• Register
Return to: Home > News > President of Caribbean accountants calls on members to cooperate and forge a stronger regional profession

President of Caribbean accountants calls on members to cooperate and forge a stronger regional profession

Belize City, Belize. Jasmine Davis, president of the Institute of Chartered Accountants of the Caribbean (ICAC), called on all the Professional Accountancy Organisations (PAOs) of the region to work closer together in the pursuit of a stronger cooperation to commit to the promotion of a robust compliance culture within professional bodies.

Davis addressed the participants of a consultative meeting on capacity building held in association with IFAC on Thursday 23 June, to which The Accountant was given access, preceding ICAC annual conference which this year takes place in Belize.

This PAO joint meeting with IFAC follows up on a previous one held in April where ICAC members identified key challenges that are hindering the betterment of their respective national professions.

Among those challenges are the implementation and enforcement of international standards, the ability to effectively conduct lobby to influence government, as well as advocacy activities to strengthen the reach of the profession both at national and regional levels.

However, it was acknowledged that those challenges will not be overcome unless stronger PAO-to-PAO cooperation between ICAC members is achieved.

In that respect, Davis called on ICAC members to "work as a region" and use "the power of collaboration".

"Don't say it, do it," Davis remarked, meaning that for ICAC to move forward, commitment and not just words are needed.

She added that ICAC board members are accountable, and as such they should deliver on that work, despite the idiosyncrasies of each ICAC member countries.

Davis's remarks were in line with the other main topics addressed at the meeting: IFAC membership rules (Statements of Membership Obligations or SMOs) on quality assurance (SMO 1) and investigation and discipline of accountants (SMO 6).

The majority of ICAC members hold full IFAC membership (as opposed to associates and affiliates), for which they are required to comply with the federation's SMOs.

IFAC technical manager Darlene Nzorubara and ACCA director of regulatory development Sha Ali Khan made presentations focusing on the challenges to comply with those SMOs.

Regarding SMO 6 Nzorubara said one of the main difficulties is to guarantee the independence of the investigation and disciplinary process of individual members.

Khan highlighted that PAOs should guarantee that the disciplinary process is followed in full and that there are consequences for accountants who have breached their duties.

During the course of the meeting representatives from the institutes of Jamaica, Trinidad and Tobago, Eastern Caribbean and Guyana shared their experiences on SMO 1 and SMO 6 with their fellow ICAC members.

"Don't make exceptions. The credibility of the profession is at stake," Davies added in her closing remarks.

 

Top Content

    Keeping accounting standards fit for purpose

    While at the IFRS Conference: Americas in Toronto in November, the national standards setters of the USA and Canada, along with the International Accounting Standards Board, talked to The Accountant about the evolution of corporate reporting and the influence of digitalisation. Vincent Huck was on the line

    read more

    Tax avoidance looks like a side show: compared to total anonymity

    Paul Beckett, senior counsel at MannBenham Advocates, talks to Carlos Martin Tornero about tax avoidance and human rights, and how orphan structures, marketed by accountants, make the super-rich anonymous and unaccountable for their actions

    read more

    France’s next revolution: boosting the economy, with advisory backing

    As French minister for the economy and finance, Bruno Le Maire took the stage at the final plenary session of the 72nd congress of the French Institute of Chartered Accountants (Ordre des Experts-Comptables) in Lille, he faced a somewhat hostile audience who had booed government initiatives during previous speeches. But the well-prepared minister told the French profession what it wanted to hear and left with a standing ovation. Whether the government will deliver what he promises remains to be seen. Vincent Huck reports

    read more

    Comment: Nine seconds to make or break

    Time is relative. When Usain Bolt runs 100 metres in a little over nine seconds, time flies and feels like a fleeting instant of dream. But, when six professionals sitting on a panel meet a question with deafening silence for nine seconds, then time painfully drags on in embarrassment.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.