Institute of Chartered Accountants of Jamaica
Member | Established: 1968 | Member since 1977
The Institute of Chartered Accountants of Jamaica (ICAJ) was created by the Public Accountancy Act 1968. It is responsible for setting the profession’s accounting and auditing standards; promoting and increasing professional knowledge; regulating the discipline and professional conduct of its members and students; and making provisions for the training, education, and examination of those practicing or intending to practice in the profession. A person wishing to be registered as a public accountant in Jamaica needs to either become a member of the ICAJ or be a member of the Association of Chartered Certified Accountants, Institute of Chartered Accountants in England and Wales, Institute of Chartered Accountants in Scotland, Chartered Accountants Ireland, Chartered Professional Accountants of Canada (CPA Canada), or the American Institute of CPAs. The ICAJ is member of the Institute of Chartered Accountants of the Caribbean, an acknowledged accountancy grouping of IFAC.
Statements of Membership Obligation (SMO)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
- SMO 1: Quality Assurance
Having introduced a quality assurance (QA) review system, the ICAJ concentrates its efforts on maintaining an ongoing program in line with the SMO 1 requirements. The ICAJ has been distributing review reports available from the Association of Chartered Certified Accountants (ACCA), and has been coordinating training sessions based on deficiencies discovered in the review process.
The ICAJ Quality Monitoring Committee works with ACCA to ensure effective performance of the contract to assist it in implementing a practice monitoring and QA review system and control the assessments are performed in accordance with ISQC1.
- SMO 2: International Education Standards
So far, there has been only partial adoption of IESs in Jamaica. Given the scope of the ICAJ’s authority, its activities include working to align its requirements with IES requirements, promoting IESs to relevant authorities, and supporting the incorporation of IESs into the accounting educational program of the University of the West Indies.
The ICAJ is considering adopting a process of assessing the competencies of members on local tax and business law. The ICAJ is working with the Public Accountancy Board (PAB) to maintain an effective agreement that ensures that anyone who qualifies as members of the PAB also meets the ICAJ’s membership requirements. The ICAJ also participates in the international standard-setting process by providing comments on Exposure Drafts issued by IAESB.
The ICAJ is encouraged to continue developing the plan of assessing competencies of its members on local tax and business law.
- SMO 3: International Standards on Auditing
The ICAJ is responsible for both the adoption and implementation of ISAs and other standards issued by the IAASB. Having adopted the ISAs, the ICAJ has included ISAs in its education, training, and continuing professional development materials and has established mechanisms to distribute information on recent developments and revisions issued by the IAASB.
The ICAJ has given the Audit Practice Committee the responsibility for reviewing proposed standards and communicating the final standards to its membership. In addition, the committee responds to IAASB documents and Exposure Drafts.
- SMO 4: Code of Ethics for Professional Accountants
Since the ICAJ adopted the IESBA Code of Ethics by reference, the institute has focused on providing training and including ethics topics in education, training, and continuing professional development activities, as well as disseminating information on IESBA updates on the Code of Ethics to its members.
The ICAJ is encouraged to participate in the international standard-setting process by providing comments on IESBA Exposure Drafts and other consultative papers.
- SMO 5: International Public Sector Accounting Standards
Given its lack of responsibility for adopting IPSASs, the ICAJ has focused its activities on promoting, raising awareness, and working with the Ministry of Finance and Planning.
The ICAJ has developed training activities and has established communication channels for distributing information on recent developments and revisions issued by the IPSASB. In addition, the public sector committee has been responding to IPSASB consultations and Exposure Drafts.
- SMO 6: Investigation and Discipline
Sharing the responsibility for implementing an investigative and disciplinary (I&D) system for all professional accountants in Jamaica, the ICAJ has implemented such a system for its members and has made significant advances in aligning it with international best practices.
The ICAJ has established communication channels for sharing information about its I&D system and has been conducting annual reviews of the system with the goal of continually improving it.
The ICAJ is encouraged to carry out a comparison of the Public Accountancy Board’s I&D system for registered public accountants and the requirements of SMO 6. Once the comparison is completed, actions should be planned to promote with the regulator the compliance of the local system with the requirements of SMO 6 and to address any gaps.
- SMO 7: International Financial Reporting Standards
Having adopted IFRS and IFRS for SMEs, ICAJ focuses on supporting its members with their implementation of the standards by offering training and education. It established the Accounting Standards Committee (ASC), which is responsible for reviewing and monitoring the publication of all IFRSs, as well as the Exposure Drafts and discussion papers.
The ASC monitors the application of the standards through a system of routine reviews of published and other audited financial statements.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.