Bahamas Auditing

Aside from accounting, the auditing industry is also a thriving business in the Bahamas, with accounting firms also offering a wide range of auditing services either as a separate business or packaged with accounting or some financial service.

1n 2004, the Bahamas government enforced a stricter auditing requirements for banks operating on the archipelago in an effort to erase a notion of the islands being a route for criminals involved in money-laundering. This came upon as a result of an earlier policy that allows mother banks of other countries to do certain financial activities and transactions in the Bahamas. These transactions are often not allowed in the mother bank's country of origin.

But under the stricter policy, all banks must accomplish a due diligence of every account which is retroactive and not withstanding the size of the account or when it was opened. With this, the government hopes to be provided with crucial information about ownerships and trust that Bahamas-based banks transact with. It is also seen as a step to prevent certain individuals or entities from evading their IRS obligations by incomplete audit reports under the guise of Bahamas-based privileges.

Despite this measure, the government assures international laws on banking, auditing and disclosures will still be upheld, striking a balance between transparency and business legitimacy. Today, the auditing sector in the Bahamas plays a crucial role in maintaining the good reputation of the archipelago in the financial services world.