Institute of Chartered Accountants of the Caribbean

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The ICAC Elects A New Board Of Directors

The  Institute  of  Chartered  Accountants  of  the  Caribbean  wishes  to  announce  the  election  of  its Board of Directors for the upcoming term 2019 to 2021. Mr. Khalil Alli, Director from Guyana, has been elected as the President while Mr. David Simpson, Director from Barbados, has been elected as the Vice-president.  The other Directors forthe 2019-2021 term are:

Gowon Bowe

Claude Burrell

Andrea St. Rose

Raymond Campbell

Michael Lutchman

Denise Chinpire O’Reilly

The Bahamas

Belize

Eastern Caribbean

Jamaica

Suriname

Trinidad and Tobago

alliMr. Alli joined the ICAC Board as the Director for Guyana in 2011 and served as its Secretary over the years 2013 to 2017 and then Vice President from  2017  to  2019.   Heis  a  member  of  the  Council  of  the  Institute  of Chartered Accountants of Guyana and served as its President from 2008 to 2011.  Mr. Alli is a Fellow of the Institute of Chartered Accountants in England and Wales andis a Partner with a public accountancy practice in Guyana.

 

mrsimpsonMr. Simpson served asPresident of the Institute of Chartered Accountants of  Barbados  (ICAB)  from 2012-2014 andwas  a  member  of  itscouncil from 2005 to 2017.He joined the board of the  ICAC in June 2015 and served as Treasurer from 2015 to 2019.

Mr. Simpson is a Fellow of ICAB and the Association of Chartered Certified Accountants(ACCA).David currently  provides  accounting  and  other  financial  management  advisory services to small and medium sized enterprises.

Mr. Alli replaces Mr. Anthony Pierre –former Director from Trinidad and Tobago –as President.  Mr.  Pierre was  pivotal  in  shaping  a  vision  for  the  ICAC  and  we  thank  him  for  his  invaluable contribution to its evolution.In his inaugural speech at the recently concluded Caribbean Conference of Accountants heldat the Pegasus Hotel in Jamaica, Mr. Alli noted:

“Formed as a forum for the advancement of the profession in the region, the role of, and the need for, an ICAC has grown over time, in direct relation to the promulgation of legislation and international rules, regulations and norms applicable to our profession. With 8 member bodies representing just over 4000 members, we have asserted the position of the ICAC such that we are officially recognized as a regional body by the International Federation of Accountants, the World Bank and the other similar international bodies.As a Board, we have been working assiduously to keep the organization effective and capable of fulfilling this increasingly important role. 

In the last year, the Board successfully completed an upgrading of the ICAC’s governance structure, drawing on best practices of similar regional groupings  across  the  world  while  preserving  the  features  of  mutual  co-operation  and  benefit that underpinned our initial formation.We  have,  in  the  last  year,  also  concluded  our  Strategic  Plan  for  the  period  2019  to  2021.  Together, the completed Governance Review and the Strategic Plan, will ensure a more focused use of our energies on objectives that are important to our members.”

Some of the present priorities for ICAC, as set out by Mr. Alli, include:

PAO Development

“The ICAC will also continue to work closely with member bodies to develop common strategies to  improve  on  their  oversight  role  of  the  profession.   The  ICAChas  beenhighly  successful  in coordinating  and  negotiating  a  common  approach  to  practice  monitoring,a  key  facet  of  an effective quality assurance program.

Presently, the ICAC is focused on the Investigation and Disciplinary processes of member bodies.  In September2018,  the  chairpersons  of  Investigation  and  Disciplinary  committees  from  across memberbodies benefitted from the insights of senior personnel from ACCAof the United Kingdom.  It was evident from that interaction that improvements are necessary in members’ rules and processes.    The  ICAC  will  advance  this  initiative  and  facilitate  further  opportunities  to  assist members’ efforts in this regard.”

Public Financial Management

“In  many  of  our  economies,  government  spending  continues  to  beasignificant  contributor  to GDP.  Despite this, most of our governments continue to apply cash accounting instead of accrual-based  accounting.    Many  of  our  governments  have  committed  to  the  adoption  of  International Public Sector Accounting Standards but full and effective adoption has been slow.  In 2017, the ICAC collaborated with the IFAC, with support from CPA Canada, to initiate the sensitization of senior   government   functionaries   from   across   the   region   on   the   process   and   benefits   of transitioning  to  IPSAS  as  the  basis  of  public  sector  financial  reporting.    We  will  continue  our efforts  in  this  regard,  complementing  those  of  our  member  bodies  that  have  already  initiated actions in this direction.”

Representationof the Regional Profession

“As the standardization of rules and regulations becomes embedded across the region, it is clear that  we  must  have  a  voice  in  the  crafting  of  these  standards  and  in  the  direction  of  the  global profession.    Once  thought  to  be  impossible,  the region  has  now  seen  that  representation  on  the international governance and standard-setting bodies is certainly within our reach.  The service of Pamela Munroe Ellis and Lisa Padmore on the IFAC Board, and Andrew Braithwaite on the SMP Committee of IFAC is clear evidence of this.  The ICAC will more actively pursue regional candidates for openings on these international bodies.”

Technical Matters

“The  ICAC  will  continue  to  focus  on  areas  of  common  challenge  for  professionals  acrosstheregion,  serving  as  a  conduit  for  high-quality  resources  from  outside  the region.    One  identified challenge on the horizon is the introduction of IFRS 17 on Insurance Contracts, which is set to overshadow IFRS 9 in terms of complexity.  As Caribbean insurers and actuaries are turning their attention  to  this  new  standard,  there  will  be  need  for  guidance  on  its  implementation  and application.”

The ICAC’s 38th Caribbean Conference of Accountants will be held from June 24 - 26, 2020 at the Hilton, Miami Airport, Blue Lagoon.

For further information, please contact:

Shamila Ramcharan
Chief Executive
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President

kalilKhalil Alli

ICAC President
2019 - 2021

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