The Tribune

The Bahamas Institute of Chartered Accountants (BICA) has met the Securities Commission of The Bahamas (SCB) in continuing efforts to ensure regulation meets best practices and standards.

A majo discussion point during the January 24, 2013, meeting was BICA’s implementation of a Practice Monitoring/Peer Review Programme.

The Institute is currently implementing this initiative, which essentially involves an auditing of auditors and audit procedures against international best practices, including the International Standards on Auditing (ISA) issued by the International Audits and Assurance Standards Board (IAASB).

The Practice Monitoring/Peer Review Programme is also important for the Securities Commission, as it represents a key element in the Bahamas’ compliance with audit standards required by the global standard-setter for securities regulators, the International Organisation of Securities Commissions (IOSCO).

Among the other matters dsicussed by the Securities Commission and BICA were the latter’s licensees acting as the regulator’s agents when it came to inspections of financial and corporate services providers, Continuing Professional Education (CPE) and the investigations and disciplinary process for BICA’s members and licencees.

The Securities Commission’s executive director, Dave S. Smith, said the regulator was supportive of BICA’s efforts. He added that they bode well for ensuring auditors, who were seeking the approval of the Commission to act for its Securities Industry Act 2011 registrants or public issuers, were in compliance with the relevant requirements of the Securities Industry Regulations 2012.

BICA was represented by its president, Jasmine Davis; second vice-president, Reece Chipman; secretary, Darnell Osborne; assistant secretary, Basil Ingraham; Council Members Tiffany Norris-Picher, Pedro Delaney and Tyrone Neely; and BICA secretariat Carolyn Ariscar. The Securities Commission was represented by its executive director, Dave S. Smith; legal counsel, Mechelle Martinborough; and inspections manager, Denise O’Brien.