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Regional practice monitoring programme to commence in Trinidad & Tobago
The signing of Memoranda of Understanding (MOU) for the implementation of a regional practice monitoring programme in Trinidad & Tobago as well as Barbados and Guyana signals a significant achievement for the accountancy profession in the Caribbean.
The signing of three Memoranda of Understanding for the implementation of a regional practice monitoring programme in Barbados, Guyana and Trinidad and Tobago signals a significant achievement for the accountancy profession in the Caribbean.
The practice monitoring programme is a regional initiative of the ICAC and will put the Caribbean region on par with the United Kingdom, the United States, Canada and many other countries that have already implemented similar programmes.
Under the regional initiative, practitioners and firms within the three territories will be monitored to ensure that audit reports and audit procedures are in compliance with international standards on auditing and other internationally recognised rules. The monitoring visits will be carried out by ACCA which has over 15 years experience and expertise in the monitoring of its members worldwide and the findings will be reported to the three regional institutes, who will retain full regulatory responsibility for practitioners and firms during the monitoring process.
President of the Institute of Chartered Accountants of the Caribbean (ICAC), Ms. Angela Lee Loy, notes that the programme is a significant step in the efforts to improve standards within the regional accountancy profession and that the ICAC is pleased to partner with ACCA on this important project. “The practice monitoring programme also represents ICAC’s commitment as an acknowledged regional grouping to fulfil IFAC’s requirements for members worldwide to maintain efficient quality assurance review systems,” adds Ms. Lee Loy.
“ACCA is pleased to partner with the Institutes of Chartered Accountants of Barbados, Guyana, Trinidad & Tobago and ICAC on this initiative that will significantly benefit the regional profession. We already work closely with the institutes in a number of areas and we are delighted to have been appointed to undertake this programme of monitoring on their behalf,” notes Peter Large, Executive Director - Professional Standards at ACCA.
The historic signing took place on June 27 during the opening ceremony of the ICAC’s 26th Annual Caribbean Conference of Accountants held at the Hyatt Regency Hotel, Trinidad from June 26-28. The MOU were formally signed by the Presidents of the Institutes of Chartered Accountants of Barbados, Guyana and Trinidad & Tobago - Rueben Blenman, Khalil Alli and Sean Ramirez, respectively - as well as ICAC President, Angela Lee Loy, and Richard Aitken-Davies, President of the Association of Chartered Certified Accountants (ACCA).
For further information, contact:
Misha Lobban
Chief Executive Officer
Institute of Chartered Accountants of the Caribbean (ICAC)
Email: icac1@cwjamaica.com, Website: www.icac.org.jm
Phone: 876 922 3223, Fax: 876 948 6610
For further information please contact:
Misha Lobban