With the expansion of the business sector in the Caribbean, and the need to enhance the disciplines necessary for the incremental efficiency of the sector, the globally recognized Association of Chartered Certified Accountants (ACCA) and the regional accountancy body, the Institute of Chartered Accountants of the Caribbean (ICAC), have signed a Memorandum of Understanding (MOU) that seeks to enhance the capabilities of accountancy in a region where the focus will be on strengthening associated skills with enhanced efficiency related to the business sector.
Earlier this week news broke in the region that the two accountancy bodies had signed the agreement aimed at building capacity in the discipline even as evidence continues to unfold that the development direction of the region points to the importance of continually strengthening its accountancy capabilities. The MOU between the two accounting bodies reportedly focuses on education and training that targets capacity building in the discipline across the region. The Jamaica Observer of Wednesday November 13 report on the MOU will be regarded in the region as an important development aimed at supporting “capacity building and public value management to further strengthen the profession, advance the interests of the members of both bodies and enhance the accountancy and tax professions overall.”
According to The Observer report, the two bodies will continue “partnering with other regional bodies to deliver training aimed at improving the quality of financial reporting and regulatory compliance in the region.” Specifically, the Observer report asserts that the two accounting bodies will, as well, “participate in various educational initiatives, including annual practice monitoring training for small and medium-sized practices (SMPs),” as a means of ensuring “adherence to standards, improve quality assurance, service quality, risk management, and support professional development to sustain their competitive advantage.”
