ACCA, ICAC pledge to build capacity in the region

A focus on education and training forms the foundation of the memorandum of understanding (MoU) between leading global accountancy body the Association of Chartered Certified Accountants (ACCA) and the regional accountancy body the Institute of Chartered Accountants of the Caribbean (ICAC).

The MoU was executed by Paula Marcelle-Irish, head of ACCA Caribbean, and Andrea St Rose, president of ICAC.

This partnership aims to support capacity-building and public value-management to further strengthen the profession, advance the interests of the members of both bodies and enhance the accountancy and tax professions overall.

Both ACCA and ICAC will continue partnering with other PAOs in the region for the annual IFRS training, aimed at improving the quality of financial reporting and regulatory compliance in the region.

The two organisations will also participate in various educational initiatives, including annual practice monitoring training for small and medium-sized practices (SMPs).

This will ensure adherence to standards, improve quality assurance, service quality, risk management, and support professional development to sustain their competitive advantage.

The partnership will also encompass training in sustainability and other areas tailored to the needs of their members, promoting ongoing professional growth.

Marcelle-Irish said, "We are excited to enter into this ground-breaking MoU with ICAC to strengthen our collaboration and knowledge sharing.

"This agreement will help us improve our services, support our members, and advance the accounting profession.

"Additionally, it creates a platform for undertaking joint projects and initiatives to tackle common challenges impacting the profession."

St Rose said: "One of the key benefits of this MoU is the focus on sustainability.

"Along with ACCA, we look forward to organising training on the recently introduced IFRSS1 and S2 standards. This joint effort aims to encourage the adoption, integration, and progression of sustainability reporting standards within the region.

"Collectively, we can help build capacity, raise awareness, and drive positive change toward more sustainable business practices globally."

The MoU will also see an emphasis on sharing learning resources including ACCA Learning and its suite of certificates in areas such as sustainability for finance, data analytics, public financial management and climate finance.

All these professional certificate courses will support the continuous learning of financial professionals and help to upskill businesses across the Caribbean.