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 Contadores Públicos 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.
3 © 2012 Deloitte & Touche

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
5 © 2012 Deloitte & Touche

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.”
7 © 2012 Deloitte & Touche

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.
8 © 2012 Deloitte & Touche

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.
9 © 2012 Deloitte & Touche

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.
11 © 2012 Deloitte & Touche

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.
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© 2012 Deloitte & Touche