The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) and the Inter-American Development Bank (IDB) recently signed a historic agreement for a three-year project aimed at strengthening Trinidad’s accounting profession. The IDB’s Multilateral Investment Fund (MIF) will provide funding in the amount of US$650,000 for the project, which is entitled, “Improving the Application of and Compliance with International Accounting and Auditing Standards”. The program comprises four main components. The first component, which was funded and initiated by ICATT in the last quarter of 2002, involved an independent assessment of accounting and auditing practices in Trinidad and Tobago. This assessment was conducted in accordance with the World Bank’s approved methodology for Reports on the Observances of Standards and Codes (ROSC). The findings provided important data, which was used to inform the content of the other components of the program.
The second component is aimed at assisting with the implementation and application of International Accounting Standards (IAS) through the development of practical tools, technical briefs as well as seminars and workshops for accountants, users of financial statements and other stakeholders. The third component of the program involves the development of an appropriate regulatory framework and the implementation of compliance reviews. The final component will focus on strengthening ICATT’s capacity to ensure the effective management of the project.
Mr. Kyle Rudden, President of ICATT, stated that the agreement represents a significant commitment by the IDB and ICATT towards improving compliance with international accounting and auditing standards, which is a necessary pre-requisite for Trinidad and Tobago’s entry into an increasingly complex global business environment. It is also critical to meeting the global demands for reliable financial reporting to support the strengthening of capital market operations. He added that in addition to improving compliance with accounting and auditing standards within the local profession, the project will also enhance the delivery of relevant services by ICATT to stakeholders involved in the preparation and use of financial statements.
Also present at the signing were Ms. Angela Lee Loy, Vice- President, ICATT; Mr. Charles Bishop, CEO Designate, ICATT; Ms. Vashtie Dookiesingh, IDB Consultant and Mr. William Robinson, Country Representative for the IDB.
