Institute of Chartered Accountants of the Caribbean
Encyclopedia
The Institute of Chartered Accountants of the Caribbean (ICAC) is an association of accounting organizations in the Caribbean
region that promotes professionalism and standards of best practice in the region.
Aims are to promote international standards for best accountancy practices, to build a strong and cohesive Accountancy profession, and to encourage exchange of ideas and information between accountants who belong to the member bodies.
The ICAC supports self-regulation based on a regional monitoring program, and encourages standardization of qualifications and professional conduct rules.
The institute seeks to give leadership on issues that affect the accounting profession in the region.
at the end of 2001, ICAC came under increasing pressure to improve oversight of the accounting industry.
In July 2003 ICAC was planning to introduce a regional practice-monitoring system to enhance the regulatory capacity of the profession.
After a number of corporate failures during the late-2000s financial crisis
, ICAC announced a scheme in November 2008 under which all members of the accounting Institutes in Barbados, Guyana and Trinidad and Tobago who performed audits would receive at least one monitoring visit during the six-year period starting in 2009.
As of 2009, all Caribbean islands that are part of ICAC had to undergo peer review except Jamaica, which was regulated by a public accountant oversight board.
ICACs emphasis on self-regulation and peer review has been criticized, since it is difficult to guarantee independence with the small numbers of professional accountants in each member state.
In 2006, ICAC was helping its member institutes to prepare for the Caribbean Single Market (CSM).
The ICAC 2011 annual meeting, held in the Jamaica Pegasus Hotel in Kingston on 23–25 June 2011, attracted about 1,000 accountants from across the region.
Affiliates are
As of 2008 ICAC was continuing membership discussions with the Cayman Islands Society of Professional Accountants
from the previous year, and was also discussing membership with the recently formed British Virgin Islands Association of Professional Accountants (BVIAPA) and Suriname Association of Accountants (SUVA).
The Suriname Association of Accountants was an associate of ICAC in 2011.
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
region that promotes professionalism and standards of best practice in the region.
Purpose
The ICAC was incorporated as a company on October 28, 1988 under the laws of Jamaica.Aims are to promote international standards for best accountancy practices, to build a strong and cohesive Accountancy profession, and to encourage exchange of ideas and information between accountants who belong to the member bodies.
The ICAC supports self-regulation based on a regional monitoring program, and encourages standardization of qualifications and professional conduct rules.
The institute seeks to give leadership on issues that affect the accounting profession in the region.
Activities
Following the meltdown of EnronEnron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
at the end of 2001, ICAC came under increasing pressure to improve oversight of the accounting industry.
In July 2003 ICAC was planning to introduce a regional practice-monitoring system to enhance the regulatory capacity of the profession.
After a number of corporate failures during the late-2000s financial crisis
Late-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
, ICAC announced a scheme in November 2008 under which all members of the accounting Institutes in Barbados, Guyana and Trinidad and Tobago who performed audits would receive at least one monitoring visit during the six-year period starting in 2009.
As of 2009, all Caribbean islands that are part of ICAC had to undergo peer review except Jamaica, which was regulated by a public accountant oversight board.
ICACs emphasis on self-regulation and peer review has been criticized, since it is difficult to guarantee independence with the small numbers of professional accountants in each member state.
In 2006, ICAC was helping its member institutes to prepare for the Caribbean Single Market (CSM).
The ICAC 2011 annual meeting, held in the Jamaica Pegasus Hotel in Kingston on 23–25 June 2011, attracted about 1,000 accountants from across the region.
Membership
Members are- Bahamas Institute of Chartered AccountantsBahamas Institute of Chartered AccountantsThe Bahamas Institute of Chartered Accountants is a professional body that regulates the accountancy industry in the Bahamas.In theory anyone approved by the relevant government ministry can act as an independent auditor, but in practice, all auditors are members of BICA.-History:BICA was formed...
, - Institute of Chartered Accountants of BarbadosInstitute of Chartered Accountants of BarbadosThe Institute of Chartered Accountants of Barbados is a professional accountancy body in Barbados. It is the sole organisation in Barbados with the right to award the Chartered Accountant designation....
, - Institute of Chartered Accountants of BelizeInstitute of Chartered Accountants of BelizeInstitute of Chartered Accountants of Belize is a professional accountancy body in Belize. It is the sole organization in Belize with the right to award the Chartered Accountant designation....
, - Institute of Chartered Accountants of the Eastern CaribbeanInstitute of Chartered Accountants of the Eastern CaribbeanThe Institute of Chartered Accountants of the Eastern Caribbean is a professional accountancy body formed on June 17, 2004 representing accountants in the Eastern Caribbean, including Grenada, St Kitts & Nevis, St Lucia and Antigua & Barbuda....
, - Institute of Chartered Accountants of GuyanaInstitute of Chartered Accountants of GuyanaThe Institute of Chartered Accountants of Guyana is a professional body in Guyana that regulates the accountancy industry and arranges for ongoing training of its members.-History:...
, - Institute of Chartered Accountants of JamaicaInstitute of Chartered Accountants of JamaicaThe Institute of Chartered Accountants of Jamaica is a professional accountancy body in Jamaica. It is the sole organisation in Jamaica with the right to award the Chartered Accountant designation.-History:...
and - Institute of Chartered Accountants of Trinidad and TobagoInstitute of Chartered Accountants of Trinidad and TobagoThe Institute of Chartered Accountants of Trinidad and Tobago is a professional accountancy body in Trinidad and Tobago. It is the sole organization in Trinidad and Tobago with the right to award the Chartered Accountant designation....
.
Affiliates are
- American Institute of Certified Public AccountantsAmerican Institute of Certified Public AccountantsFounded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
, - Certified General Accountants Association of CanadaCertified General Accountants Association of CanadaThe Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
(CGA), - Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
, - Institute of Chartered Accountants in England and Wales
- Certified Management Accountants of Nova Scotia, Bermuda, and the Caribbean.
As of 2008 ICAC was continuing membership discussions with the Cayman Islands Society of Professional Accountants
Cayman Islands Society of Professional Accountants
The Cayman Islands Society of Professional Accountants is a professional association of accountants in the Cayman Islands, a British Overseas Territory in the Caribbean...
from the previous year, and was also discussing membership with the recently formed British Virgin Islands Association of Professional Accountants (BVIAPA) and Suriname Association of Accountants (SUVA).
The Suriname Association of Accountants was an associate of ICAC in 2011.