There is a need for organisations to have trained professional accountants supporting and helping to drive business, says PwC in support of ICAB

Bridgetown, BARBADOS, November 9, 2017 – Both the Institute of Chartered Accountants of Barbados (ICAB) and PwC in Barbados are on a parallel path to support the public to meet their business needs, develop and promote the vital role that chartered accountants play throughout the professional services landscape and try to maintain transparency and accountability in all aspects.

According to Bruce McClean, Partner, PwC in Barbados, “Our support to ICAB is imperative because to this day, many businesses still do not see the importance of accountants, and records, until it is too late. The emphasis is on producing and selling products, or services, but not on record keeping, filing tax returns, and other proper governance practices. Small to medium entities (SMEs) need to understand the importance of this for their own growth and development.”

He noted that the recently published Global Competitiveness Report 2016-2017 that assesses the competitiveness landscape of 138 economies, noted that updated business practices and investment in innovation were now as important as infrastructure, skills and efficient markets and that regulators’ oversight over accounting firms had increased with more stringent quality reviews and inspections. Hence the added measures of IFRS, ISAs and consolidated financial statement reporting adopted in recent years.

McClean said that “If we are going to move Barbados’ SMEs forward, then we must understand the important role that properly qualified accountants play. We play a very important role in development of businesses, at the micro level, and ultimately economic and social development. Companies are facing increased strain on their tax accounting and reporting professionals.

Financial restatements, increased regulatory scrutiny over income tax disclosures and account balances, compressed close cycles, as well as new reporting considerations and standards are all significant drivers that underpin the need for organisations to have trained professional accountants supporting and helping to drive their business in this ever increasingly complex environment in which they operate.”

“The high quality of our service at PwC stems from an operating philosophy that insists that we connect our skills, technical expertise, networks, industry knowledge and business understanding to create value for our clients and build trust in society and solve important problems. It is a philosophy closely link to that of ICAB’s to build the confidence of the public that the accounting profession in Barbados is trustworthy,” he added.

ICAB Accountants Week continues with its annual conference where PwC will present on IFRS 15.