It is always a pleasure for me to address the women and men who make up the accounting profession in The Bahamas.

You are on the front line of The Bahamas’ business and commercial entities as you are an integral part of the inner workings of our firms and government enterprises.

In your professional capacity, you assist our firms to diagnose their challenges and, if we are wise as owners and managers, we listen to your advice on the ways to mend our businesses to become more successful or to make the requisite improvements.

You see the best of our firms during times of financial success and the worst of our firms in their biggest challenges as you help them unwind and dismantle when they are no longer a going concern. The accountant then, like a doctor, is usually present at birth and at death and throughout the lifecycle of our businesses.

Here in the Commonwealth of The Bahamas, the history of the accounting profession is a relatively new and remarkable one despite not always being heralded in the manner that is befitting such an important sector of the professional world In its infancy, the local profession was led by many well-known expatriate personalities that made positive contributions to our shores, but in the mid-1960s as young, educated Bahamians saw opportunities to advance, so came the advent of the Bahamas Institute of Chartered Accountants (BICA) in 1971 with founding fathers that we can all be proud of, including the likes of Basil Sands, T. Maitland Cates and G. Clifford Culmer. There is no doubt that the birth of BICA in 1971 and the birth of an Independent Bahamas in 1973 was fate in the making.

BICA has since grown from strength to strength, now boasting over 500 members and virtually 100% ownership of the firms practicing accounting in The Bahamas – the true meaning of a Bahamas for Bahamians. Likewise, The Bahamas continues to grow from strength to strength, and the paths of BICA and the wider Bahamas are to become even more entwined as we move forward, upward, onward, together. Therefore, I take this opportunity to congratulate the Institute on its celebration of 45 years of existence and self regulation, with a complementary theme of “Capitalising on Our Past and Building Opportunities for the Future”.

If the economy is to be successful then, we need to encourage the growth of a healthy and vigorous accounting profession. We must ensure that those who are in the profession remain at the cutting edge of best international practice and well trained and we must encourage the young bright minds of our country to continue to enter the profession.

In this regard, you would all be aware, that our nation celebrated the birth of the University of The Bahamas last week – a proud occasion for The Bahamas.

A key pillar of the University’s academic strength is its Business School and Accounting programme. We encourage BICA to continue its work with that programme so as to ensure that the accounting students learn more than the book theory, but also achieve the opportunity to experience the practical side of accounting through internships and mentorship within the accounting profession. We must show our young people the diversity of the accounting world and all of the tremendous advantages that this degree can bring.

The Bahamas has long been a country known to punch far above its weight class, and the local accounting profession is no different. We bear witness to all of the major international networks of accounting firms being present in The Bahamas, however, led by Bahamian principals. These same firms assist in the development of our future leaders, through the promotion of academic excellence, and continuing professional development – the latter being evidenced this week.

Additionally, I am advised that as an Institute, BICA sponsors a scholarship programme at the now University of The Bahamas – a partnership that I trust will expand as BICA grows. BICA has arguably produced the largest number of private business executives in The Bahamas, along with leaders in various public entities, including the Office of the Auditor General and the Public Treasury, management in several of our leading local learning institutions and varied consultants. Therefore, the accounting profession remains a springboard profession and is very influential in the affairs of The Bahamas.

The accounting profession both internationally and domestically, is one that knows no borders, as it covers the private sector and the public sector, and is the gatekeeper for the widest population of stakeholders, including shareholders of companies, citizens with vested interests in the fiscal position and performance of the national accounts and fiscal affairs, and international observers of all that transpires in both the private and public sectors – the necessary but daunting rating agencies and international funding agencies.

This, therefore, necessitates strong collaboration between the Government of The Bahamas and BICA, a relationship that my Government is proud to not only maintain but also enhance. As examples of this one need look no further than BICA’s involvement in the recent implementation of Value Added Taxes, compromises on the implementation of changes in the Business Licence Act, and the ongoing project to implement International Public Sector Accounting Standards (IPSAS).

Further, my Government has and continues to welcome the input and counsel of BICA’s well respected personalities and members on topics ranging from economic development and governance to financial management of specific projects such as recent hurricane relief initiatives.

My Government remains committed to working with BICA and embracing it as we move our country forward. This is evidenced by my presence here today, with your leaders of BICA Council. In the past 18 months, in close collaboration with BICA, my Government is proud to have tabled legislation bringing the structure and operations of BICA in line with the most recent practices of international professional standards governing the accounting profession.

The passage and bringing into effect of the Bahamas Institute of Chartered Accountants Act, 2015 and the initial BICA Regulations of 2016 are a testament to support of BICA by the Government.

As a consequence, BICA, therefore, owes a duty of care to the Bahamian people to maintain the highest professional standards and conduct, exemplifying the behaviours set out in your adopted code of ethics and making use of strengthened powers contained in legislation to discipline significant breaches of this code of ethics by its members and expel those that can bring this honourable profession into ill-repute. Your role as gatekeepers mandates that you maintain the trust and admiration of the stakeholders you are charged with serving.

Ladies and Gentlemen:

I now turn my attention to the historic achievement being celebrated this week, with the first ever partnering between BICA and the American Institute of Certified Public Accountants (AICPA) to host joint seminars. To a degree, this is encapsulated in your theme, “Capitalizing on our Past and Building Opportunities for the Future” as through such arrangements you are building opportunities for the future

I understand that the AICPA boasts of being the world’s largest member association with more than 400,000 members in 145 countries in business and industry, public accounting practice, governments, education and affiliated fields. Put into context, the AICPA’s membership rivals our total population here in The Bahamas.

Historically, most Bahamian accountants trained in the United Kingdom and became members of the Institute of Chartered Accountants of England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) prior to membership in BICA.

However, we saw this trend change in the 1980s and beyond, and now the majority of qualified accountants in The Bahamas, qualified through the uniform examination administered by the AICPA and the State Boards of Accountancy in the USA. Therefore, it is certainly an honour, then, to host the AICPA in a formal manner here in The Bahamas as it partners with BICA – this a truly an acknowledgement of the credibility of BICA and further recognition of the high quality professionals that make up BICA’s membership.

I, further, understand there are strong ties with Chartered Professional Accountants of Canada (CPA Canada) and BICA, along with the ACCA and BICA. The expansion of partnerships with such international associations of accountants builds on the reach and credibility of BICA. This is all very positive news and I commend your leadership team for its efforts in this regard and encourage them to continue on this path of success.

BICA’s membership in the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants of the Caribbean (ICAC) are to be exuberantly guarded, as we have set the bar very high given our past and current leadership of ICAC.

There are many challenges facing our nation, and the only strategy to overcome these challenges is through the use of our best and brightest minds and talents. Among the immediate issues and challenges we must include but are not limited to:

•    the Ease of Doing Business;
•    membership in the World Trade Organization and attendant responsibilities;

•    the implementation of accrual basis of accounting that I announced in Parliament and the ongoing project to do so;

•    fiscal responsibility, which includes balancing the needs and aspirations of the people with the funds available;

•    tax reforms and successful implementation of practical solutions that meet the needs of the Government as well as its customers, the taxpayers; and

•    the myriad of issues that present themselves in country assessments conducted by the likes of the IMF, CFATF and FATF, S&P, Moody’s and others.

The week ahead, therefore, will deliver much information on very topical issues, including international activities that impact The Bahamas in a major way, and domestic activities that must succeed if we as a country are to succeed. I send you off into your deliberations and look forward to receiving informed, dispassionate and high quality feedback following the conclusion of your continuing professional development efforts, which can be incorporated into our National Development Plan, Vision 2040, that will be the foundation for addressing the challenges mentioned earlier and capitalising on the opportunities that present themselves even in the midst of those challenges.

Ladies and Gentlemen:

I would wish to say something briefly of the National Development Plan as it will have both a short, medium and long term future impact on the accounting and business activities.

The National Development Plan is a major initiative of my Government. This work, which is non-partisan in nature is a national effort and is inclusive of the ideas of all the people of the Bahamas from all political stripes and islands.

As the Steering Committee unveils the work in the upcoming weeks we will begin to look more closely at the new opportunities which are available in the new world. We know our traditional lines of business – tourism and financial services, have not been explored to their fullest capacities. Within each of these areas there are immense opportunities for small businesses and for the astute entrepreneur.

The work of the National Development Plan points to ways that we can encourage the development of more of that spirit of entrepreneurialism – many of whom must be people who have full time jobs to pay the bills, while pursuing their entrepreneurial passions on an after-hours basis until the endeavor is fully operational. We must encourage more people to pursue this model – taking on the risk of entrepreneurship and job creation. We know that some of these ventures will fail. But there should be no shame in an honest failure – many of the greatest business people in the world have failed initially. We must encourage persons to have the resilience to try again.

Finally, you would wish to be aware that my Government fully appreciates the need for a more open, transparent and effective government, including stronger public institutions and strengthened management of arm’s length agencies such as public corporations and other governmental agencies. Within the public sector, we are reforming the way we do things. We are getting smarter, using more technology, rethinking processes. The accounting profession is helping us with this work to a large extent through your advisory services.

My government also recognizes the need to improve the business environment with respect to how businesses interact with the government. This is the only way for that the small business person that I mentioned earlier to be as successful as he or she needs to be.

We want to ensure that Bahamian small businesses can expand and some grow into larger businesses. In this regard, have asked for a Competitiveness Council to be formed and utilizing the analysis and recommendations of the National Development Plan, that body will report back within two months to me with a work plan to improve the business environment of The Bahamas. The recommendations made will be publicly released.

I am committed to changing this downward slide into business oblivion since 2005. One hundred and twenty-first (121st) place in the World Bank’s Doing Business Indicators Index does not represent who The Bahamas is and will be in the future.

Conclusion

Ladies and Gentlemen,

It is my pleasure to welcome you to this annual accountant’s week of activities. I was encouraged that you started your activities with a philanthropic venture – providing social capital and mentorship through financial advice to so many in the community. You have worshipped together and now you begin a weeklong of learning and of self-improvement.

I wish this body and your leaders and members every success.

Thank you.