IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

The Institute of Chartered Accountants of Jamaica

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Jamaica

2. Name of member body:

The Institute of Chartered Accountants of Jamaica

Or please specify name:

3. Individual responsible for preparation:

Mr Dennis Brown

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

01 / 1985

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

Members of: International Federation of Accountants (IFAC)
International Accounting Standards Board (IASB)
Institute of Chartered Accountants of the Caribbean (ICAC)

Affiliates of: Association of Chartered Certified Accountants (ACCA)
Association of Accounting Technicians

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		The Companies Act 2004
b). the Enacting body:		Parliament of Jamaica and Ministry of Commerce, Science & Technology
c). date the Act or Code came into force:		02 / 2005

25. How can IFAC obtain a copy of the Act or Code?

It is available at Jamaica Printing Services (1992) Limited 77 1/2 Due Street, Kingston, Jamaica

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify): Mutual Fund Companies
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Audited financial statements prepared in accordance with generally accepted accounting principles (IFRS), except for qualifying small companies. Qualifying small companies may elect each year by a majority not to have the companies financial statements audited. A qualifying small company is not required to comply with the requirement to have its financial statements prepared under IFRS, instead may present its financial statements in accordance with the prescribed accounting principles appropriate to its circumstances provided such standards present a true and fair view of the company�s results of operations and state of affairs. A small company is defined under the Companies Act as one satisfying any two of the following criteria- Turnover less than J$40,000 Total assets less than J$30,000 Total number of employees less than 25. The company must meet the criteria in the current and immediately preceding financial years. The definition does not apply to a public accountability entity or subsidiary of such entity.
Private companies			Same as above
Governmental			Same as above
Not-for-profit			Same as above
Other (please describe) Mutual Fund Companies			Same as above
Other (please describe) Non-listed Institutions registered under the Act			Same as above

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			All companies, except for qualifying small companies must prepare audited financial statements annually. that International Standards on Auditing are required for audits in Jamaica.
Private companies			Same as above
Governmental			Same as above
Not-for-profit			Same as above
Other (please describe) Mutual Fund Companies			Same as above
Other (please describe) Mutual Fund Companies			Same as above

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify): Minister of Commerce, Science & Technology
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

Companies Act 2004, Jamaica Stock Exchange, Financial Services Commission
the Enacting body(ies)

Parliament of Jamaica, Ministry of Commerce, Science & Technology
the latest amendment date?

03/2004

35. How can IFAC obtain a copy of the Legal authority?

Companies act available at Jamaica Printing Services (1992) Limited,
Jamaica Stock Exchange Rules � available at Jamaica Stock Exchange (http://www
Financial Services Commission � available at Financial Services Commission (http://www.fscjamaica.org)

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

Limited companies that are regulated under the insurance of banking regulations are required to provide additional reports to the respective industry regulator. Additionally, all listed companies are required to file reports with additional information required under the Jamaica Stock Exchange rules. Listed companies are also required to prepare and file with the Jamaica Stock Exchange interim reports quarterly in accordance with provisions of IAS 14.

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

Professional standards requirements on auditor independence as communicated by the Institute. The Institute requires that auditors should be independent

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify): The minister may appoint auditors to fill a casual vacancy where the shareholders fail to appoint the auditors
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Public Accountancy Act	07/2002	ICAJ/IFAC
Other (please describe) All Other Entities	Same as above
Other (please describe)
Other (please describe)

By contacting ICAJ.

Yes

Section 5B -- Standard-Setting (ICAJ/IFAC)

44. For ICAJ/IFAC, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Professional body, standards are primarily reviewed by Audit Practice Committee of ICAJ

International Standards on
Auditing (ISA)

45. How many voting members does the standard-setting body have?

ICAJ 12

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best person for the job, sector of the profession, private and public members,

academic.

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

ICAJ Council

49. What is the term of appointment for members?

3 Year(s)

50. For how many years has the standard-setting body been in existence?

40 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

$789,324

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

60

52. To what entity is the standard-setting body accountable?

Members and IFAC body has fully adopted International Standards on Auditing (ISA).

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

On issuance of ISA members are educated on provisions of standards through internal commission and membership. The Audit Practice Committee of the ICAJ has responsibility for reviewing and developing feedback on draft ISAs. Comments are raised on this basis for further consideration by the ICAJ Council
accessibility of meetings (i.e., public or private)

Private; limited to members
approval process for final standards (i.e., majority required to approve final standards)

Final Standards approved by IFAC. Majority approval of council members signs off on comments on exposure drafts.
ICAJ approves the standards for application in Jamaica.
other relevant due process activities

The Audit Practice Committee has eight main areas of development:

1. To consider and make recommendation on any significant auditing issues
2. To consistently review policies, procedures and regulations relating to professional ethics and rules of conduct as far as these concern practicing members.
3. To address circumstances in which compliance with standards or other rules is difficult or unsatisfactory for practising members
4. To formulate the Institute's responses to discussion papers, exposure drafts and similar audit matter documents issued by government and other organizations including the International Federation of Accountants
5. To monitor members' compliance with auditing standards by reviewing published audited financial statements
6. To bring to attention of Council and the general membership, developments in auditing law and practice which are considered relevant
7. To monitor the output of other accounting and professional bodies and authoritative groups as it related to auditing matters
8. To liaise with the Secretariat concerning issues of auditing standards to ensure timeliness and accuracy.

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Public Accountancy	07/2000	ICAJ
Professional Accountants in Business	Same as above
Professional Accountants in the Public Sector	Same as above
Other (please describe)

From ICAJ webpage www.icaj.org

Yes

Section 6B -- Standard-Setting (ICAJ)

56. For ICAJ, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Professional body established by the profession.

Code of Ethics.

The ICAJ�s Code of Ethics includes the IFAC Code and other supplementary provisions.

57. How many voting members does the standard-setting body have?

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best person for the job. Sector of the profession, private and public members, academic.

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Member body

61. What is the term of appointment for members?

3 Year(s)

62. For how many years has the standard-setting body been in existence?

40 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

789,324

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

60

64. To what entity is the standard-setting body accountable?

IFAC members

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Circulated among wider membership for comments.
accessibility of meetings (i.e., public or private)

Members of ICAJ mainly.
approval process for final standards (i.e., majority required to approve final standards)

Majority approval from Council members.
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

The Government of Jamaica places particular emphasis on early childhood education, that is at the primary level. Every child is expected to have at least a primary education to age 12 years. At the end of the primary school period, most students participate in a national grade assessment examination for placement in the high schools.

Students are allocated places based on their proximity to the schools and scores earned in the examination. Those who achieve lower scores are placed in comprehensive high schools.

After this secondary schooling period students are required to sit ordinary level certificate examinations and if successful the advance level examinations. This is to qualify them to enroll at the tertiary education colleges and universities.

After secondary schooling students may also enroll in the HEART Trust-NTA School Leavers Training opportunities, Learning for Earning program, Vocational Training program and the National Technical and Vocation program.

To be a Chartered Accountant, a person must meet the qualifying requirements stipulated by the Institute of Chartered Accountants of Jamaica (see 69 below).

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

There are no legal or educational restrictions on the use of the term �accountant� in
Jamaica. The Institute however, requires that qualifying members achieve certain educational
standards, obtain prescribed experience and adhere to high standards of the professional
conduct in order to use the designation as Chartered Accountants. To practice in Jamaica
auditors have to be registered with the Public Accountancy Board, a government agency. The requirements to become a registered public accountant are contained in Public Accountancy Act.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements Baccalaureate degree, advance level examinations or other qualification accredited by the professional bodies. Graduates of the University of the West Indies with a MSc. degree in Accounting or chartered professional program of accounting bodies (AICPA, ACCA, ICAEW, ICAS, ICAI, ICA (Canada) approved by the ICAJ.
	Professional examinations
	Practical experience Three years of approved accountancy experience.
	Final qualifying examination
	Other (please describe) Registration Certificate Practicing accountants must receive a practicing certificate from the Public Accountancy Board. The qualification requirements are stipulated by the Board. Practicing accountants must receive a practicing certificate from the Public Accountancy Board. The qualification requirements are stipulated by the Board.

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
The ICAJ was incorporated under the Public Accountancy Act of 1968 to:

i) Regulate the discipline and professional conduct of its members and students.

ii) Make provision for the training, education and examination of persons engaging or

intending to engage in the profession.

The ICAJ has a Council of sixteen, fifteen being elected by members at general

meetings and one appointed as a representative of the public sector. The Council

members are elected on a three term, with one third of the position being up for

election each year. The President is elected annually by the Council. Members on

the various Committees are selected by member body and approved by Council with

the Chairman being nominated by President. Committee members are selected

generally according to their experience and qualifications for the particular committee.
How many voting members does the relevant body(ies) have
778
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

40 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

Public Accountancy Board

Note:
All members of ICAJ are required to have a Practicing Certificate issued by the Public Accountancy Board in order to properly offer their services to the public.

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) Auditors wishing to audit companies in Jamaica must obtain a practicing certificate under the Public Accounting Act and a practicing certificate from the ICAJ. The basic requirements for a practicing certification is membership of the prescribed professional accountancy bodies and the stipulated minimum experience.

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify):

80. What entity grants the license?

Public Accounting Board

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

None

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	See note below
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

NOTE:
Some government institutions apply IFRS in the preparation of their financial reports. Generally, the Government of Jamaica applies the cash basis of accounting. It has commenced a program to convert to accrual accounting and ultimately to International Public Sector Accounting Standards.
ICAJ is promoting use of IPSASs by the government.

Yes

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	Companies Act	2004	ICAJ
Other (please describe) All other companies	Companies Act	2004	ICAJ
Other (please describe)
Other (please describe)
Other (please describe)

It is available at the Jamaica Printing Services Limited

Yes

Section 9B -- Standard-Setting (ICAJ)

95. For ICAJ, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Professional body established by the profession.
ICAJ has a separate Accounting Standards Committee.

IFRS

Jamaica has adopted IFRS as its national accounting standards for financial periods beginning 1 July 2002.

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best person for the job, sector of the profession, private and public members and academia.

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

members

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

40 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

789,324

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

60

103. To what entity is the standard-setting body accountable?

Self Regulatory

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The ICAJ adopted IFRS in 2002 and ratified these standards on issue by the IASB. The effective date corresponds with the date stipulated by the standards.
accessibility of meetings (i.e., public or private)

meetings are private
approval process for final standards (i.e., majority required to approve final standards)

ICAJ is responsible for adopting IFRSs to be used in Jamaica.
other relevant due process activities

Following issuance of IFRS, the Accounting Standards Committee, the Continuing Professional
Development Committee and the Public Relations Committee engage the ICAJ membership, other
users and preparers of financial statements, regulators and other stakeholders in public education, including workshop to enhance their awareness of the requirements of the standards and provide guidance on interpreting and applying the standard.

Committee members assist the ICAJ membership and other users in interpreting and applying the standards and to monitor IASB developments and keep the membership up to date. Committee members also provide comments on exposure drafts.

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Financial Services Commission (http://www.fscjamaica.org)

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

Responsible for enforcing and regulating company and financial services regulations to
protect consumers, investors and creditors.
Financial Services Commission Act, the Unit Trusts Act, Securities Act and Insurance Act.

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

Under the Financial Services Commission Act, the FSC can disqualify an auditor from auditing a regulated company. The FSC monitors activities of auditors through financial statements reviews and targeted reviews where the FSC has information of possible
breach under the Companies Act.
accounting and auditing standard-setting

indirect interest
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

Conduct reviews of financial statements which must be filed with them with statutory returns.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Jamaica Stock Exchange

Section 10B -- Stock Exchange
Jamaica Stock Exchange Details

110. For Jamaica Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

Review of audited financial statements and quarterly interim financial reports. Each company is required to file their statements by a specified date. Failure by the companies are followed up with published notices of non-compliance and other actions of reprimand.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

-Public notices of non-compliance for late filing -Letter of reprimand
How enforcement actions are administered.

According to the provisions contained in the regulatory statutes.

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

The Public Accountancy Board has responsibility for regulating the profession, establishing rules and policies of professional conduct and monitoring the performance of governing
registrants. Practicing accountants must be registered under the governing Public Accountancy
Act.
The number of members on the oversight body

The Public Accountancy Board comprises ten members appointed by the Minister of Finance. Six should be members of the ICAJ of which one must be a public officer and another from industry.
Its powers

Issuing of practicing certificates to qualifying registrants and carrying out disciplinary actions against non-compliant registrants.
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

N.A.
The sanctions the oversight body may impose in the event of non-compliance

N.A.
How the oversight body is accountable to any public institution or body

N.A.

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

Bank of Jamaica

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

Bank of Jamaica Act and Banking Act

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

Qualifying accountants must be registered with the Public Accountancy Board in order to practice in Jamaica. Registration is required annually.
accounting and auditing standard-setting

no additional requirements
review of financial statements prepared by listed entities

no additional requirements
enforcement of accounting, reporting and auditing requirements

As per the Companies Act 2004

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

Financial Services Commission

116. What is the source of Legal authority of the regulatory authority(ies)?

The Companies Act 2004, Financial Services Act.

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

No additional requirements
accounting and auditing standard-setting

As per the Companies Act 2004
review of financial statements prepared by listed entities

As per the Companies Act 2004 and Financial Services Act
enforcement of accounting, reporting and auditing requirements

As per the Companies Act and Financial Services Act

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

Financial Services Commission

119. What is the source of Legal authority of the regulatory authority(ies)?

Financial Services Act, Insurance Act and Companies Act 2004

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

no additional requirements
accounting and auditing standard-setting

As per the Companies Act and Insurance Act
review of financial statements prepared by listed listed entities

As per the Companies Act and Insurance Act
enforcement of accounting, reporting and auditing requirements

As per the Companies Act and Insurance Act

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

Institute of Chartered Accountants of Jamaica (ICAJ), Public Accountancy Board (PAB)

122. What is the source of Legal authority of each regulatory authority?

Professional Standards of the ICAJ, PAB regulatory rules.

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

ICAJ and PAB administrator risk and their ethical rules, independence and quality reviews. ICAJ and PAB are currently discussing arrangements /cooperation where the ICAJ will undertake work of the PAB�s functions which have been expanded recently.
accounting and auditing standard-setting

ICAJ
review of financial statements prepared by listed listed entities

As per their professional standards
enforcement of accounting, reporting and auditing requirements

ICAJ and PAB perform reviews of published financial statements to conformance of standards.

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

ICAJ conducts regular reviews of all practitioners holding practicing certificates. Certificates are reviewed annually.

125. Under what authority does the organization conduct the program of quality assurance review?

Review undertaken in accordance with professional standards.

Note:
A formal quality assurance program is being considered for implementation. The framework and structure have not been established. Currently reviews are done using reports issued by firms.

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Reviews conducted by practitioners accredited by the ICAJ.

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

Investigations Committee
Disciplinary Committee

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

Investigations - 5 members; Disciplinary - 6 members

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best person for the job.

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

ICAJ Council

134. What is the term of appointment for members?

3 Year(s)

135. For how many years has the body been in existence?

40 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

(specify currency)

137. To what entity is the body accountable?

ICAJ Council

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

12 Day(s)

Disclaimer

The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

* Indicates organizations that qualify to submit SMO Action Plans biennially

	This Site
	IFACnet

Compliance Responses and Action Plans

The Institute of Chartered Accountants of Jamaica

Questions 5 - 22 are for internal use only

Disclaimer