There are numerous accountancy and audit firms in Jamaica, many of which are based in Kingston and Montego Bay. Accountancy and audit firms include local member firms of all four major international networks, which tend to audit virtually all of the Stock Exchange-listed companies. The Public Accountancy Act of 1968 functions as key legislation in terms of providing a regulatory framework for the sector and the Companies Act 1965 requires the financial statements of all limited companies to be presented with the Registrar of Companies. The Act also requires the auditing of financial statements from all limited companies. The Public Accountancy Board was created by the Public Accountancy Act 1970 and issues practicing certificates to accountants. The Bank of Jamaica ensures financial statements are correct and proper and the Financial Services Commission. In February 2012 the ICAJ and the Jamaican Stock Exchange signed a Memorandum of Understanding to try and improve the quality of financial reporting. With regard to the adoption of international accounting standards Jamaica’s listed companies published their financial statements in accordance with IFRS from the beginning of 1 July 2002.
News from jamaica
No comments:
Post a Comment