The Institute of Chartered Accountants of the Caribbean (ICAC) in collaboration with the International Federation of Accountants (IFAC) hosted another successful consultative meeting with Presidents, Chief Executives and other leaders of professional accountancy organisations (PAOs) in the Caribbean on June 4, 2014 at the Torarica Hotel, Paramaribo, Suriname.
The meeting of regional PAOs, which is held annually in conjunction with the ICAC’s Annual Caribbean Conference, facilitates the sharing of ideas and discussions on key issues and challenges facing the regional accountancy profession. The meeting also serves to facilitate the building of relationships between IFAC and its member bodies (professional accountancy organisations) in the region.
In opening the meeting, ICAC President, Frank Myers, delivered a detailed presentation on the ICAC and its role in the development of the accounting profession in the region. He noted that “ICAC is recognized by IFAC as an acknowledged accountancy grouping and was committed to supporting IFAC in building relationships with PAOs in the region.”
“These consultative meetings continue to serve as an effective means of facilitating the exchange of ideas among accountancy bodies in the region and in helping to forge collaborative partnerships and the sharing of best practices for the continued growth and development of the accountancy profession,” he added.
The featured speaker at the 2014 Regional PAO meeting was Mario Abela, Senior Policy Advisor for Public Policy & Regulation at IFAC who spoke on the role of IFAC in the development of the global accountancy profession, the need for global representation and advocacy as well as measures to enhance organizational reporting and strengthen financial reporting globally.
He noted that one of the ways in which IFAC supported capacity building and development of PAOs globally was by working closely with donor agencies and other international organisations through its MOSAIC initiative (Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration). He explained that the MOSAIC seeks to increase the capacity of PAOs in partner countries to improve the quality of public and private sector accountancy and financial management, with a view toward enhancing the effectiveness and efficiency of donor assistance, contributing to economic growth, and reducing poverty.
Mario also informed participants that IFAC received a grant in 2013 from the UK Department for International Development (DFID) to strengthen the development of PAOs in at least 10 countries in four regions: Asia, the Caribbean, the Middle East and North and Sub-Saharan Africa. IFAC will facilitate, coordinate, and supervise the capacity building programs and provide technical support, including peer-to-peer support by more established PAOs, including those in the UK.
Following discussions on the challenges facing the accountancy profession in the Caribbean, the group shared mutual consensus on the following issues:
- There is a need for greater transparency in financial reporting, particularly in the public sector;
- There is greater need for professional accountants to head public sector entities;
- The regional profession needs to join international institutions to urge Governments in the region to implement the necessary institutional arrangements required to enhancepublic sector financial management, transparency and accountability.
The regional consultative meeting was attended by representatives of professional accountancy organizations (PAOs) in the Caribbean as well as representatives from the World Bank and ICAC’s affiliate member bodies in Canada and the United Kingdom.
