(ISIA): The Institute of Solomon Islands Accountants (ISIA) is a Professional Accountancy Organisation (PAO) mandated to develop and regulate the practice of accountancy and auditing in the Solomon Islands.
Over the next couple of weeks, we will be introducing you to ISIA’s roles and responsibilities as Solomon Islands’ accountancy and auditing regulator and then delve into the reasons why ISIA is trying to meet international standard requirements to be a fully functional PAO.
We will also be guiding our readers through ISIA’s roadmap to becoming a full member of the International Federation of Accountants (IFAC) including on what such membership would mean for Solomon Islands’ accountancy and auditing businesses, public sector practitioners and young people aspiring to become professional accountants and auditors in the future.
Our articles will focus on accounting and auditing practices and standards in the Solomon Islands’ private and public sectors and on issues that may be related to these practices and standards or to ISIA’s mandate, within the broader context of international best practice and standards.
So to start with, one may ask what is ISIA and what is the benefit of having such an institute regulating and influencing the development of accounting standards and practices in Solomon Islands private and public sectors?
To answer these questions, we will begin with ISIA’s establishment, membership and responsibilities as the focus of this article.
Roles & Responsibilities
The Institute of Solomon Islands Accountants (ISIA) was established by the Solomon Islands Accountants Act 2010 as a Professional Accountancy Organisation (PAO).
The Act also mandates ISIA to develop and regulate the practice of accountancy in the Solomon Islands, which the institute does through its members and through programs and initiatives that are carried out by ISIA’s Secretariat which is headed by Mrs. Pamela Alamu as Chief Executive Officer (CEO).
The CEO and the Secretariat’s work is overseen by the ISIA Council, which is headed by a President and made up of 10 very experienced executive members who are themselves, accountants and auditors from the private and public sectors.
Through ISIA’s Members, Secretariat and Council, the institute strives to achieve its vision to meet the minimum professional standard requirements to be a fully functional PAO through competence and by developing the institute’s core responsibilities and functions sufficiently to gain full membership of the IFAC.
ISIA has members who are current accounting and audit practitioners and has different membership categories ranging from student members to registered certified practising accountants. ISIA has been formulating a comprehensive new strategy which is more transparently framed against its long term goal of being a full member of the IFAC thereby achieving international standards for its operations including its members’ professionalism through technical competency and ethical behaviour.
Public Sector Responsibilities
Important to ISIA’s roles and responsibilities and to the institute’s vision is the incorporation of the Solomon Islands Government Accounting Service (SIGAS) members into ISIA’s membership as practitioners as well as executive members of ISIA’s Council. This is important because not only is ISIA required to set accounting standards for the public sector, it is also required to ensure its members meet professional and ethical standards which need to apply to government accountants as much as private sector accountants.
ISIA is also an Associate Member of the Confederation of Asian Pacific Accountants (CAPA), which is the regional body that oversees the development, coordination and advancement of PAOs in the Asia Pacific region by facilitating relationships and sharing knowledge, promoting high-quality financial reporting and influencing the development of public sector financial management through its Public Sector Financial Management Committee (PSFMC) which is focused on the development of high-quality financial management in the public sector.