Presentation by Lisa Padmore, President, Institute Of Chartered Accountants Of Barbados.

1. INSTITUTE OF CHARTERED
ACCOUNTANTS OF BARBADOS (ICAB)
Lisa Padmore, FCPA, FCGA
President

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ICAB’s Story
• ICAB: Who are we?
• SMO implementation
• Successes stories
• Challenges on our journey to full SMO adoption
• PAO Management
• Plans for the future

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Barbados

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Barbados
 166 square miles
 Population: 286,000
 Language: English
 Independence in 1966
 Service oriented
economy

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ICAB
• Established November 1974 by Act of Parliament
• Regulator and standard setter
• Strong advocacy role
• 864 members; 981 student members
• Secretariat: 1 Executive director; 3 admin. staff
• Council: not more than 15 persons
• Several committees of councils, consists primarily of
volunteers in the profession.

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Affiliations
• IFAC membership in June 1981
• Institute of Chartered Accountants of the Caribbean
(ICAC) membership in October 1988

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SMO 1: Quality Assurance
Successes
 Tripartite monitoring contract between
ICAB, ICAC and ACCA commenced in
January 2009
 Engagement reviews and firm
compliance with ISQC 1
 Over last 6 years each practising
accountant has been reviewed at least
once
 Practice monitoring & ISAs workshops
 Appointed Practice Monitoring
Committee to administer programme
(semiautonomous)
 Adverse monitoring reports will be
directed to the Disciplinary Committee
 New monitoring contract renewed in late
2015
 Auditors of PIEs to be reviewed at least once every
three (3) years
 Auditors of non-PIEs every six (6) years
Challenges
 Self-regulation
 Public perception

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SMO 2: IAESB
Successes
 Adoption of IES7
 40 hours/year or 120 hours/3
years
 iMIS
 Database to manage CPD
hours
 Invoicing for CPD events
 Attendance at CPD events
 CPD Committee
 Determines calendar of CPD
events annually
 Manages the budget for CPD
 Performs audits of randomly
chosen members’ CPD
Challenges
 Do not carry out our own
education programme
 Joint Examination Scheme
with ACCA since 1982
 No local assessment of
knowledge in taxation and
law

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SMO 3: International Standards and Other
Pronouncements Issued by the IAASB
Successes
 National standards = all
pronouncements by IAASB
 A&A Standards Committee
 Reviews and responds on
exposure drafts
 Annual update event in
September on ISAs
Challenges
 Technical resources are
volunteers
 Full time resource
 Cost vs benefit
 ICAC plan to employ this
resource at their level

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SMO 4: IESBA Code of Ethics for Professional
Accountants
Successes
 Adoption of clarified IESBA
Code of Ethics 2009
 Ethics update included in
annual calendar of CPD
Challenges
 Part of larger project:
comprehensive overhaul of
ICAB’s By-Laws, Rules &
Regulations
 Self-financed
 Consultation with members
of Bar Association of
Barbados

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SMO 5: IPSAS
Successes
 Accrual accounting in 2007
 Financial Management &
Audit Act identified IPSAS as
the GAAP for the public
sector
 Member of steering
committee established to
manage the IPSAS project
 Public Sector Committee
 Focuses ICAB’s attention on
this sector (attraction of
members, specific CPD and
other training events)
Challenges
 Political will for change at
an acceptable pace

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SMO 6: Investigation and Discipline
Successes
 ICAB Act amended in 2007
 3 special committees
“empowered”
 Investigations
 Disciplinary
 Appeals
 Independent of council
 Non-accountants included
in disciplinary committee
Challenges
 By-Laws review is still in
progress
 Working set of procedures
not completed as yet
 Not all accountants in
Barbados are members of
ICAB
 No jurisdiction for disciplinary
action

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SMO 7: IASB
Successes
 Full adoption
 IFRS
 IFRS for SMEs
 Provides responses on
exposure drafts
 Annual update IFRS event
in September
Challenges
 Technical resources are
volunteers
 Full time resource
 Cost vs benefit
 ICAC plan to employ this
resource at their level

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PAO Management Initiatives
• Strategic planning
• The 2016 – 2018 plan is our 2nd 3-year plan
• Quarterly reporting to Council on Action plan
• Annual reporting to members
• Governance
• Development of a framework for effective committees
• Independence and conflict of interest policies
• Annual survey of members of Council and Committees
• Ethics, Governance & Risk committee compiles survey results and
presents recommendations to Council for implementation
• Other
• Revamping Staff Handbook, Performance Appraisal Programme

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In the future…
• Completion of By-Laws review
• Reciprocal arrangements
• Improving financial literacy in general public
• Supporting initiatives in public sector
• Timeliness of financial statement preparation
• Completion of audits
• Accountability
• Increasing head count in Secretariat
• Establish a new home for ICAB
• Public sector initiatives e.g. award for public sector entities
to encourage timely financial reporting