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

Quality Assurance . Designing and building effective oversight systems … avoiding risky business!. Betty Brathwaite President – Institute of Chartered Accountants of the Caribbean (ICAC) CReCER 2012, Nicaragua. Introducing the Institute of Chartered Accountants of the Caribbean (ICAC).

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

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  1. Quality Assurance.Designing and building effective oversight systems …avoiding risky business! Betty Brathwaite President – Institute of Chartered Accountants of the Caribbean (ICAC) CReCER 2012, Nicaragua

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

  3. Presentación del Instituto de ContadoresPúblicos 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.

  4. Why a regional practice monitoring programme…

  5. ¿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

  6. Practice Monitoring

  7. 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.”

  8. 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.

  9. Supervisión práctica • 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.

  10. Summary

  11. 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.

  12. This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.  Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte Touche Tohmatsu Limited is a private company limited by guarantee incorporated in England & Wales under company number 07271800, and its registered office is Hill House, 1 Little New Street, London, EC4A 3TR, United Kingdom". 

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