Institute of Chartered Accountants of the Caribbean

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1 Most member territories of the ICAC have individual country membership with the International Federation of Accountants (IFAC) – a global organization of the accountancy profession comprising 157 members and associates in 123 countries and jurisdictions, representing over 2.5 million accountants.

2 Harmonisation of entry requirements for the region (a standard list of accrediting accounting bodies/accountancy qualifications have been approved and accepted by all member institutes);

3 Most member territories have adopted International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA);

4 Received Observer Membership Status within the Inter-American Accounting Association (IAA) in December 2007;

5 Recognition of ICAC by IFAC as an “Acknowledged Regional Grouping” of accountancy bodies in 2006. This is a designation held by only three other regional groupings in the world.

6 Implementation of a regional practice monitoring initiative aimed at improving audit procedures and quality assurance review systems within the regional accountancy profession.

7 ICAC continues to make an important impact on the region’s justice system through its representation as a trustee of the Caribbean Court of Justice Trust Fund (The Board of Trustees comprises appointees from nine institutions representing civil society in the region.)

8 In October 2008, ICAC joined the membership of the Caribbean Association of Industry and Commerce (CAIC) and continues to ensure that the views and interests of the accountancy profession are represented at this broader regional level.