The Institute of Chartered Accountants of Jamaica (ICAJ) is the professional accountancy body for Jamaica. It is the only organization in the island with the power to grant the Chartered Accountant designation. As such, members of this body are held to a high standard and are expected to comply with international accounting standards.
ICAJ
If you are thinking about becoming a Chartered Accountant in Jamaica, you need to know more about the Institute of Chartered Accountants of Jamaica (ICAJ). This is the only organization in the country with the authority to award the designation. It is one of the highest credentials that a professional in the industry can have.
The ICAJ was established in 1968. It serves as the primary regulator of the profession and is responsible for establishing the standard for accountancy in Jamaica. Together with the Public Accountancy Board, it shares responsibility for quality assurance reviews, investigations, and disciplinary procedures. It also oversees the continuing professional development of Public Accountants. The ICAJ is a member of the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of the Caribbean.
The Institute of Chartered Accountants of Jamaica is a not-for-profit organization with eight members. It also has three affiliates and one associate member. Membership is open to all aspiring, and practicing Chartered Accountants, to order to maintain the highest standards in the profession. The institute also holds regular events to promote professional development and promote accounting excellence.
The ICAJ was formed to represent the interests of accountants in Jamaica. It was originally founded as a competing body with the ACCA. This resulted in an agreement between the two bodies. This agreement allows Jamaican accountants to work in CARICOM member states. While this agreement did not allow them to transfer their pensions, the ICAJ has been actively involved in discussions on how pensions can be made portable.
IFRS
The Institute of Chartered Accountants of Jamaica is one of a handful of institutions in the Caribbean that has not yet adopted IFRS. While many other jurisdictions have begun adopting IFRS, Jamaica is one of the last. Despite this, it is expected that the Institute will implement IFRS by the end of 2018. The change will be a significant step forward for the profession and will likely result in more jobs being created.
The adoption of IFRS will help the ICAJ maintain their position as a credible source of financial information and a source of information for investors. It will also improve the quality of financial reports. The new standards will also help firms and investors avoid financial fraud. The ICAJ will continue to develop its educational curriculum to reflect IFRS.
A seasoned accounting professional, Mr. Hamil has over 20 years of experience. He began his career as a retail Inventory Control Manager before pursuing his BBA in accounting at the University of Technology, Jamaica. He has a wealth of knowledge and experience to share with aspiring and seasoned practitioners alike.
In addition to IFRS, he has been involved in numerous audit engagements for entities listed on the Jamaica Stock Exchange and regulated by the Financial Services Commission. He has also led a multi-location audits for large financial institutions with operations in Europe and Bermuda. In addition, he has conducted numerous presentations and seminars educating the public about taxation trends. He loves current affairs and football.
Conflicts between ‘certified’ and ‘chartered’ elite groups
This was the main intention of the ICAJ’s establishment, which sought to protect the interests of Jamaican accountants and compete with the ACCA. However, the clause was weakened by the fact that the majority of the country’s accountants sided with the UK-based ACCA. In turn, the ACCA gained control of the ICAJ and changed its commitments from that of a caretaker to that of a landlord.
The ICAJ’s ‘certified’ and ‘chartered,’ elite groups had long fought each other. The former wanted to establish a ‘native’ accounting body for Jamaica, which would set its own professional examinations and credential potential accountants. The latter group, however, wanted to replace the colonial bodies that had previously governed the island’s accounting profession.
ICAJ’s relationship with ACCA
ACCA is a globally recognized professional body and a member of the Consultative Committee of Accountancy Bodies. In most countries, members of these bodies are legally equivalent to those who hold a local designation. This recognition varies from country to country, but ACCA members often have an advantage when applying for job vacancies. ACCA members also often gain advanced standing in accountancy examinations in their home countries. Depending on the jurisdiction, this could negate the need for local designation.
In 1975, ICAJ and ACCA met and decided that a master’s degree program would be developed for accountants. This program would cover the requirements of the ICAJ’s final professional examinations. The program was launched in 1975 and has produced a steady stream of accountants. However, the unification of the UK profession did not materialize, and ACCA was keen to recapture the market that was once under the empire.
The ICAJ and ACCA have an ongoing relationship. Both organizations strive to improve the profession of accountants. ACCA is an international organization, with members in over 150 countries. ACCA’s mission is to develop the skills and knowledge of accountants in every part of the world.
The relationship between the ICAJ and ACCA has a complex history. After Jamaica gained independence, the ICAJ’s attempts to localize the accountancy profession failed, as many members were loyal to the ACCA. ACCA was not willing to risk losing its once-empire of the accountancy profession in Jamaica if the ICAJ was to gain independence.
ICAJ’s involvement in the Money Laundering Act
Increasing anti-money laundering measures is crucial in the fight against global financial crime. These measures include financial transaction reporting systems, strengthening the role of the financial sector, and increasing international cooperation. These measures will also help build a national anti-money laundering system that is flexible enough to detect new schemes. However, the effectiveness of such a system will depend on the cooperation between various jurisdictions.
Money laundering is the process of processing illegal proceeds through a legal financial system in order to hide the origin of the money. For example, a drug trafficker may disguise the proceeds of a drug deal by mixing them with profits from a legitimate restaurant. This process is crucial to organized crime operations, without which they would be difficult to detect.
Money laundering occurs through a process that begins with cash and layers it through several financial transactions until it is fully integrated into the financial system. Once it has been fully integrated into the financial system, the criminal proceeds are then returned to the perpetrators. In some instances, the money may end up in the hands of the victim through a legitimate transaction.
