The Institute of Chartered Accountants of the Caribbean (ICAC) and the UK-based Association of Chartered Certified Accountants (ACCA) recently signed contracts for the extension of practice monitoring in Barbados, Guyana and Trinidad & Tobago. The regional practice monitoring programme was initiated by the ICAC in partnership with ACCA in 2008. Under this programme, ACCA has been undertaking monitoring reviews of firms and practitioners within Barbados, Guyana, the Organisation of Eastern Caribbean States (OECS), Jamaica and Trinidad & Tobago.
The existing contracts for practice monitoring in Barbados, Guyana and Trinidad & Tobago are scheduled to expire at the end of 2014 and ACCA has agreed to continue the monitoring reviews for another year under the existing terms and conditions.
“The practice monitoring programme has been one of the ICAC's most successful undertakings and is aimed at ensuring effective quality assurance systems in the region. We welcome the commitment by ACCA to continue monitoring reviews in these territories as this will ensure there are no interruptions in the monitoring cycle and member bodies in these territories will be able to remain in compliance with the International Standards on Quality Control as promulgated by the International Federation of Accountants (“IFAC”),” states ICAC President, Frank V. Myers.
“During the one year extension period, we expect to finalise the review of tenders for a service provider to undertake monitoring reviews within member territories in the Caribbean for a new contract period commencing January 1, 2016. Discussions are also being undertaken by the ICAC Board towards a regionally managed practice monitoring programme,” Mr. Myers further stated.
Sha Ali Khan, Director - Practice Monitoring, ACCA commented: “We are very pleased to have worked with the ICAC to establish a world class regional monitoring programme in the Caribbean. The programme’s objective is to improve the standards of audit work, which is in the public interest. High standards of audit work improve the reliability of financial reporting, which in turn enhances the reputation of the profession and is a key driver in promoting inward investment and confidence in Caribbean capital markets.”
In March of this year, the ICAC issued formal requests for proposal for the new practice monitoring contract period. Under this new contract, practice reviews will be carried out in all ICAC member territories: Bahamas, Barbados, Belize, Guyana, Eastern Caribbean, Jamaica, Trinidad & Tobago and Suriname.
Established in 1988, the ICAC is the umbrella organization representing national accounting bodies in the Caribbean, and is recognized by IFAC, the global accountancy organisation, as an Acknowledged Accountancy Grouping. The ICAC provides a forum for the advancement of the accountancy profession in the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional development.
ICAC President, Frank Myers (centre) signs contracts for the one-year extension of practice monitoring in Barbados, Guyana and Trinidad & Tobago. Also participating in the contract signing are Sha Ali Khan, Director – Practice Monitoring, ACCA (left) and Brenda Lee Tang, Head of ACCA Caribbean (right).
