Dear Editor,
I am in the planning stages of gathering authoritative information for my next reference book on Guyana titled “A History of Accounting and Auditing in Guyana: 1854-2024” .
It is expected to show the growth and development of accounting, accounting schools and education, regulation, accounting standards, professional firms, the professional associations and profiles of some of Guyana’s most outstanding accountants over the years in both the private and public sectors. Such accounting notables like W.G. Stoll, Edgar Heyliger, Yesu Persaud, Jack Alli, Ronald Alli, A.M.S. Barcellos, John G. Barcellos, Noel Barcellos, Noel Narine, R.P. Farnum, Nizam Ali, V. J. Gangadin, Hazel Featherstone, Ramesh Lall, Sammy Singh, Paul Chan-A-Sue, Allan Luck, Komal Samaroo, Chris Ram, Anand Goolsarran, and many more greatly influenced the accounting landscape in Guyana and played a pivotal role in shaping the local profession. These dedicated group of individuals have served in leadership roles, greatly contributed to the development of accounting, and provided mentorship to generations of Guyanese accountants.
It was through the pioneering efforts of some that such outfits like the British Guiana Association of Accountants started in the early 1950s and eventually gave rise to the Guyana Association of Accountants and ultimately the Institute of Chartered Accountants of Guyana (ICAG) in 1974, established to oversee the profession of accounting in the country. ICAG was an enabler to put Guyana on the map in the world of accounting by being a signatory and member of the Institute of Chartered Accountants of the Caribbean and the International Federation of Accountants. Their vision, leadership, and passion for the profession have been echoed in the enduring values of accounting and serve as an inspiration to ICAG members past and present.
Sound accounting practices have been a key factor in the growth and development of a country and are the backbone of a successful business.
By 1900, accountancy was well established as a profession. The auditor’s role was consolidated in Britain with the passage of the Companies Act in 1900 which mandated annual audits for all registered companies. This move enabled the accountancy and auditing profession to rise and be the engine of economic growth.
In addition, by early 1900s and increasingly thereafter, annual financial statements had become the raison d’etre of book-keeping systems. Across the Atlantic, in 1934, the Securities and Exchange Commission (SEC) in the U.S. also required public companies to have their financial statements audited by certified public accountants (CPAs). With the advent of such compulsory auditing, accountants became ubiquitous and their professional status rose. Since most corporations operating in Guyana had their parent companies in Great Britain or North America, it was natural that their accounting and auditing efforts be extended to their branches overseas.
In 1910, Fitzpatrick, Graham, Greenwood & Co. (later known as Pannell Fitzpatrick & Co.) was the first firm of Chartered Accountants to be set up in Guyana. The firm was made up of British chartered accountants James Fitzpatrick, Henry Graham, Thomas Greenwood, and Stanley Heald. Since then, several local bookkeeping, accounting, chartered secretary, taxation, and business advisory firms took roots.
A range of issues and events around the world in the areas of laws, regulations, crises, and frauds helped shape accounting and its landscape in Guyana as well. In addition, several other local factors impacted accounting and auditing in Guyana over the years. E.g., the political landscape, emigration of Guyanese accountants, importing accountants and auditors from India and Sri Lanka in the 1970s and 1980s, nationalisation, National Service, international agencies, cultural issues, and others. I intend to capture as much of these to bring all these factors to light in a published book. There might be good information relating to these two areas in earlier publications gathering dust in some homes in Guyana or others abroad. As such, I would like to hear from those who may have an interest in this worthwhile project or who may have information I can leverage.
Yours faithfully,
Lal Balkaran
Scarborough, Ontario
lalbalkaran@rogers.com
