Seeking regional solutions to global challenges

THE ICAC’s 31st Annual Caribbean Conference, to be held at Hilton Barbados Hotel from June 27-29 will not be “talk shop”, but accountants will be seeking regional solutions to some of the most pressing global challenges.

This was the assurance given by Andrew Brathwaite, Chair of the Speakers Committee for the Institute of Chartered Accountants of the Caribbean (ICAC) Annual Conference, as he recently revealed some of the key topics to be explored at the annual conference.

“The theme of the conference is ‘Global Challenges: Regional Solutions’, so in developing the programme for the conference, we have identified some of the major global challenges and challenges which also exist for us in the Caribbean region and we plan to address those constructively during the conference,” Brathwaite noted.

“The programme will cover many of major challenges facing us globally and regionally and we plan at the end of conference, to identify some solutions to help take the region forward,” he added.

“One of the major issues facing the region as you know, is that we are one of the most indebted regions in the world, with respect to government debt [and] public sector debt. We have therefore invited Wendell Samuels, who is the Deputy Division Chief of the IMF (International Monetary Fund) to speak on ‘The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean’. The IMF has come under a bit of criticism for their proposals to different countries on how to deal with the level of public debt, so we are looking forward to Mr. Samuel’s comments and recommendations on that,” Brathwaite further revealed.

He also noted that Mr. Warren Alleyne, President of the International Federation of Accountants will also be in attendance and he will speak on ‘Sustainability Reporting’.

“Traditionally, companies have reported primarily on financial information and financial measures. It has been recognised that we need to broaden that focus and companies need to report on their economic and social and environmental responsibilities. So this is what sustainability reporting is all about…it is not something that has taken off in the Caribbean yet,” Brathwaite explained.

Barry Cooper, President of the ACCA (Association of Chartered Certified Accountants), will speak on ‘Investigation and Discipline of Accountants’, given that the region has had its fair share of corporate failures.

“Accountants have found themselves at the centre or in close proximity to many of these corporate failures. So the question always arises, is the profession doing enough to discipline accountants who misbehave so to speak,” the Chair stated.

Terrorism and its financing will also be a topic on the agenda and the designated speaker for this topic is Paul Simkins, Director of Quality Assurance at the Institute of Chartered Accountants of England and Wales (ICAEW).

“Globally, we have developed various procedures to deal with anti-money laundering and terrorist financing and those have been implemented in the Caribbean region. They have, however, resulted in an increased burden of compliance both on financial institutions and their customers which would include most companies and accountants are no exception. Because of some of our activities, we are also subject to these anti-money laundering regulations and there are certain procedures which we have to follow,” Brathwaite remarked.

The final plenary session will be from Simon Holland, a partner with Deloitte and Touche out of the UK, who will deliver on the topic, ‘Change Management and Organisational Transformation in the Caribbean’.

There will also be a number of technical sessions, exploring such topics international financial reporting standards for preparing financial statements, public sector financial management, the future of auditing and finally, a session on corporate governance, another area needing great attention. (RSM)