Bahamas Institute of Chartered Accountants (BICA) President Darnell Osborne has applauded the association for unanimously approving regulations to the BICA Act, 2015, representing the culmination of over two years' work to help the association meet its international obligations. In a correspondence with Guardian Business, Osborne said that BICA's Extraordinary General Meeting (EGM) last weekend had addressed concerns within the association regarding the wording of the regulations for practice monitoring and requirements for professional indemnity. And though perhaps not definitive, BICA has taken measures for any anticipated required amendments as BICA strives to live up to its duties in advancing the country's financial services sector.
"The Legislative Reform Committee informed the members that we were working with the representatives of members in these areas to agree to the wording revisions shortly. The regulations were then approved unanimously by the membership at large with a commitment by the president to clarifying these areas," said Osborne.
In her opening remarks at BICA's EGM, Osborne stressed the need for alacrity in finalizing and approving regulations for the BICA Act, 2015 to satisfy BICA's obligations to the Institute of Chartered Accountants of the Caribbean (ICAC) and the International Federation of Accountants (IFAC).
Osborne also spoke to recent comments made by Minister of Financial Services Hope Strachan, who last week expressed "trepidation" over the jurisdiction's ability to live up to the image that she and her team had marketed across Asian and Latin American markets during a recent tour.
"It simply takes too long to make these things happen and there is a lack of response or urgency, it is costly, non-delivery of services by professionals, antiquated processes or systems that simply hinder doing business efficiently. And yet, we call ourselves an 'international financial center'," Strachan said addressing BICA on Tuesday.
However, Osborne asserted that BICA has effectively done its part in strengthening the sector and called on other financial bodies to follow suite.
"BICA is certainly committed to doing its part in ensuring that the accounting profession in The Bahamas is well-regulated, sophisticated and adhering to international best practices, hence our overhauling of our legislation and working diligently in the past two-and-a-half years to make the BICA Act, 2015 a reality. This is of utmost importance if The Bahamas hopes to have a robust, well-respected, highly qualified and properly functioning financial services industry. It is a must that all professional bodies do their part," stated Osborne.
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