ICAJ Receives Grant Funding for PSDP Project

The Institute of Chartered Accountants of Jamaica (ICAJ) has received grant funding under the Private Sector Development Programme (PSDP), a joint Government of Jamaica and European Union Funded Programme, to provide training for practitioners and Registered Public Accountants (RPAs) in preparation for the proposed practice monitoring programme.

Contract signing for the project involving representatives of the ICAJ and the PSDP project management unit took place on Tuesday, October 9, 2007 at the ICAJ Secretariat.

The duration of the project is nine months and it is intended to enhance the quality of audit practice carried out in Jamaica thereby assisting the ICAJ in fulfilling its membership obligations to the International Federation of Accountants (IFAC) while increasing competitiveness of Jamaican practitioners in the Caribbean and internationally.

According to ICAJ President, Prunella Vassell, the PSDP project will effectively prepare ICAJ Practitioners and RPAs in anticipation of the proposed practice monitoring programme, as training will involve all aspects of the audit process including auditing standards, risk assessment, and documentation of working papers.

The specific objectives of the project are to train audit practitioners to operate and manage the audit process efficiently to ensure financial statements are at an international standard by employing correct auditing procedures, applying International Standards on Auditing, maintaining accurate audit documentation and following proper protocol in dealing with clients.

It is anticipated that training will result in a system of greater conformity, encourage business enterprises and their management to utilise the services of qualified professional practitioners and institute a train-the-trainer programme to ensure sustainability.

It is envisaged that training will enable practitioners to 'close the gap' and successfully meet the challenge of the proposed practice monitoring programme, which will be implemented in conjunction with the Institute of Chartered Accountants of the Caribbean (ICAC), in order to obtain cost savings and achieve economies of scale.

PHOTO CAPTION: ICAJ President, Prunella Vassell, and Eleanor Henry, Deputy Programme Manager in the Project Management Unit of the Private Sector Development Programme (seated at right) seal with a handshake the contract agreement for grant funding for the training of ICAJ practitioners and RPAs. Also present at the contract signing were (seated from left) Sidonne Whitelock, Executive Director, ICAJ and Ethlyn Norton-Coke, Secretary, ICAJ. Standing from left to right are Rohan Dawkins, Business Development Officer in the PSDP Project Management Unit; Archibald Campbell, Vice-President, ICAJ; C. Patricia Hayle, Chairman, ICAJ Practice Monitoring Committee and Bevelyn Brodber, PSDP Project Facilitator.

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