The Institute of Chartered Accountants of Bermuda (ICAB) will be restructured to help promote best standards among its members.

Finance Minister Paula Cox said legislation passing through the House of Assembly yesterday — aimed at strengthening the council running ICAB — would also help regulate the discipline and professional conduct of its members and students.

The ICAB Amendment Act allows for two non-members of ICAB to sit aboard its council, one of whom can be appointed by its affiliated group, the Canadian Institute of Chartered Accountants.

Ms Cox said that would make the set-up of the council more consistent with its objects and powers.

Progressive Labour Party backbencher Terry Lister backed the legislation, adding that the Island has 235 Bermudian chartered accountants.

"As a member of the Institute I'm very proud of the level of integrity shown over the years, but there's nothing with going even further," he said.

"I support these changes because they will continue to protect Bermuda's reputation internationally as we go around the world."

United Bermuda Party MP Patricia Gordon-Pamplin said the terms and conditions of the bill are not contentious.