Institute of Solomon Islands Accountant

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.

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.

Establishment of the Council

1. Council of the Institute is established under section 11 of the Act

Objects of the Council

2. The Council of the Institute is responsible for the management and the control of the affairs of the Institute.

Powers and functions of the Council

3. The management and the control of the affairs of the Institute are vested in the Council.
4. In carrying out the objects, functions and powers of the Institute, the Council shall be responsible for the following –
   1. act as the executive body and governing arm of the Institute;
   2. perform the objects, functions and powers of the Institute conferred by the Act or any other written law; and
   3. carry out any direction or resolution which may be given or passed by the Institute at a meeting of members.

Adherence to good governance principles

5. The Council shall perform its duties in accordance with best practice standards of good governance which recognises the principle of separation of oversight of Institute performance from that of day to day management of operations.
6. In observing standards of good governance the Council shall adhere to the guidelines set out in Schedule 4.

Membership of the Council

7. There shall be a President of the Institute and a Vice President of the Institute and other members of the Council all of whom shall be elected at the Annual General Meeting of the members of the Institute.
8. On being elected, the President, Vice President and other members shall hold office for a term of one year and, subject to the rules in Schedule 5, are eligible for re-election at the expiry of such term.
9. No person may be elected as the President, Vice President or other member of the Council unless the person is a member of the Institute and is of good financial standing within the Institute.
10. The Council shall appoint ex officio the incumbent Auditor General and Accountant General as co-opted members of the Council and such co-opted members have the right to deliberate and vote on any matter before the Council.

Operation of the Council

The Council shall operate in accordance with the rules set out in Schedule 5.
 

Johnson Lobo President Internal Auditor, Solomon Islands Ports Authority. (Solomon Islands) Vision for the Institute I envision propelling the accounting profession in the Solomon Islands forward through education,ethical practices and good governance. My leadership will focus on inclusiveness, enhancing members professionalism through education, and promoting international partnerships to ensure our accountants are globally competitive and pivotal to our nation’s economic growth.

Delilah Homelo Vice President General Manager Customer Service/Deputy CEO - Solomon Power (Solomon Islands) Vision for the Institute To meet the minimum requirements fora fully factional Professional Accountancy organization by 2025. Having served in the past years as a member of the council, I have been working with other council member and secretariat to ensure that we are on track to achieving this vision.

Roger Townshend Treasurer Private Business Consultant - Stewardship Accounting. (Solomon Islands) Vision for the Institute To see that ISIA become an internationally-accredited PAO taking leadership in the areas of assurance, audit, finance, and business advisory professionals in Solomon Islands. Further we want to see ISIA provide value to members in terms of relevant professional trainings for members to achieve professionally accredited qualifications such as the Professional Diploma in Accounting and eventually its own CPA Professional Program.

Loretta Tema Council Secretary Business Consultant, LH Consultants (Solomon Islands) Vision for the Institute To continue to support ISIA’a vision and mission and ensure it takes shape for the future of Solomon Islands. Also, to strategically support and continue this worthy cause on nation building.

Amabelle Vitualla Council Member Managing Director - JPPR Accounting Services (Solomon Islands) Vision for the Institute ISIA in the next 5 years and onwards will the leading professional accounting body in the Pacific that provides high quality standard professional accountants recognized internationally.

Silas Likoho Vahea Council Member Chief Finance Officer - G Gas (Solomon Islands) Vision for the Institute For ISIA to develop a pathway for members to provide access to relevant high-level professional trainings for local accountants which should eventually raise the standards of professionalism and ethics of the accounting profession.

Apollos Inasimae Council Member Manager Business Development, Solomon Power. (Solomon Islands) Vision for the Institute To create an avenue for local accounting profession to person at a professional and competitive level.

Emmanuel Gela Council Member Chief Manager Accountants Deparment, CBSI (Solomon Islands) Vision for the Institute To support the institute in strategic activities in pursuit of its vision.

Kevin Murray Council Member Internal Auditor, CBSI (Solomon Islands) Vision for the Institute To contribute to development of ISIA and its members by promoting professional development, ethical practices and regulatory enhancement through ISIA strategic initiative and collaboration.

Walter Maesuga Council Member Business Advisory & Consultant - CS Vision Management. (Solomon Islands) Vision for the Institute To be a member of the governance team that is vested with the oversight role in empowering ISIA and inspiring ISIA management and administration. To be involved in part of planning and development of ISIA team that protects and develops the accounting profession in Solomon Islands. Additionally, to contribute to the enforcement of the Accountants Act 2010 and its regulations during implementation. To see the appropriate strategies rendered to develop the profession with value and respect it deserves.

David Teika Dennis Co-opt Member Auditor General (Solomon Islands)

Mr Paula Uluinaceva Co-opt Member Accountant General (Solomon Islands)

The Secretariat of the Institute has been established to provide administrative support to the Institute and the is managed by a Chief Executive Officer.

The functions of the Secretariat include providing administrative support to:

1. The Council in undertaking its activities and holding meetings of the Institute and the Council;
2. Standards Committee, Practicing Accountants Registration Committee, and any sub-committees established by the Institute in undertaking their meetings and activities;
3. Registered Practicing Accountants Disciplinary Board.

The Secretariat operates in accordance with the rules set out in Schedule 13 of the Accountants Act.

More on the Institute

• Council
• Governance Framework
• Objectives
• Strategic Priorities
• Work with Us