woodcock Nigel

906 Yearwood Lloyd

1219 Saba Lauren

528 Sahadeo Christine

392 Sahadeo Ganesh B.

1123 Sahatoo Linda

1194 Salandy Andy

793 Samaroo Dave

1181 Samaroo-Ramsingh Mala

1199 Sambrano Andrew

1213 Samms Natasha

571 Samodee Prameela D.

481 Samodee Prem C.

1102 Sampson Geneva

909 Sandy Christopher

526 Sandy Neville O.

706 Sankar Brent

439 Sankar Daniel

747 Sankar Stewart

824 Sanmook Seunarine

505 Saunders Ruth

710 Sawh-Rambarran Lilawatee

582 Scott Warren D.

1126 Seepersad Denva

699 Seeraj Kelvin

828 Seesahai Pamela

674 Seetaram Sandra

238 Sham Ku Richard P.

887 Sharma Chanmatee

1063 Sharma Satyanan

920 Sieupersad Salisha Ann

806 Sieuraj Sieunarine-Rampersad

1226 Simmonds-Bourne Ann Marie

1036 Sinanan Shiva

1151 Singh Romal

878 Singh Sham

1056 Singh Cyndy-Ann

1039 Singh-Francois Caren

1251 Skinner Rocke Natasha

271 Smith John H.

497 Solomon Patrick V.

981 Sonoo Jetendra

476 Soo Ting-Ayoung Susan F.

768 Sooknanan Malcolm

1234 Sookoo Sheba

572 Sookram Harrinarine

1182 Soom Mitra S.

1099 Ramkissoon Rishi

1239 Ramkissoon Rona

1268 Ramlochan Geeta

790 Ramlogan Krishnadath

991 Ramlogan Gillian Vanessa

1013 Ramnanan S. Ravi

947 Ramnarace Tricia

850 Ramnarine Ashram

1253 Ramnarine Avinash

554 Ramoutar Krishendath

807 Ramoutar Ravi Anand

705 Ramoutar Shoba

1238 Ramoutar Wendell

1134 Rampaul Visham

651 Rampersad Lance D. V.

504 Rampersad Ronald J. J.

1155 Rampersad Avinash

1023 Rampersad Dean

1046 Rampersad Dianne

1038 Rampersad Omeela

1096 Rampersad Wendy

370 Ramrattan Krishna H

1012 Ramrattan D. Evans

901 Ramsingh Motilal

606 Ramsubeik Errol

1095 Rauceo - Hull Karla

624 Reid Brenda J

717 Reid-Nothingham Roxane

225 Reis Stephanie

1175 Reis Robert

1144 Rennum Motilal

422 Richardson Patricia I.

1061 Richardson Godwyn

797 Roach Richard

1142 Roach Stacey R.A.

913 Roach Suzanne

1209 Roberts Tarin M.

280 Roberts-John Jennifer M.

1101 Romany Eddison J.

935 Romeo Deborah

1091 Romesh Singh

377 Rose Sydney P.

686 Roxburgh Roger A J

949 Ruiz Kevin

471 Rutherford Diana

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M e m b e r s I N R E T I R E M E N T ( M R ) as at December 31st 2009

M e m b e r s R E S I D E N T O V E R S E A S ( M R O ) as at December 31st 2009


173 Madray Michael E.

156 Maharaj Baldeo S.

32 Martin John B. C.

79 Mathura Bholan J.

135 Mc Lachlan Keith I.

183 Mootoo Kelvin R.

205 Ottley Irwin P.

463 Rahman Zeyn S.

446 Romany Polycarp S.

147 Sadler Christopher S.

725 Salandy-Bishop Suzanne

128 Scott W. H. Pierpont

115 Subero Kelvin W.

226 Syne Osman H.

597 Taitt Anthony D.

151 Tom Yick Rupert

361 Doodnath Winston A

13 Earl David

45 Edoo Jamila

343 Goon Lun Herbert

354 Greaves Cheryl F.

92 Harnanan Lessy E.

451 Harnarine Almida C.

209 Haynes Osborne K

222 Henry Kenneth Q

22 Hunt John M

352 Jokhoo Seunarine

100 Joseph Leonard A.

295 Krogh Douglas A.

210 Lalsingh Herbert S

195 Lewis Carlton S

329 Lewis Richard Fitroy

270 Lucie-Smith William P

134 Aguilera Gaston S.

177 Alexis Lennox O. M.

475 Ali Hazrath M.

62 Alleyne Oswald B.

322 Anatol Hazel A.

407 Andrews Michal Y

213 Armorer Marilyn A.

328 Balroop Nandalal

234 Bassaw Dipnarine J.

68 Buxo Paul Anthony

278 Chang Leslie P.

243 Chang Mark C.

5 Chang Terrance G.

692 Charles Leslie A

214 Chrysostom-Henry Wilma

55 Clunis Alwin N

709 Darmanie Lennox M.

977 Petit Willian

791 Rafeeq Atash Afzal

1065 Raghunanan Kerwin

1020 Ramdass Vidya

802 Ramjattan Puran

679 Ramlogan Sheldon

513 Romano Nigel L

718 Seereeram Indrani

785 Shillingford-Stewart Eugenia

1034 Sookram D David

457 Tang Tyrone

421 Wilson Lauriston F.

635 Chinafat Annie

983 Clapham Curtis Kerry

950 Comissiong Michelle

1088 De Freitas Tineke A.

517 Dyer Russell V

199 Joseph Henry A.

908 Le Hunte Robert

667 Lynch Irwin W

941 Mahabir Gaitri

182 Mansoor Michael K

786 Maraj David Wayne

921 Maraj-Dookiesingh Tralisa

583 Nicholas-Camacho Martha

558 Oxley Kenneth A.

454 Achoy Wilton

1029 Affonso Melissa

815 Alfred Marlon

1030 Alfred Karyl

167 Anatol Keith

622 Attong Marcus

603 Barden Elizabeth Monica

676 Barrow Gina M

687 Boisselle Denis

158 Brewster Rendell L

612 Brown Lennox D.

500 Chapman Errol B.

940 Chatergoon Anil

696 Chin Amelia

1233 Young Kristal L.311 Young Fabian P.

184 Young Richard P.

490 Yee Fung Edward

293 Yee Ken-Cross Yuklan M.

533 Yorke Gerard A.

A N N U A L R E P O R T

&Integrity

THE INSTITUTE OF CHARTERED ACCOUNTANTS

OF TRINIDAD & TOBAGO

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