• 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

    Australia: risk management loses out to profit

    Accounting giant PwC has been misrepresented by client AMP, one of Australia’s largest financial institutions, in correspondence to the corporate regulator, according to evidence given to the Financial Services Royal Commission (FSRC). Tom Ravlic reports.

    read more

    SASB: a sea change in interest

    With Sustainability Accounting Standards Board (SASB) founder and chair Jean Rogers stepping down from her role, Jeffrey Hales has taken over the position. Jonathan Minter caught up with him to find out his plans for the organisation

    read more

    ICAS: Keeping reputation front and centre

    Jonathan Minter speaks with the new president of ICAS, Sandy Manson, about the profession’s reputational and technological challenges, and how to turn them in to opportunities

    read more

    GDPR: challenge or opportunity?

    With the General Data Protection Regulation (GDPR) finally in force, Joe Pickard investigates attitudes and opinions on what the regulation will mean for the future of accountancy

    read more

    IFRS 9: are we ready for another crisis?

    With the 2008 Banking crisis a decade old, Jonathan Minter speaks to Burkhard Eckes, chair of the Banks Working Party, about the work of the group and how IRFS 9 is looking to prepare banks for another crash.

    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.