The Institute of Chartered Accountants of the Caribbean (ICAC) in collaboration with the International Federation of Accountants (IFAC), hosted its annual consultative meeting with the leadership of professional accountancy organisations (PAOs) in the Caribbean on June 23, 2015 at the Hyatt Regency Hotel, Trinidad.
The meeting, which was attended by Presidents, Chief Executives and other representatives of PAOs facilitated discussions on key issues and challenges facing the accountancy profession, regionally and internationally. The featured presenters were:
Frank Myers, ICAC President, who addressed the topic, The Role of the Profession in Promoting Good Governance & Accountability in the Region; Joseph Kizito, Lead Financial Specialist at the World Bank, who spoke on the topic, Role of the ICAC in encouraging regional governments to adopt IPSAS towards achieving greater accountability and transparency; Sylvia Tsen, Senior Director, Quality and Member Relations at IFAC, who presented on IFAC Strategic Objectives; Manuel Arias, Analyst, Quality & Membership at IFAC, who presented A Preview of IFAC’s New Compliance Program; and Misha Lobban Clarke, ICAC CEO who presented an ICAC Update: What Have We Accomplished?
ICAC President, Frank Myers, in his presentation on The Role of the Profession in Promoting Good Governance and Accountability in the Region, noted that “...there is no question that the profession has a significant role to play in promoting good governance and accountability. We have a role to play in advocacy and training, not only for our members, but also for the leadership of all organizations and entities, both in the public and the private sectors. We must lead by example and that is the reason that we at ICAC are currently in the process of reviewing our governance structure.”
Sylvia Tsen (centre), Senior Director, Quality and Member Relations at IFAC, discussing IFAC’s Strategic Objectives with participants. Looking on are Manuel Arias, Analyst, Quality & Membership at IFAC (at left) and Frank Myers, President, ICAC (at right). He added that as a stakeholder that has the ability to bring about change for the better, the accountancy profession must act in the public interest. “We must be prepared to take on the responsibility for enlightening the public as to what they should expect not only from those entities in which they invest, but also from governments, which wield state power over their incomes. We must also be prepared to ensure that our members are familiar with current trends in governance and accountability and leading by example,” Mr Myers stated.
Joseph Kizito, Lead Financial Specialist at the World Bank in his presentation stressed the importance of strengthening public financial management systems within the region. He noted that strengthening public sector accounting systems can lead to better management of risk within the public sector, enhance government credibility and trustworthiness and reduce corruption and waste of public resources. He highlighted ways in which the ICAC and PAOs across the region can play a key role in encouraging governments to improve public sector financial management through the adoption and implementation of international public sector accounting standards (IPSAS).
Joseph Kizito, Lead Financial Specialist at the World Bank, delivers a presentation on the “Role of the ICAC in encouraging regional governments to adopt IPSAS towards achieving greater accountability and transparency” during the regional PAO meeting hosted by ICAC and IFAC. ICAC CEO, Misha Lobban Clarke provided an overview of the role and objectives of the ICAC as a regional accountancy organization, as well as the successful initiatives undertaken by the ICAC to support member bodies (PAOs) in the region and the development of the regional accountancy profession.
Sylvia Tsen, Senior Director, Quality and Member Relations, IFAC, stressed the importance of implementing good accounting standards globally, noting that “sound financial reporting will provide an organization–wide view of health, performance and prospects [additionally] the value of professional accountants will be based on their ability to provide a holistic perspective”.
Manuel Arias, Analyst, Quality & Membership at IFAC spoke on IFAC’s Statements of Membership Obligations (SMOs) that are aligned with international standards and provide key focus on areas such as benchmarks for PAOs, enabling high quality performance by professional accountants, and driving the sustainable development of the accountancy profession globally.
He also spoke on the role of the Compliance Advisory Panel (CAP) which oversees and provides advice to IFAC Compliance staff regarding the implementation and operation of the IFAC Member Body Compliance Program and collaboration with Regional Organizations and Accountancy Groupings. He also provided an overview if IFAC ‘s Dashboard Report Initiative which involves the use of Dashboard Reports (DBRs) and related methodology to monitor and assess the status of adoption of international standards and best practices in specific jurisdictions as well as IFAC member bodies’ compliance with the SMOs.
Following the presentations there was a discussion forum in which participants shared experiences, challenges being faced by PAOs in the region and opportunities for collaboration between IFAC, ICAC, the World Bank and PAOs.
The consultative forum was followed by a one on one session with representatives of regional institutes (PAOs) and the IFAC staff led by Sylvia Tsen, Senior Director, Quality and Member Relations.
Representatives of PAOs in the Caribbean as well as ICAC affiliates from the UK, USA and Canada who participated in the 2015 ICAC/IFAC Regional Consultative Forum.
