The Institute of Chartered Accountants of the Caribbean in collaboration with the International Federation of Accountants hosted its annual Consultative Meeting & Capacity Building Workshop for the leadership of Professional Accountancy Organisations (PAOs) in the Caribbean on June 23, 2016 at the Radisson Fort George Hotel in Belize.

The workshop provided an opportunity for PAO representatives from the Caribbean region and other key stakeholders to provide input for a draft action plan that will form the basis of a capacity building project to support the accountancy profession in the region. It also provided a platform for knowledge sharing among the participants.

This year’s event was a follow-up to the PAO Capacity Building Workshop held in The Bahamas in April 2016, at which representatives of the accountancy profession in the Caribbean discussed the challenges being experienced by PAOs and the role that the ICAC as a regional organization can play in supporting its members.

Participants were consulted through a pre-workshop survey and during the session, discussed activities the ICAC could undertake as priority to support its member bodies. The results of the consultation held in April 2016 and a draft action plan to support the development of the accountancy profession in the region, were presented at the meeting.

The event also facilitated discussions and the sharing of information on two key Statements of Membership Obligations (SMOs): SMO 1 – Quality Assurance and SMO 6– Investigation & Discipline. ICAC President, Jasmine Davis, in her opening remarks, called on PAOs in the Caribbean to work closer together in the pursuit of stronger linkages and to ensure the promotion of a robust compliance culture within the regional accountancy profession.

She also urged ICAC member bodies (PAOs) to "work as a region" and use "the power of collaboration" to strengthen the profession.

“It has been recognized that forging strong regional linkages through greater collaboration and partnerships, is an important driver for strengthening PAOs and the accountancy profession in the Caribbean region.

In addition, a regional approach encourages collaborative partnerships and the sharing of best practices which are effective resources and may offer tools to foster the growth and development of the accountancy profession,” she stated in her call for greater collaboration among PAOs Presenters included Darlene Nzorubara, Technical Manager at IFAC and Sha Ali Khan, Director-Regulatory Development, ACCA, who spoke on “Addressing the requirements of SMO 1 and SMO 6: Key Challenges, Lessons Learned and Successes from a global perspective.” Ms. Nzorubara also delivered a presentation on, “Exploring the opportunities for the accountancy profession in the Caribbean Region: Survey Results and regional action plan.”

Representatives of ICAC member bodies also shared their experiences concerning the challenges of implementing SMO1 and SMOs and the steps taken by the local PAOs to ensure effective investigations and disciplinary procedures within their respective jurisdictions. The panel comprised Dennis Chung, Past President & Council Member, ICAJ; Pria Narinesingh, President, ICATT; Erwin Southwell, Vice President, ICAEC and Khalil Alli, Secretary, ICAC & Director, Guyana. The event attracted over 25 participants and was lauded by attendees for the benefit of shared experiences and best practices.

Caption for above Images: ICAC President, Jasmine Davis and IFAC Technical Manager, Darlene Nzorubara speak on the opportunities for the accountancy profession in the Caribbean and the draft regional action plan, during the Annual Consultative Meeting of Regional Professional Accountancy Organisations (PAOs) & Capacity Building Workshop hosted by the ICAC in collaboration with the International Federation of Accountants (IFAC) in Belize in June. 

Representatives from professional accountancy organisations (PAOs) in the Caribbean, share their experiences and challenges with implementing SMO 1 and SMO 6 during the Consultative Meeting & Capacity Building Workshop hosted by the ICAC in collaboration with IFAC in Belize in June.