IN AN effort to meet the increasing challenges facing the accountancy profession globally, plans are being advanced for a regional practice monitoring system to enhance the regulatory capacity of the profession in the Caribbean.
The proposed regional practice monitoring system, which is being initiated by the Institute of Chartered Accountants of the Caribbean (ICAC), was among the key topics discussed at the recently held 21st Caribbean Conference of Accountants, at the Ritz-Carlton Golf and Spa Resort Hotel, Montego Bay.
The ICAC Board of Directors at its Annual General Meeting, held prior to the two-day Conference, agreed to advance efforts towards preparing the legislative framework of territorial institutes in the region in order to facilitate the implementation of the regional practice monitoring system. A project team will also be established to develop and implement a detailed plan of action for the establishment of the practice monitoring system.
The team will comprise the ICAC President and Chief Executive Officer as well as representatives from Trinidad and Jamaica. According to outgoing ICAC President, Joel Edwards, "Inherent in the regulatory process is the understanding that for any system to be effective, action needs to be taken where deficiencies are identified. Efforts are, therefore, being made to ensure that the regulatory framework in the respective territories are harmonised so that a 'level playing field' is established for the effective operation of the regional monitoring system."
With regards to the harmonisation of accountancy qualifications in the region, the ICAC Board of Directors is developing an approved list of accountancy qualifications as routes of entry to member institutes in the region and all Institutes will be persuaded to adopt this list. This is expected to be in place as part of the internal regime arrangements in preparation for the Caricom Single Market and Economy (CSME) and the Free Trade Agreement of the Americas (FTAA).
At the annual general meeting, Elson R. Jordan from Barbados was elected the new ICAC President for 2003/2004. Linroy Marshall, vice-president, Institute of Chartered Accountants of Jamaica and Jamaica's Director was elected vice-president while Mariano Browne from Barbados will continue to serve as treasurer and Harryram Parmesar from Guyana as secretary.