The Bahamas Institute of Chartered Accountants (BICA), established in 1971, regulates its accountancy profession in accordance with the BICA Act of 2015 (the Act). The Act empowers the BICA, among other responsibilities, to define professional accountants; establish the requirements for entry into the profession; promote the best standards of practice in financial reporting and in the expression of professional opinions; establish ethical requirements; carry out investigation and disciplinary processes for its members, as well as quality assurance reviews for licensees; and register and license professionals wishing to practice accountancy. The BICA has two membership categories: General Members and Licensed Practitioners. General Members may use the designation of Chartered Accountant. Licensed Practitioners have the legal authority to sign audit reports on financial statements and are required to be BICA members. The BICA does not have its own qualification program and accepts candidates from the following certifying bodies as specified in the Act: American Institute of Certified Public Accountants (AICPA); Chartered Professional Accountants of Canada (CPA Canada); Association of Chartered Certified Accountants (ACCA); and Institute of Chartered Accountants in England and Wales (ICAEW). The BICA is a member of the Institute of Chartered Accountants of the Caribbean (ICAC).