Betty BrathwaitePresident – Institute of Chartered Accountants of the Caribbean (ICAC)CReCER 2012, Nicaragua

Quality Assurance.Designing and building effective oversight systems …avoiding risky business!

Introducing the Institute of Chartered Accountants of the Caribbean (ICAC)

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Presentación del Instituto de Contadores Públicos de El Caribe

The strategic objectives of the ICAC are to:

* Promote internationally acceptable standards of best practice for the accountancy profession within the region;

* Foster a strong, cohesive and self-regulated regional accountancy profession;

* Implement and coordinate an effective regional monitoring programme for practicing accountants in the region;

* Promote an institutional framework under the umbrella of territorial Institutes within which individual accountants may associate and participate for mutual professional and fraternal benefit;

* Standardize the qualification entry requirement and rules of professional conduct among member Institutes; and

* Provide leadership on emerging issues as they affect the accounting profession in the region.

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Why a regional practice monitoring programme…

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¿Por qué regional practicar el sistema de vigilancia en el Caribe?

• Enhance the capacity of the regional accountancy profession; an ICAC priority.

• Improve standards and ensure an efficient quality assurance review system within the regional accountancy profession.

• Ensures that ICAC member Institutes fulfil IFAC’s SMO requirements

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Practice Monitoring

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Supervisión práctica

Quality Assurance : Designing and Building Effective Oversight Systems

1. Pre-requisites

Registration and licensing scheme

Mandatory relevant standards

2. Oversight system options

Firm peer review

Monitored peer review

Independent oversight

Professional body oversight

“To achieve more credibility and demonstrate the integrity of their professional body oversight, ICAC bodies should seek in future to set up public oversight of their

regulatory activities.”

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Supervisión práctica

3. Human resources

Competence

Free from conflicts of interest

Training

Technical support and quality control

4. Methodology and quality control

Ensure that – all standards QA procedures performed; adequate

documentation; proper evaluation; consistent reporting; timing between

reviews.

To preserve the integrity of the QA programme, it is essential that the conclusions and recommendation of every QA review undertaken is reliable and firms are assessed in a

consistent basis.

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5. Regulatory framework, supervision and enforcement

Every QA needs to include appropriate powers to persuade firms to make the

necessary improvements or lose the right to audit.

* The importance of monitoring visits.

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Supervisión práctica

Summary

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The Key Requirements / Los requisitos clave

Highly competent and trained staff.

The use of effective methodologies and quality controls to ensure consistency and reliability of QA results.

A robust regulatory framework that supports appropriate levels of supervision and enforcement, as and when required.

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© 2012 Deloitte & Touche

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