Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697797456474.pdf (Jamaica)
MINISTRY PAPER N:fi.t;.t­ Public Accountancy Board Review of Annual Report for the year ended March 31, 2011 1.0 Introduction The matter for tabling in the Honourable House of Representatives is the Annual Report 1.1 for the Public Accountancy Board (P AB) for financial year ended March 31,2011.

The P AB was established by Act 34 of 1968 arising out of the Public Accountancy Act 1.2 that was promulgated in July 6, 1970.
The Act was amended in 2004 to strengthen the Board's function and oversight of the accountancy profession.

The primary functions of the Board are to promote, in the public interest, acceptable standards of professional conduct among Registered Public Accountants (RPAs) in Jamaica, and to perform the functions assigned to it by the other provisions of the Act.
2.0 Disclosures 2.1 Auditors' Report 2.1.1 The Board obtained an unqualified report from its auditors, Paul Goldson & Co. for the year ended March 31, 2011.

The auditors stated that proper accounting records were kept and that the accompanying financial statements were in accordance with International Financial Reporting Standards.
2.2 Compensation Packages of Senior Executives 2.2.1 Section 22 of the Public Bodies Management and Accountability Act 2001 (PBMAA) requires the disclosure of emoluments of senior officials of all public bodies.

The Board engages a Registrar who operates in the capacity of a Chief Executive Officer.

The Registrar receives a travelling allowance in accordance with Government rates.
3.0 Review of Operating Activities State of the Register 3.1 The Board continued to review applications for admission and renew the practicing certificates for RP As.

At the end of the review period there were eight (8) additions to the Register, while forty-seven (47) persons were removed due to death and cessation in the practice of accountancy.

At March 31, 2011, three hundred and thirty-two (332) persons were listed in the Register of Public Accountants.
Disciplinary Activities 3.2 There were no issues requiring disciplinary action which came to the attention of the Board during the year.

The Board completed its investigations into two complaints received during 2009/10 3.3 concerning individuals who were not registered by the Board, but had engaged in practise contrary to provisions of the Act.

The matters were referred to the Director of Public Prosecutions, who subsequently turned over both matters to the Fraud Squad of the Jamaica Constabulary Force.
The Fraud Squad had not completed its investigations before the end of the financial year.

Monitoring, Disciplining and Regulating the Profession On February 2, 2011, the Board, the Institute of Chartered Accountants of Jamaica 3.5 (ICAJ), and the Institute of Chartered Accountants of the Caribbean (ICAC) entered into a four­ year agreement with the Association of Chartered Certified Accountants (ACCA) for the Monitoring of all practicing accountants in Jamaica.
The principal purpose of the Monitoring and Enforcement Programme is to assess the extent to which an RP A, in the conduct of his practise, complies with International Standards on Auditing (ISA) and International Standards on Quality Control (SQC).

ACCA is in the process of recruiting a suitable Practice Reviewer with considerable 3.6 experience in aUditing at a senior level, based in Jamaica, who will carry out most of the audit monitoring work under its supervision.
The primary purpose of the programme will be to raise the general standard of the quality of audit work of audit firms (inclusive of single practitioners).

Training of Registered Public Accountants 3.7 The Board held a Seminar for registrants on November 6, 2010.
Topics covered were: • Client Selection Issues/Contracting with ClientsiReporting (Private Sector Perspective) • Client Selection Issues/Contracting with ClientsiReporting (public Sector Perspective) • Anti-Money Laundering/Countering the Financing of Terrorism-Regulatory Mechanisms 2 4.0 Financial Highlights Particulars Income Practicing Certificate Fees Registration and Application Fees Interest Income Total Income Expenses Auditor's Remuneration Administrative and other expenses Total Expense Net surplus for the year Balance Sheet Current Assets Current Liabilities Accumulated Fund 4.1 Income & Expenses Actual 2010/11 Actual 2009/10 Variance $ % 3.11 0.06 0.30 3.47 0.25 2.63 2.88 0.59 10.16 4.45 5.72 3.96 0.04 0.35 4.35 0.22 2.86 3.08 1.27 5.39 0.26 5.13 (0.85) 0.02 (0.05) (0.88) 0.03 (0.23) (0.20) (0.68) 0.92 0.34 1.16 -21% 0% -14% ·20%, 14% -8% ·6% -54% 20% 56% 4.1.1 For 2010/11 the P AB recorded a net surplus of $0.59 million in comparison to surplus of $1.27 million for the previous year.
This decrease is mainly attributed to the reduction in the number of Practicing Certificates issued [2010/11:276; 2009110:283], resulting in a 21% reduction in revenue.

Operating expenses of $2.88 million were adequately covered by revenues generated.

4.2 Balance Sheet 4.2.1 At the end of the period the Board continued to record positive liquidity ratios and was able to honour its obligations.
The financial position of the P AB continued to improve and it was not exposed to either liquidity or any credit risks.

Peter D. Phillips , Minister .

anc~ and Planning Februar1f::JL2012 3