Implementation of a practice monitoring programme in the accountancy profession is expected to put the Caribbean on par with the United Kingdom, the United States, Canada and many other countries that have already implemented similar monitoring programmes.
Memoranda of Understanding (MOU) were signed on June 27 for the implementation of a regional practice monitoring programme in accountancy in Guyana, Trinidad and Tobago and Barbados and this signals a significant achievement for the profession in the Caribbean, a press release from the Institute of Chartered Accountants of Guyana said.
The MOU were formally signed by the Presidents of the Institutes of Chartered Accountants of Guyana, Trinidad & Tobago and Barbados, Khalil Alli, Sean Ramirez and Reuben Blenman, respectively, as well as President of the Institute of Chartered Accountants of the Caribbean (ICAC) Angela Lee Loy, and Richard Aitken-Davies, President of the Association of Chartered Certified Accountants (ACCA).
The signing took place during the opening ceremony of the ICAC’s 26th Annual Caribbean Conference of Accountants which was held at the Hyatt Regency Hotel, Trinidad from June 26-28.
According to the release, the practice monitoring programme is a regional initiative of the ICAC and 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 recognized rules.
The monitoring visits, the release stated, will be carried out by the 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.
ICAC President Lee Loy said that the programme is a significant step in the efforts to improve standards within the regional accountancy profession and the ICAC is pleased to partner with the ACCA on this project.
She said further that the monitoring programme is in keeping with the ICAC’s commitment as an acknowledged regional grouping to fulfill the requirements of the International Federation of Accountants (IFAC) for members worldwide to maintain efficient quality assurance review systems.
“The agreement reached with ACCA represents an important step by the ICAG towards ensuring the highest levels of quality from the profession in Guyana. Practice monitoring serves to promote adherence with international standards on auditing and quality control and is an essential part of effective regulation of the profession. The enhancement of the accounting profession in Guyana will ultimately serve to support national development efforts,” ICAG President Alli is quoted as saying.
