The Business Plan which would facilitate the sustainable growth and development of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) has been finalised and over 70 executive members from all the branches of the ICAEC are now fully trained in the understanding and application of the International Standard on Quality Assurance 1 (ISQC1).
This follows the completion of the Joint ICAEC/World Bank workshops for accounting and audit professionals in the Eastern Caribbean Currency Union (ECCU) which was held at the ECCB Headquarters, St Kitts and Nevis from 27 – 31 May. The workshops were part of a World Bank sponsored project to strengthen accounting and accountability in the region.
Emanating from the workshops it was agreed that the final changes to the Business Plan, based on feedback received at the workshop, will be made and the plan disseminated to members of the institute by the end of July 2013. With respect to the Operations and Quality Assurance Manual, the participants concluded that the manual would raise the standard of the profession in the Eastern Caribbean and would serve as a working document to guide practitioners as they prepare and audit financial statements.
The ISQC1 workshop addressed the standard for accounting and audit practitioners in the performance of audits and reviews of financial statements, and other assurance and related services engagements. The areas covered included: the System of Quality Control, Relevant Ethical and Human Resources Requirements and Standards for Engagement Performance.
The participants expressed a great sense of satisfaction with the quality of the workshops and the value that was added to their professional capacity in their thrust to enhance corporate governance and in the conduct of business in the ECCU.
