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Institute Of Chartered Accountants Of Barbados

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Presentation by Lisa Padmore, President, Institute Of Chartered Accountants Of Barbados.

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Institute Of Chartered Accountants Of Barbados

  1. 1. INSTITUTE OF CHARTERED ACCOUNTANTS OF BARBADOS (ICAB) Lisa Padmore, FCPA, FCGA President
  2. 2. Page 2 ICAB presentation13 February 2016 ICAB’s Story • ICAB: Who are we? • SMO implementation • Successes stories • Challenges on our journey to full SMO adoption • PAO Management • Plans for the future
  3. 3. Page 3 ICAB presentation13 February 2016 Barbados
  4. 4. Page 4 ICAB presentation13 February 2016 Barbados  166 square miles  Population: 286,000  Language: English  Independence in 1966  Service oriented economy
  5. 5. Page 5 ICAB presentation13 February 2016 ICAB • Established November 1974 by Act of Parliament • Regulator and standard setter • Strong advocacy role • 864 members; 981 student members • Secretariat: 1 Executive director; 3 admin. staff • Council: not more than 15 persons • Several committees of councils, consists primarily of volunteers in the profession.
  6. 6. Page 6 ICAB presentation13 February 2016 Affiliations • IFAC membership in June 1981 • Institute of Chartered Accountants of the Caribbean (ICAC) membership in October 1988
  7. 7. Page 7 ICAB presentation13 February 2016 SMO 1: Quality Assurance Successes  Tripartite monitoring contract between ICAB, ICAC and ACCA commenced in January 2009  Engagement reviews and firm compliance with ISQC 1  Over last 6 years each practising accountant has been reviewed at least once  Practice monitoring & ISAs workshops  Appointed Practice Monitoring Committee to administer programme (semiautonomous)  Adverse monitoring reports will be directed to the Disciplinary Committee  New monitoring contract renewed in late 2015  Auditors of PIEs to be reviewed at least once every three (3) years  Auditors of non-PIEs every six (6) years Challenges  Self-regulation  Public perception
  8. 8. Page 8 ICAB presentation13 February 2016 SMO 2: IAESB Successes  Adoption of IES7  40 hours/year or 120 hours/3 years  iMIS  Database to manage CPD hours  Invoicing for CPD events  Attendance at CPD events  CPD Committee  Determines calendar of CPD events annually  Manages the budget for CPD  Performs audits of randomly chosen members’ CPD Challenges  Do not carry out our own education programme  Joint Examination Scheme with ACCA since 1982  No local assessment of knowledge in taxation and law
  9. 9. Page 9 ICAB presentation13 February 2016 SMO 3: International Standards and Other Pronouncements Issued by the IAASB Successes  National standards = all pronouncements by IAASB  A&A Standards Committee  Reviews and responds on exposure drafts  Annual update event in September on ISAs Challenges  Technical resources are volunteers  Full time resource  Cost vs benefit  ICAC plan to employ this resource at their level
  10. 10. Page 10 ICAB presentation13 February 2016 SMO 4: IESBA Code of Ethics for Professional Accountants Successes  Adoption of clarified IESBA Code of Ethics 2009  Ethics update included in annual calendar of CPD Challenges  Part of larger project: comprehensive overhaul of ICAB’s By-Laws, Rules & Regulations  Self-financed  Consultation with members of Bar Association of Barbados
  11. 11. Page 11 ICAB presentation13 February 2016 SMO 5: IPSAS Successes  Accrual accounting in 2007  Financial Management & Audit Act identified IPSAS as the GAAP for the public sector  Member of steering committee established to manage the IPSAS project  Public Sector Committee  Focuses ICAB’s attention on this sector (attraction of members, specific CPD and other training events) Challenges  Political will for change at an acceptable pace
  12. 12. Page 12 ICAB presentation13 February 2016 SMO 6: Investigation and Discipline Successes  ICAB Act amended in 2007  3 special committees “empowered”  Investigations  Disciplinary  Appeals  Independent of council  Non-accountants included in disciplinary committee Challenges  By-Laws review is still in progress  Working set of procedures not completed as yet  Not all accountants in Barbados are members of ICAB  No jurisdiction for disciplinary action
  13. 13. Page 13 ICAB presentation13 February 2016 SMO 7: IASB Successes  Full adoption  IFRS  IFRS for SMEs  Provides responses on exposure drafts  Annual update IFRS event in September Challenges  Technical resources are volunteers  Full time resource  Cost vs benefit  ICAC plan to employ this resource at their level
  14. 14. Page 14 ICAB presentation13 February 2016 PAO Management Initiatives • Strategic planning • The 2016 – 2018 plan is our 2nd 3-year plan • Quarterly reporting to Council on Action plan • Annual reporting to members • Governance • Development of a framework for effective committees • Independence and conflict of interest policies • Annual survey of members of Council and Committees • Ethics, Governance & Risk committee compiles survey results and presents recommendations to Council for implementation • Other • Revamping Staff Handbook, Performance Appraisal Programme
  15. 15. Page 15 ICAB presentation13 February 2016 In the future… • Completion of By-Laws review • Reciprocal arrangements • Improving financial literacy in general public • Supporting initiatives in public sector • Timeliness of financial statement preparation • Completion of audits • Accountability • Increasing head count in Secretariat • Establish a new home for ICAB • Public sector initiatives e.g. award for public sector entities to encourage timely financial reporting

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