About Us

The Institute of Solomon Islands Accountants is established by the Accountants Act 2010 to regulate the registration and conduct of accountants in the Solomon Islands with the assistance of the Registered Professional Accountants Disciplinary Board also established by the Act.

Compliance with the governing framework

1. The conduct of the Institute’s operations and of its members shall comply with the requirements of:
   1. the Accountants Act 2010;
   2. any regulations and statutory rules as may be promulgated pursuant to the Act from time to time;
   3. these rules established by the Council and as set out in the following Schedules to these rules;
   4. the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants as prescribed in these rules as set out in Schedule 2 and any standards pronouncements issued by the Institute from time to time;
   5. the accountancy standards issued by the international bodies responsible for auditing and financial reporting for private and public sector reporting entities (IAASB, IASB and IPSASB) as prescribed in these rules and any standards pronouncements issued by the Institute from time to time;
   6. the education standards issued by the International Accounting Education Standards Board (IAESB) as prescribed in these rules and any standards pronouncements issued by the Institute from time to time; and
   7. the Statements of Membership Obligations issued by the International Federation of Accountants as prescribed in these rules and any standards pronouncements issued by the Institute from time to time.
2. All references to legislative provisions in regulations, statutory rules and rules established by the Council are references to the Act.
3. Section 62 of the Interpretation and General Provisions Act (Cap. 85) does not apply to any rules of the Institute or Council made under the Act.

Regulations

4. The Minister may, acting on the advice of the Council, make regulations to give effect to the provisions of this Act, and in particular to make regulations prescribing the following –
   1. penalties for offences created by regulations to a fine not exceeding 10,000 penalty units;
   2. fees and allowances for members of any committee or the Disciplinary Board;
   3. the form of notice to be used for summoning of witnesses by the Disciplinary Board;
   4. allowances for witnesses to any inquiry before the Disciplinary Board; or
   5. any other matter required to be prescribed under the Act.
5. Any regulations promulgated by the Minister pursuant to section 54 of the Act shall be read in conjunction any promulgated statutory rules and these rules and where there is any conflict of meaning the regulations shall prevail.

Rules made by the Council

6. The Act provides under section 14 for the Council the power to make rules about the following matters –
   1. procedures for meetings of the members of the Institute;
   2. procedures for meetings of the Council, Standards Committee and Registration Committee;
   3. elections of Council members;
   4. due performance of professional obligations, standards or conduct by members of the Institute or registered practicing accountants;
   5. proper and accountable management of trust funds held by registered practicing accountants for their clients;
   6. procedures and operations of sub-committees;
   7. disciplinary matters, including grounds for dishonest, unethical or unprofessional conduct;
   8. fees for membership and registration.
7. The Council has established these rules pursuant to this provision of the Act and where relevant on the advice of the Standards Committee.
8. The rules set out in the schedules to these rules shall govern the operation of the organs of the Institute and consequent processes involved in those operations.

Statutory Rules

9. Any statutory rules gazetted by the Institute shall be read in conjunction with these rules and where there is any conflict of meaning the statutory rules shall prevail.

Amendments to the governing framework

10. Amendments to the Act or any regulations or statutory rules that have been promulgated under the Act may only be recommended to the Minister following a special resolution of a duly convened Council meeting of members wherein such a motion attains a majority of vote in favour of not less than two thirds of attending members eligible to vote.
11. Amendments to the rules established by the Council may only be made following a special resolution of a duly convened meeting of Council wherein such a motion attains a majority of vote in favour of not less than two thirds of attending members.

Definitions

12. Definitions of key terms in the Act, any regulations, any statutory rules and the rules established by the Council are set out in Schedule 1.

The objects of the Institute are –

• to regulate the practice of accountancy, including the registration, discipline and membership of persons eligible under this Act to practise in accountancy and auditing;
• to regulate qualifications, requirements and other conditions for registration of persons and membership of the Institute;
• to regulate accounting, auditing and other standards of audited financial statements that comply with national, regional and international standards, including scale of fees and charges;
• to undertake research on matters under this Act for the benefit of its members and registered persons and the profession of accountancy and auditing, including obtaining and disseminating information relating to national and international developments in the profession of accountancy and auditing;
• to develop and provide training and continuing professional education to its members and registered persons;
• to facilitate and assist in the teaching of the discipline of accountancy and auditing at university level and other higher educational institute or college, including offering scholarships, prizes and undertaking career expositions and other career or professional exhibitions;
• to regulate professional and ethical conduct and other professional standards for its members and registered persons;
• to regulate management and control of trust funds kept by registered persons for their clients;
• to represent its members and registered persons on matters relating to the profession of accountancy and auditing to the Government and to any national, regional or international body or organisation;
• to do any other thing that promotes the interest of its members and registered persons in accordance with the objects of the Institute under this subsection or to give effect to the provisions of this Act.

ISIA key strategic priority areas include:

1. Sustainability
   To ensure ISIA has appropriate legal, governance, infrastructure and management structures in place. This includes creating a funding model that ensure financial independence and sustainability.
2. Relevance
   To ensure ISIA continues to provide services to benefit all members on an on-going basis. This includes promoting and supporting programs and initiatives that promote gender balance and inclusion, and effective participation in communities and country.
3. Professionalism
   To ensure ISIA effectively and professionally played its role in relation to development of members, standards and the profession in the country.
4. Member Value
   To provide an avenue and platform for ISIA to continue to support professional development of its members and the need to promote member’s relationship and contribution to the profession and country.

The Accountants Act 2010 governed the establishment of the Institute of Solomon Islands Accountants and has given clear mandates for the implementation and regulation of the profession to grow, develop, and improve the profession in Solomon Islands.

ISIA more recently in 2019 has approved its longer term goal to achieve IFAC accreditation by 2025.