ABOUT THE INSTITUTE OF CHARTERED ACCOUNTANTS OF JAMAICA

The Institute of Chartered Accountants (ICAJ) is the professional organisation for Chartered Accountants in Jamaica. Formed in Jamaica on January 18, 1965, ICAJ was incorporated under the Public Accountancy Act (PAA) 1970. The PAA regulates the Accountancy profession in Jamaica as well as the use of Accountancy designations – CA and FCA.

The designation “Chartered Accountant” is reserved for persons who are members of ICAJ. Members wishing to practise, offering assurance services as Accountants in Jamaica must also be registered with the Public Accountancy Board.

The Institute has two (2) main

categories of members designated Chartered Accountants:

1. Those in Public Practice

2. Those Not in Public Practice

Chartered Accountants’ Week is celebrated in the first full week of October each year, to acknowledge the hard work and contribution of Chartered Accountants to national development. Chartered Accountants’ Day is observed on the Wednesday during the week.

Objectives:

Promote and increase the knowledge, skill and proficiency of its members and students

Regulate the discipline and professional conduct of its members and students

Promote and protect the welfare and interest of the Institute and the Accountancy profession, both in Jamaica and abroad

Make provision for the training, education and examination of persons engaging or intending to engage in the profession

Do all such things as are incidental to realising the objectives of the profession

• Vision: The ICAJ is committed to being a cohesive national body of trusted and influential professionals, that seeks to regulate and advance the Accountancy profession, consistent with world standards, for the benefit of its members, its students and its publics and, through creative thought leadership, encourages national development and the advancement of positive global changes.

Milestones in ICAJ’S History

• 1962: The B.SC. Accounting Degree was established. Laid the foundation for a University based entry route to the profession. A history of how the move was initiated by Carroll Thorburn, is chronicled in “The Institute of Chartered Accountants of Jamaica 1965 - 2000”.

• 1965: The ICAJ is established with William A. Thwaites as its first President

• 1965: ICAJ/ ACCA Joint Scheme Agreement sets the stage for the Institute to mediate on behalf of students sitting examinations locally, in addition to handling their registration and all administrative queries.

• 1968: Public Accountancy Act passed as the statute for the incorporation of the ICAJ. This was the laying of the groundwork for regulating the practice of accountancy in Jamaica.

• 1975: The M.SC. Accounting Degree established. This was a watershed initiative for the ICAJ

as it opened up an alternative qualification route for future accountants.

• 1980: The property located at 8 Ruthven Road was purchased in July 1980 to house permanent headquarters for the ICAJ. Construction of the ICAJ Secretariat commenced in 1993 and followed by the official opening of the facilities on January 18, 1995.

• 1988: ICAJ’S leadership is the catalyst for the formation of the Institute of Chartered Accountants of the Caribbean (ICAC) – providing a professional networking forum for Accountants in the English-speaking region. ICAJ Past President Aulous Madden, was unanimously elected to serve as the first President of ICAC.

• 1999: C. Patricia Hayle is elected as ICAJ’S first female President.

• 1999: The first ICAJ/ACCA student awards presented in September in recognition of those students who achieved outstanding performances in the 1990 Joint Scheme examinations. This marked the commencement of the annual ICAJ/ACCA Joint Graduation Ceremony to recognise students who successfully complete the Joint Scheme Examinations.

• 2000: The ICAJ Code of Ethics was approved by Council in July 2000. It sets out standards of objectivity and independence in the practice of accountancy in Jamaica.

• 2001: The ICAJ position paper, “Legal and Administrative Framework for the Practice of Accountancy in Jamaica” presented to the Ministry of Finance in 2000.

• 2001: ICAJ’S first female President, C. Patricia Hayle is appointed to serve on the International Federation of Accountants’ Compliance Committee.

• 2001: Official launch of the ICAJ website in March 2001

• 2001: The signing of agreement with the Association of Accounting Technicians (AAT) in 0ctober 2001 sets the stage for the ICAJ to provide services to AAT students locally.

• 2002: The ICAJ adopts International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) on July 1, 2002 as Jamaica’s national accounting and auditing standards.

• 2003: The ICAJ hosts the 21st Caribbean Conference of Accountants under the theme, Winds of Change: Accountability in the 21st Century, at the Ritz Carlton Hotel from June 26-28, 2003. The conference was a record success attracting over 370 delegates from the Caribbean, UK, USA and Canada. The conference provided a forum for accounting professionals to examine regulatory issues and other matters affecting the profession globally.

• 2003: The ICAJ signs an historic agreement with the IDB on March 21, 2003 for the provision of grant funding for a three-year technical project to assist with the implementation and compliance with ISA and IFRS locally. The ICAJ/ IDB Technical Co-operation Project was officially launched on June 11, 2004.

• 2005: The ICAJ formally signs a Cooperation Agreement with the University of the West Indies (Mona Campus) on January 18, 2005. The Agreement establishes a framework for collaboration aimed at enhancing and maintaining the standard and appropriateness of the UWI MSC. Accounting Programme. Both ICAJ and UWI commit to review and monitor the MSC. Accounting programme to ensure that it meets the appropriate international accounting education standards for persons entering the accountancy profession.