The institute was first operational in 2007 under the name Suriname Institute of Chartered Accountants (SUVA) and was renamed the Suriname Chartered Accountants Institute (SCAI) under the Law on Accountancy of 2018. The institute operates as a mandatory membership organization for all professional accountants seeking to work in public practice—auditors and chartered accountants. The Law on Accountancy of 2018 empowers SCAI with the mandate to: (i) maintain a registry of its members; (ii) issue audit and chartered accountant licenses; (iii) establish continuing professional development requirements; (iv) adopt accounting and auditing standards; (v) establish ethical requirements; (vi) conduct an investigative and disciplinary system with the Ministry of Justice; and (vii) develop and conduct a mandatory quality assurance review system. SCAI is an IFAC Associate and a full member of the Institute of Chartered Accountants of the Caribbean.