ICATT News

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO !

ISSUE NO. 9, 2013

ICATT NEWS President’s Greeting Dear Members,

Derek Mohammed - President Amidst a climate of enduring financial

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L e t m e t a ke t h i s opportunity to welcome our newly elected ICATT Council members and to thank my fellow members for their confidence in re-electing me as President for yet another term.

We d o n o t r e g a r d o u r leadership roles lightly and it would be remiss of me to not reiterate our commitment to the sustainability of the Institute as we seek to continue to serve in the public interest and to maximize value for our many stakeholders.

I C AT T co n t i n u e s to e n g a g e i n

volatility, ICATT stands steadfast in incremental implementation of our action

WHAT’S INSIDE Stakeholder Focus

43rd Annual AGM Highlights

CPD Central

providing a robust regulatory framework plan towards full compliance with IFAC’s in the interest of ethics, transparency, and S t a te m e n t o f Me m b e r O b l i g a t i o n s accountability in financial regulatory (SMOs) in tandem with our commitment processes in Trinidad and Tobago. to quality assurance; while the education, Enhancing investor confidence,

certification and support of our member’s

delivering value and maintaining public

remain paramount as we look forward to

trust is at the heart of our profession and engaging with you as we continue to serve as the regulatory body, it is with due you. process that the Institute continues to

Sincerely,

address matters of national financial

Derek Mohammed

importance; be they ethical, professional or regulatory in nature.

Committee Corner

Upcoming Events

IFAC 2013

President

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ISSUE NO. 9, 2013

Meet Our New Council

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ISSUE NO. 9, 2013

43rd AGM HIGHLIGHTS

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At the 43rdAnnual General Meeting held on On March 27th 2013, at the Courtyard Marriott Hotel. Mr. Derek Mohammed was re-elected President and Mrs. Jennifer Frederick was elected Vice President for the 2013/2014 term.

Below are the ICATT Council Members for the 2013/2014 term: • • • • • • • • • • • • •

Derek Mohammed - CA, FCMA, CGMA - President Jennifer Frederick - BSc., CA, FCCA - Vice President Anthony Pierre - CA, FCCA, CFC - Immediate Past President Sean Ramirez - CA, FCCA, ACIB Kyle Rudden - CA, FIA, FSA, FCCA, ACAS, ACIB Rudranand Maharaj - CA, FCCA Marlene Murray - BSc., MSc., CA, CFA Nicole Joseph - FCCA Mohan Mahabir - Singh - BSc., CA, FCA Roselyn Ramdin - Doobraj - CA, FCCA Camille Cumberbatch - Dhoray - MBA, CFE, CA, FCCA Pria Narinesingh - FCCA, CA Leslie Nelson - FCMA, CA, MBA, FLMI

A Warm Welcome to Our New ICATT Council Members !

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STAKEHOLDER FOCUS The first quarter of 2013, has indeed been a busy one. Here’s how the Secretariat has been busy serving you: FEBRUARY At the close of February 2013, ICATT’s General Manager (GM), j o u r n e y e d t o Ne w Yo r k t o participate at the Chief Executives’ Strategy Forum hosted by the International Federation of Accountants (IFAC). Following the two day Forum, the GM met with Deborah J. Williams , Chair, Pr o f e s s i o n a l Ac c o u n t a n c y Organization, Szymon Radzizzewicz, Senior Technical Ma n a g e r Me m b e r B o d y a n d Matha Russel, Technical Manager Member Body Development. This meeting wa s held to discuss matters relating to the technical development and continued capacity building of ICATT. MARCH In t h e m o n t h o f Ma r c h , ICATT received a copy of the d r af t Re p o r t o f S t a n d a r d o f Compliance (ROSC) for Trinidad and Toba go. This report was prepared by a World Bank Team headed by Mozammal Hoque, Senior Financial Management Specialist, Latin America and the C a r i b b e a n Re g i o n . I C AT T expended a significant amount of time and resources assisting the

ISSUE NO. 9, 2013

Wo r l d B a n k Te a m a n d t h e Competition held on March 30th Ministry of Finance towards the 2013. preparation of this report.

APRIL A template for use by External During the month of April, Au d i to r s i n e x e c u t i n g t h e i r I C AT T co m p l e te d a n “A n t i obligations under Regulation 10 Money Laundering /Combating (2:a) of the Financial Obligations the Finance of Terrorism (AML/ Re g u l a t i o n s 2 0 1 0 w a s a l s o CFT) Compliance Programme,” completed in March. This project draft template for use by ICATT’s was initiated by the Supervisory Pr a c t i c i n g Me m b e r s . T h i s Authorities Authorities (The template was issued to members Central Bank of Trinidad and for reporting to the Financial Tobago, the Financial Intelligence Intelligence Unit of Trinidad and Unit of Trinidad and Tobago, and Tobago. the Trinidad and Tobago Securities On April 15h 2013, ACCA with and Exchange Commission) under t h e p a r t i c i p a t i o n o f I C AT T t h e r e l e v a n t A n t i - Mo n e y hosted an Audit Roundtable on Laundering laws and regulations. the topic “ Au d i t and The objective is to ensure that all Integrity:Maximizing Stakeholder E x t e r n a l Au d i t o r s s u b m i t a Value.” Held at the Hilton Trinidad standard report to the regulators Conference Centre, ICATT was using this template. represented by Ms. Stacy Ann On March 25th, ICATT’s GM Golding whose presentation, “Do met with Mr. Sam Weller, the audit firms need to do more to executive Director of the improve the consistency of Government Finance Officers performance on individual audit Association of British Columbia engagements?” was well received.

(GFOA of BC). Mr. Weller is On April 18th 2013, ICATT’s involved with training members of GM met with Mr. David Green, the GFOA in the implementation the Business Development of Public Sector Accounting Manager at Trinidad and Tobago Standards in BC. A decision was Stock Exchange (T TSE). The taken at this meeting to conduct T TSE a greed to work with two IPSAS training sessions to be ICATT to bring more companies held in Port of Spain, Trinidad and to the equity/debt markets. The Scarborough To b a g o , in objective is to build upon the November 2013. r e l a t i o n s h i p w i t h I C AT T, T h e m o n t h o f Ma r c h specifically the Small and Medium concluded with T h e Practitioners’, member firms and Schools’Annual C r i c ke t by extension, the audit clients

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to identify companies that are seriously interested in pursuing the existing opportunities within the markets. "

MAY

O n Ma y 3 r d 2 0 1 3 , I C AT T ’s Executive Committee met with representatives of the Central Bank of Trinidad and Tobago ( C B T T ) a n d C r e d i t Un i o n representatives to discuss challenges and issues facing Credit Unions relative to the deadline for filing Au d i t e d Fi n a n c i a l S t a te m e n t s w i t h t h e C B T T. Suggestions proposed included: promoting staggered year ends among credit unions into large, SMP and small to match the scope of the audit.

ISSUE NO. 9, 2013

UPCOMING EVENTS July

August

16

20

ICATT/ACCA Ethics Breakfast Meeting

29-30 Caribbean Association of Audit Committee Members (CAACM) Conference

Risk Management The DNA For Business Success

29 Joint ICATT/ISACA Workshop on IT Governance

ICATT’s Annual School’s C r i c ke t C o m p e t i t i o n kicked off at the National C r i c ke t Center in Balmain Couva on March 30th, 2013. The fun-filled event was a resounding success with Omardeen’s School of Accounting taking home the winning trophy against SAC. We are already looking forward to the next match!

For more information on Upcoming events and CPD’s visit our website at www.icatt.org , follow us on Linkedin or Facebook or call us at 623-8000/0176

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CPD Central

Petroleum Taxation Seminar - Approximately one hundred (100) persons gathered at Capital Plaza in Port of Spain on February 26th, 2013 for this very successful seminar. Expert presenters included Ms. Valerie Mercer- Blackman, Lead Economics Specialist for the Caribbean, Inter-American Development Bank and Andrew Jupiter, President, Energy Strategic Unit, The National Gas Company of Trinidad and Tobago and a host of leading local speakers. Sponsors of this event included The National Gas Company, BP Trinidad and Tobago, PLIPDECO, Repsol and BG Trinidad and Tobago.

Two Day Taxation Workshop - ICATT hosted its annual two day taxation workshop on the 13th and 14th of March at the Arthur Lok Jack Graduate School of Business. Facilitated by Mr. Rupert Gooding - Chartered Accountant, Tax Consultant & Attorney at Law the well attended workshop was also offered on March 21st and 2nd in South Trinidad and was in such high demand it was repeated again in April 2013.

A Look In The M i r ro r - T h i s s o f t s k i l l s workshop was hosted by ICATT on April 30th, 2013. Facilitated by Ms. Janice Learmond-Criqui, a highly sought after Ideal Life Coach - the workshop was created for all professionals including a c co u n t a n t s a n d f o c u s e d o n developing coping mechanisms in d eal ing w ith co nfl i ct i n th e workplace and team building efforts.

Business Forensics - ICATT in collaboration with Global Expert Systems (GES) hosted this business forensics workshop on Ma y 1 4 t h a n d 1 5 t h , 2 0 1 3 .

At t e n d e e s w e r e t r e a t e d t o international expertise and a wealth of knowledge, making the event and engaging success.

Financial Accounting & Reporting for NGO’s - This much anticipated seminar was a joint venture between ICATT and the Network of Non-Governmental Organizations of Trinidad and Tobago. The seminar attracted over one hundred and twenty (120) participants and was such a resounding success, that two follow up Seminars are planned for San Fernando and Tobago.

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ISSUE NO. 9, 2013

ICATT’S CPD PLAN 2013 Month

Dates 16th

Seminars Ethics Breakfast Meeting

Location

Credits

Speakers

Arthur Lok Jack

TBD

ICATT/ ACCA

Trinidad Hilton

TBD

CAACM

Arthur Lok Jack

TBD

KR Services Ltd

Children’s Authority Facilities

TBD

ICATT

TBD

TBD

ICATT

July 29th - 30th 20th

Caribbean Association of Audit Committee Members (CAACM) Regional Conference Risk Management - The DNA for Business Success

TBD

Financial Accounting & Reporting for NonGovernmental Organizations

TBD

Taxation of Expatriates

29th

Joint ICATT/ISACA Workshop on IT Governance (ISACA- Information Systems Audit and Control Association

Arthur Lok Jack

6

ICATT/ ISACA

7th

Lawyers’ Client Money Compliance Work

Trinidad Hilton

TBD

ACCA

9th

Joint ICATT /ACCA Workshop: International Financial Reporting Standards (IFRS)

Trinidad Hilton

6

ACCA

10th

International Standards on Auditing (ISA)

Trinidad Hilton

6

ACCA

18th

Financial Accounting & Reporting for NonGovernmental Organizations

San Fernando

TBD

ICATT

20th

Financial Accounting & Reporting for NonGovernmental Organizations

Tobago

TBD

ICATT

TBD

Financial Reporting for Cooperative Societies

TBD

TBD

ICATT

8th - 9th

ICATT’s International Finance and Accounting Conference

Hyatt Regency Trinidad

TBD

ICATT

Trinidad Hilton

TBD

ICATT/ ATTIC

August

September

October

29th

ICATT/ATTIC Review of The Insurance Act

TBA

SMP’s Workshop - MIchael Scott

Port of Spain

TBD

ICATT

TBA

SMP’s Workshop - MIchael Scott

South

TBD

ICATT

Hyatt Regency Trinidad

6

ICATT

Capital PLaza

TBD

ICATT

TBA

TBD

Bob Gopee & Associates

Tobago

TBD

ICATT

TBA

TBA

ICATT

TBA

ICATT PAGE 7

13th - 15th

3 Day Conference - ICATT In-House Tax Training International Bureau of Fiscal Documentation (IBFD)

TBA

International Public Sector Accounting Standards Workshop (IPSAS)

TBA

Critical Accounting & Taxation Issues

TBA

International Public Sector Accounting Standards Workshop (IPSAS)

TBA

Foreign Accounts Tax Compliance

November

December

TBA Valuation of Companies and Business Units TBA ICATT NEWS IS A PUBLICATION OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO

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ISSUE NO. 9, 2013

Committee Corner Quality Assurance The Quality Assurance committee is charged with the responsibility of ensuring that members holding practicing certificates conduct their audit practice in accordance with the required competence and ethical standards that attend such practice. Practice monitoring is one of the obligations of ICATT as members of the International Federation of Accountants (IFAC).

Practice monitoring has been ongoing for the past five years whereby ICATT has engaged ACCA to conduct these reviews and report on the outcome.

The reviews are intended to ensure that such members meet the standards of practice and compliance with the ISAs and other requirements.

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Where current practice is unsatisfactory, practitioners are expected to take the necessary steps to correct deficiencies identified by the reviewer and achieve a satisfactory level of compliance. Evidence

of intent and capability to rectify deficiencies include preparation of a suitable action plan and communication of this to the reviewer. Furthermore, action must be taken to actually implement the plan.

Lack of cooperation with the review exercise, failure to respond to the report or submit an action plan where the result is unsatisfactory are indicative of a lack of seriousness in treating with the identified deficiencies. Furthermore, serious deficiencies and unethical behaviour in the conduct of audit work in the conduct of an audit constitute breaches of ICATT’s Rules and can result in withdrawal of the practicing certificate. !

ICATT’s practice monitoring programme is intended to assist the auditing profession in Trinidad and Tobago to achieve high standards of practice and meet the expectations of their clients and third party interests that place reliance on their attestations.

Specialized training programmes are a part of ICATT’s effort to assist members to improve their auditing practices and members with difficulty in the regard are expected to take advantage of such training.

SAVE THE DATES! !

On November 13th to 15th 2013 at the Hyatt Regency Hotel, ICATT in collaboration with the International Bureau of Fiscal Documentation (IBDF) will host a three day Tax Seminar in Trinidad and Tobago. Founded in 1989, IBDF Based in the Netherlands, is one of the most respected organizations that offers a wide range of courses on international taxation drawing on the expertise of internationally renowned tax specialists. Their clients include Ministries of Finance, international corporations, legal and accountancy practices, bank, educational institutions and others who look to the IBDF as a first class source of well researched information particularly in the sphere of international tax issues including treaty analysis and interpretation. The course will be conducted by experienced instructors with extensive experience in the field of international taxation and will focus on the role of tax treaties (relevant to Trinidad and Tobago) including the most-up-to-date developments relating to international tax planing, expatriate issues and transfer pricing. ICATT looks forward to welcoming these esteemed experts from the IBFD and facilitating this programme for our members and other tax professionals

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Embracing The Change APPOINTMENTS, REASSIGNMENTS & REORGANIZATION AT ICATT !

In the latter half of 2012 the General Manager, recognizing that there was some disparity between the changing goals of ICATT and its current staffing levels, proposed to Council the need to align goals and objectives with manpower resources in order to ensure achievement of the Institute’s Vision and Mission. Instrumental in its genesis were the following: !

The ICATT’s Mission to “ Effectively promote, regulate and support the development of the accountancy profession in Trinidad and Tobago, and ensure adherence to the highest technical and ethical standards, for the b e n e f i t o f m e m b e rs , students and the general public.” At its core ICATT’s need to increase the Human Resources capacity is integral to providing the best service to the various publics of Trinidad and Tobago. !

Fu r t h e r, t h e D raf t Report on Observance of S t a n d a rd s a n d C o d e s Accounting & Auditing (ROSC A&A) - a joint initiative of the World Bank and the Ministry of Finance, Government of the Republic of Trinidad and Tobago on standards and codes - February 2013 provided an assessment of corporate sector accounting, financial reporting and

auditing practices in Trinidad and Tobago. It was noted that a l t h o u g h I C AT T - t h e professional accountancy organization is well organized, it faces substantial capacity challenges that need to be addressed. !

In an eff ort to meet these challenges, the Council approved the recruitment of a Technical Manager, together with support staffing which includes an Administrative Assistant (2014) and an E d u c a t i o n a n d Tr a i n i n g Coordinator (2013) in anticipation of the growing demands expected to be placed on the Technical aspect of ICATT as well as to enhance the training function of the Institute. In an effort to treat with ICATT’s members not as customers but for the raison d’être of the Secretariat - some position titles have been revised from Customer Ser vice Representative to Me m b e r Ser vice Representative and Member Relations Officer respectively. !

T h e Re s u l t s o f a Hu m a n Re s o u r c e Au d i t revealed other critical gaps within the Institute’s structure; the need to review operational plans in order to enable goal achievement and also the need to develop team orientation in the execution of organizationwide initiatives.

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Overall the gaps identified within the Organizational Structure (a) compromised overall achievement of the Institute’s strategic goals and objectives (b) limited compliance with demands being placed on all member bodies by the International Federation of Accountants (IFAC) in adherence to the Statement of members Obligations (SMOs) and international standards issued by the International Accounting Education Standards Board (IAESB); (c) affected the deliver y of quality service to ICATT’s members; (d) l i m i te d t h e n u m b e r o f activities undertaken to generate additional revenues to finance the Institute’s operations. !

The General Manager therefore embraced the responsibility of “ Re d e s i g n i n g the Organizational capability and capacity in terms of o rg a n i z a t i o n , p e o p l e , p ro c e s s e s , re s o u rc e s , systems and technologies to pursue the vision, mission and mandate of ICATT.” To this end, the revised Organizational Structure shown on page 10 was developed and submitted to Council for approval.

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To date the following appointments and reassignments have been effected in keeping with the Re v i s e d O rg a n i z a t i o n a l Structure

Tourism Industry. An energetic and strategic thinker, we believe that Sharon will add value to our team here at ICATT.

Tracy joined the Secretariat on April 2nd 2013 and brings to the Organization over five (5) years experience in Communication and Marketing having worked with some of the more prominent organizations i n Tr i n i d a d a n d To b a g o i n c l u d i n g P C S Ni t r o g e n , P E T RO T R I N and COSTAATT. This mix of both the Private and Public Sectors provides a diverse background which can work well within the context of ICATT’s operations.

A youthful and for ward t h i n k i n g i n d i v i d u a l , Tr a c y represents the changing face of communication technology and marketing that can add value to the ICATT family.

Sharon Joseph Education & Training Coordinator Sharon has been appointed with effect from Tuesday June 18th 2013 and brings to the Organization over seven (7) years experience in Training and Development with Classroom/ Wo r k s h o p facilitation techniques, and cumulatively o ver (10) years experience within the Hospitality and

your life.” Here’s hoping that Tr i c i a c o n t i n u e s t o e n j o y success in this portfolio and continues to add value to the ICATT team.

Sasha Grant Sara Affonso

Manager, Member and Student Relations

Tracy Chimming Manager Marketing, Communications & Events

ISSUE NO. 9, 2013

Sasha joined our team in Ja n u a r y 2 0 1 3 a s Me m b e r Relations Officer and after four (4) months has willingly taken up the challenge to head the Member and Student Relations Department. Sasha’s strong communication and organizing skills allow her to work well under pressure and has allowed her to embrace the strategic goals of ICATT and to further these goals by fostering enthusiasm amongst the Member Relations Team. She ha s shown herself to be a valuable asset in engendering change within the ICAT T team. !

Tricia Mayers-Ashby Member Relations Officer After seven (7) years working with ICATT, Tricia has ce r t a i n l y f o u n d h e r n i c h e w i t h i n t h e Me m b e r s a n d Student's Relations arena.

Tricia’s decision to revert to this position after managing the Department for ten (10) months was well thought out and careful consideration given to where she can add the most value. So as the saying goes, “when you enjoy what you do you never work a day in

Member Service Representative With effect from January 1st 2013, Sara joined the other f r o n t- l i n e s t af f a t I C AT T bringing that number to three (3). Prior to this appointment, Sara held temporar y assignments at ICATT which enabled an easy transition into this permanent portfolio. Her inherent customer ser vice orientation made her an instant winner at the front counter and at CPD Seminars held during the year thus far. Sara brings added value to ICATT having acquired over eight years of customer service experience even as she pursues studies towards a degree in Business Administration. !

The Council a n d S e c r e t a r i a t t a ke t h i s opportunity to welcome both Tracy and Sharon and to wish Sasha, Tricia and Sara every success in their reassigned p o r t f o l i o s . We t a ke t h i s oppor tunity to pledge our assistance in making their jobs a resounding success.

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ISSUE NO. 9, 2013

Revised Organizational Structure INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT)

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ISSUE NO. 9, 2013

Human Resource Review APPOINTMENTS, REASSIGNMENTS & REORGANIZATION AT ICATT

REVIEW OF HR FUNCTIONS & The bringing in line of goals and resources further provoked the need to engage in a wider review of the Institute’s operations with emphasis placed on the Human Resource functional areas within ICATT and to focusing the Institute toward Change Management initiatives. In this regard, the Institute also undertook the following: 1.) Review of all Job Descriptions identifying key success factors for each job portfolio.

2.) Introduction of a Performance Management System which proposed Key Performance Indicators and Performance Standards.

3.) Implementation of Individual and Departmental Reports.

4.) Review of all Human Resource Policies and Procedures.

5.) Conduct of Team Building Exercises.

SALARY REVIEW !

In an effort to build momentum and effect staff motivation, a review of salaries was also undertaken during the first quarter of 2013 with retroactive effect to January 1st 2013. This review sought to bring salaries more in line with market trends and values thus engendering much appreciation and enthusiasm in staff despite being faced with increased job portfolios and operational changes in the workplace.

ADDITIONAL COMMITTEES & Not to be left out, an assessment of the Committees within ICATT was also carried out and the following Committees added in order to more effectively serve the needs of our members and to increase the Institute capacity to comply with the Seven Statements of Membership Obligations (SMOs) which are the foundation of IFAC Member Body Compliance Program: 1.) Ethics Committee 2.) Public Sector Accounting Standards Committee 3.) National Policy Input Committee

NEW DEVELOPMENTS !

Several New initiatives were also undertaken by the Secretariat within recent times including the development of: 1.) An Orientation Package for all new Council Members 2.) A Code of Ethics for all Council Members 3.) The Terms of Reference for each Committee within Council

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Revised List of Committees INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT)

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ISSUE NO. 9, 2013

SAVE THE DATE!

ICATT’s International Accounting and Finance Conference 2013, October 8th and 9th 2013 ! !

The

In s t i t u t e

of

Chartered Accountants of Trinidad and Tobago is pleased to present our Flagship event theInternational Accounting and Finance Conference. Considered the premier financial conference in Trinidad and Toba go, it is c a r d e d t o t a ke p l a c e o n October 8th -9th at the Hyatt Regency Trinidad. &

Under this year’s theme, “Avoiding the Fiscal Cliff ” ICATT seeks to address the

issues surrounding Fiscal Policy in Trinidad and Tobago and will feature dynamic international, regional and local facilitators, culminating in a networking cocktail at the close of the second day.

This conference is designed to provide participants with an analysis of local Fiscal Policy, its impact on economic growth and the role of the Finance Professional from a macroeconomic and microeconomic perspective. The event will also touch on various perspectives and approaches to Fiscal Policy and will explore case studies from within the region.

Originally celebrated as Accountant’s Week, approximately 300 accountants, finance professionals and regulators attend the conference, which is an integral part of their continuing professional development. We anticipate lively discussion, interactive question and answer sessions, and excellent opportunities to network with the influencers from the Finance, Manufacturing and Energy Sectors.

To be a part of this exciting event, stay tuned to our website for more details! Registration opens soon!

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