Professional accountancy organizations (PAOs) are crucial components of a well-functioning, sustainable accountancy profession, and enhancing collaboration and partnerships among PAOs has benefits for all organizations involved.
Recently, the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) requested support and information around establishing a quality assurance (QA) review system for Non-Audit accountants. ICATT has a QA review system for auditors in conjunction with the ACCA. While that review system continues to operate efficiently, ICATT is expanding its review program to include non-audit members in public practice and considering self-reporting models for them.
To support ICATT in establishing its expanded review program, IFAC organized virtual meetings between ICATT and three PAOs that successfully operate such a system for accounting services in their jurisdictions—the Association of Accountants of the Republic of Latvia; Corpul Expertilor Contabili si Contabililor Autorizati din Romania; and the Lithuanian Association of Accountants and Auditors.
Following the meetings, all PAOs provided ICATT with templates to reference, for example: guidelines, explanatory notes, and checklists.
IFAC is delighted to highlight this example of collaboration amongst PAOs from diverse regions, which offer opportunities to pool resources and expertise to benefit member organizations, the global accountancy profession, and the public interest.
The article is available on IFAC Knowledge Gateway.
