Amendments to the ICAJ BYE-LAWS Approved

Resolutions proposing amendments to the Bye-Laws, which were placed before the 40th Annual General Meeting on July 27, were passed as follows:

1. Bye-Law 45, which relates to the annual fee due and payable by students on the first day of January and the surcharge that is payable, if the annual fee is not paid by the thirty-first day of January, has been amended so that the annual fee becomes due on January 2, as the first day of January is a public holiday, and the surcharge now becomes due after three months, instead of one month. Furthermore, the surcharge payable by students has been reduced from 100% to 50% of the annual fee due. These changes are consistent with the treatment accorded to members of the Institute.
   
2. Bye-Law 33 (1), which speaks to the requirement for all members to undertake at least 35 hours of continuing professional education, has been amended. Bye-Law 33 (1) (c)) now exempts members in retirement, having relinquished any practising certificate held from either the Institute or the Public Accountancy Board, from the standard minimum CPE requirements, but provides for a reduced minimum such as Council may prescribe.

   The reason for this is that compliance with CPE requirements may be seen as onerous and unnecessary in respect of retired members. Some CPE may still be desirable, however, as, although not practising, members in retirement (now from age 55) may very often be called upon to serve, or continue to serve, on Boards of Directors or they may occupy themselves in various other capacities in which their expertise and reputation as members of the Institute are recognised and valued by those they serve.

   In addition, CPE requirements may change from time to time in accordance with relevant international standards, where necessary, to meet increasing professional demands and public expectations. Bye-Law 33 (1) (d), therefore, provides for Council to make changes, from time to time, without having to amend the Bye-Laws.

.



Back