The Public Accountancy Board is a professional body for accountants in Jamaica. Its members adhere to a code of professional standards issued by the International Federation of Accountants. The Board oversees the profession and promotes high-quality professional standards. The board also promotes professionalism through its Code of Ethics for Members.
Accounting standards committee
The Accounting Standards Committee of the Jamaica Public Accountancy Board (ICAJ) has jurisdiction over accounting standards in the country. It shares responsibility with the Public Accountancy Board for quality assurance reviews, investigations, ethics, and continuing professional development for Public Accountants. The ICAJ has been around since 1968 and has been active in accounting standards development throughout the region.
ICAJ’s members include Cynthia Barrett, who is a member of the Accounting Standards Committee. She provides IFRS accounting advisory services to a number of public clients in the island, and is a partner in KPMG’s IFRS advisory practice. She also serves on the Institute’s Continuing Professional Development Committee.
The AICPA’s Accounting Standards Committee develops standards and procedures for audited financial statements. The committee works with the state CPA societies to enforce the Code of Professional Conduct. The committee has a board of at least 36 members and is responsible for adjudicating disciplinary complaints against AICPA members.
The International Accounting Standards Committee is an independent group of accounting standards bodies representing over 150 member organizations in 112 countries. Its aim is to harmonize international accounting standards. Its committee issues International Standards on Auditing and other guidance for accountants. It also organizes a World Congress of Accountants every five years to encourage the adoption of high quality practices by the accountancy profession.
Practice monitoring program
The practice monitoring program for the Jamaica Public Accountancy Board is a process in which the Board examines the performance of individual members and firms in accordance with international standards. It consists of visits to firms to identify deficiencies, and the monitoring team advises on remedial actions. If a firm does not improve, regulatory action may be taken. The program focuses on six-year cycles and includes follow-up visits.
In 2011, the Public Accountancy Board launched a Practice Monitoring Program in collaboration with the Institute of Chartered Accountants of Jamaica (ICAJ) and the Association of Chartered Certified Accountants (ACCA). The objective of the practice monitoring program is to increase public confidence in the quality of accounting and financial reporting in Jamaica. It is administered by the ACCA, a professional body that has extensive experience in audit monitoring. Its monitoring program complies with IFAC’s SMO 1 and the European Union Statutory Audit Directive. The ACCA is an international body that has been appointed by national regulators in thirteen countries.
PwC is a highly respected and well-known professional firm in Jamaica. Its growth over many years has helped it develop into a major contributor to the nation’s development. It has also been a good training ground for young accountants. The firm’s training seminars are highly valued and attended by hundreds of finance professionals.
Members
The Public Accountancy Board of Jamaica is a public body that promotes the standards of professional conduct among registered public accountants in the country. The Act provides for the appointment of ten members, each appointed by the Minister of Finance, to carry out its mandate. The Act also establishes a registry for qualified persons to practice public accounting in the country. Members of the Board must be qualified to practice in the country.
Members of the Board are governed by the Code of Ethics for Members of the Institute of Chartered Accountants of Jamaica. It was adopted by the Institute to encourage the members to practice high-quality professional standards and ethics. Members of the Jamaica Public Accountancy Board are required to follow this code. Further, members of the board are required to attend regular professional development workshops to maintain their professional credentials.
The board’s members include Dr. Michael Brown, who is a former president of the Institute of Chartered Accountants in Jamaica and recipient of the Order of Distinction. He has served as a member of the Public Accountancy Board for over a decade. He has also served as the Treasurer and Secretary of the Private Sector Organization of Jamaica. In addition, he has served as a member of the Parliamentary Integrity Commission for nine years and has been involved in the Fair Trading Commission’s first three years.
In addition to being a member of the Board, Dr. John McLean, a former president of the Institute of Chartered Accountants in Guyana, is also a member of the Board. He is currently the Managing Partner of HLB Galanis & Co. He also serves on the ICAG Council.
Financial results
The Public Accountancy Board is a public body that promotes the highest ethical and professional standards for public accountants registered in Jamaica. It is mandated by the Public Accountancy Act of 1968 and has ten members appointed by the Minister of Finance. The Board also regulates the practice of public accountancy in Jamaica.
The board has a diverse membership. The members’ experience and backgrounds range from accounting to public administration. Eric Williams has served on several boards including the Public Accountancy Board and the Jamaica International Financial Services Authority. He is also a commissioner of the Integrity Commission and chairs its Audit and Finance Committee. He is a Fellow of the Institute of Chartered Accountants of Jamaica.
Lanigan
Aidan Lanigan is a long-time member of the Public Accountancy Board and contributed to several legislative reforms. In addition, he served as a member of the Council of Chartered Accountants of Jamaica and was chairman of the Joint Taxation and Accounting Standards Committee. The Institute of Chartered Accountants of Jamaica named him an Honorable Auditor in 1976.
The Public Accountancy Board is a government body that regulates the practice of public accounting in Jamaica. It was created in 1968 and is responsible for promoting high standards of professional conduct and practice for accountants registered in the country. The Board consists of ten members appointed by the Minister of Finance.
In 2013, the Board named Lanigan Chairperson. He has been a member of the Board for nine years. Prior to this, he was Executive Director of the Jamaica Chamber of Commerce. He has also served as a member of the Bar and the Legal Council of Jamaica. In addition, he was also a member of the Institute of Management Consultants of Jamaica.
Before joining the Board, Lanigan worked for several companies in Kingston. While at Denoes and Geddes, he served as the company’s Managing Director from 1968 to 1973. From 1978 to 1993, he was Marketing Director for Jamaica Broilers. He was married to Winsome Walters on August 26, 1967. They have two daughters. Their business address is 25 Dominica Drive and their residence is 20 Banana Walk, Kingston.
ICAJ
ICAJ, or the Institute of Chartered Accountants of Jamaica, is the regulating body for the accountancy profession in Jamaica. It is also the sole agent of the Public Accountancy Board. In its lobby paper, titled “Legal and Administrative Framework for the Practice of Accountancy in Jamaica,” the Institute of Chartered Accountants of Jamaica advocates that the Public Accountancy Board is given increased powers and responsibility over the profession.
The ICAJ is undergoing changes to meet the international accounting standards. The Institute’s website has been updated, and it has expanded its student affairs and continuing public education activities. However, its cash flow is being negatively affected. It must continue its work with minimal funding and it must maintain administrative costs.
The ICAJ has increased the number of its members in recent years. There has been a steady increase in the number of students and members. However, it has faced criticism for not taking appropriate action to remedy a glaring error with the tax authority. In addition, Staple did not contact Simes after his March 2018 letter informed him of the case of misappropriation at his office.
The ICAJ has a number of positive aspects. These include increased membership fees and growing demand from members and students. It also has to raise its service levels. The ICAJ Council recently recommended increases in membership fees and other fees to meet these challenges. The increases came into effect in April.
