ACCA signs Memorandum of Understanding with ICAC
Bodies to collaborate on implementation of practice monitoring programme
10 Jul 2009
ACCA has signed a Memorandum of Understanding with the Institute of Chartered Accountants of the Caribbean (ICAC) for the implementation of a regional practice monitoring programme, which will significantly improve auditing procedures and quality assurance review systems in the Bahamas and the Eastern Caribbean.
Under the terms of the agreement, which was formally signed on 26 June during ICAC's 27th Annual Caribbean Conference in Guyana, practitioners and firms will be monitored to ensure that audit reports and audit procedures are in compliance with international standards on auditing and other internationally recognised rules.
The monitoring visits will be carried out by ACCA, which will retain full regulatory responsibility for practitioners and firms during the monitoring process.