The Institute of Chartered Accountants of the Caribbean (ICAC) was established under the laws of Jamaica and incorporated as a company on October 28, 1988.
Today, with eight member institutes and a network of approximately 4,000 accountancy professionals, the ICAC is the leading regional organization dedicated to advancing the interest of accountants within the Caribbean through the promotion of internationally acceptable standards and best practices, thought leadership, research and continuing professional development.
The objectives of the ICAC are to:
- Promote internationally acceptable standards of best practice for the accountancy profession in the Caribbean region.
- Foster a strong, cohesive and self regulated regional accountancy profession.
- Implement and coordinate an effective regional monitoring programme for practicing accountants in the region
- Promote an institutional framework through its annual conference for accountants in the region to participate for mutual professional and fraternal benefit
- Standardize qualification entry requirements and rules of professional conduct among member Institutes
- Provide leadership on emerging issues as they affect the accountancy profession in the region.
Strategic Goals & Initiatives
The strategic goals/initiatives of the ICAC include:
- Increasing the role and contribution of the ICAC at the regional and international level;
- Repositioning and building the ICAC as a regional umbrella body;
- Forging strategic partnerships with key regional and international organizations;
- Broadening the membership base of the ICAC;
- Strengthening the institutional and thought leadership capacity of the ICAC;
- Enhancing the ICAC as a technical resource centre for its member bodies in the region; and
- Ensuring the future sustainability of the ICAC.
Initiatives being advanced by the ICAC for the benefit of the accountancy profession in the Caribbean include:
Regional Practice Monitoring Programme:
In an effort to enhance quality assurance review systems in the region, ICAC in collaboration with ACCA is implementing a practice monitoring programme in the Caribbean. This is in keeping with ICAC’s commitment to ensure that member bodies in the region are in compliance with ISQC1, ISAs and IFAC’s Code of Ethics.
The practice monitoring programme is currently being implemented in Belize, Bahamas, Barbados, Guyana, Trinidad & Tobago, Jamaica and the Eastern Caribbean. The monitoring process has been progressing very well in these territories as we continue to receive positive feedback from practitioners who have been seeing the benefits of the monitoring reviews in helping to improve their audit procedures and the quality of audits.
- ICAC Annual Caribbean Conference – provides a forum for accountants in the region to enhance their professional development and to network.
- Joint CPD programmes – hosted regionally in collaboration with member bodies in an effort to help meet the CPD training needs of members.
- ICAC in partnership with Kesdee Inc. (USA) provides online CPD training courses to accountants in the region.
Mutual Reciprocity for Caribbean Accountants:
ICAC is in the process of formalizing an agreement aimed at facilitating mutual recognition of members of regional institutes within the Caribbean. The proposed mutual reciprocity agreement is consistent with provisions for the free movement of labour under CARICOM’s protocol for the Caribbean Single Market & Economy (CSME), which encourages the removal of obstacles to intra-regional movement of skills, labour and travel and the establishing of common standards and measures for accreditation and equivalency.
Regional & International Contribution:
As an Acknowledged Accountancy Grouping, the ICAC continues to support the activities of IFAC and to encourage member institutes to fulfill their SMO obligations to that body. ICAC also continues to actively participate in IFAC meetings annually.
The ICAC continues to make a meaningful contribution regionally through its representation on the:
- Board of Trustees of the Caribbean Court of Justice Trust Fund, which comprises appointees from nine institutions representing civil society in the region.
- Board of the Caribbean Association of Industry and Commerce (CAIC), an organisation that represents the interests of the private sector in the Caribbean.
- Advisory Council of the Caribbean Actuarial Association, which comprises Caribbean regulators, representatives of major associations in the region including the insurance industry and the accountancy profession. The Advisory Council is intended to facilitate communication to organizations that use the work of actuaries in the Caribbean and assist the CAA in setting priorities in developing actuarial standards for the region.
“ICAC is the internationally recognized body for the accountancy profession in the Caribbean, with an expanding influence in the region. It regulates the profession and promotes the highest standards of professional and ethical conduct. Through thought leadership and the provision of research, CPD and other services, it adds value to its members and the wider community.”