Overall the year was a very good one for the Institute. The rebuilding continued and the challenge of re-establishing members’ support and confidence was met to a greater extent. Council developed firm linkages with members and members gave frequently their views, recommendations, compliments and feedback to Council.
Membership, however, decreased by two as a few members elected to have their names removed from the register of members. Nevertheless, Council is confident that as international forces compel regional bodies to partake in the protocols and rounds of the WTO, FTAA and CSME, and with the call and demand for highly trained professional accountants, it is just a matter of time before local accountants would need the acknowledgment of being a member of the Institute.
It is with this in mind that Council has been working progressively to ensure members a well-administered Institute. As a result, Council is pleased to submit this report to the members of the Institute.
The Institute’s Seventeenth Annual General Meeting was held on March 20, 2002. The members duly elected to serve on the new Council for the period 2002 – 2003 were:
Felix Reyes President
Jose Bautista Vice-President
Julian Castillo Treasurer
Michael Coye Secretary
Karen Weir Member
Giacomo Sanchez Member
The following Committees’ Chairmen were appointed:
CPE and Members Services Giacomo Sanchez, Deliotte & Touche
Legislation, Act & Bye-Laws Douglas Erskine, Pannell Kerr Forster
Education and Training Kathlyn Tillett
Publicity Kevin Herrera
Investigation Clinton Castillo, Pannell Kerr Forster
Disciplinary Nestor Vasquez, Vasquez & Co.
Three members were admitted to the Institute during the period.
Five members were removed from the Register due to the non-payment of annual fees.
Two practising certificates were approved and one practising member retired.
Membership at year-end was forty-seven: Non-practising members 22, Practising members 25.
The agreements relating to the ACCA technical and professional examination schemes administered by ICAB in Belize were officially signed between ACCA and ICAB. As a result, all students in Belize must be registered as a student member of ICAB as at January 1, 2003 in order to continue their ACCA program of studies.
Some forty-one students are registered as student members of the Institute.
On May 25, 2002, a student orientation and rap session was held. At this meeting, an overview of ICAB’s history, role and purpose was given, along with hands out and copies of the ACCA/ICAB joint agreements. Another meeting, sponsored by ACCA and ICAB was held on January 24, 2003 with two ACCA Representatives of Students’ affairs present. The students’ needs were noted – the main need being tutoring. ACCA and ICAB will be formulating an Action Plan to address those needs. Also, the Galen University of Cyprus, to be opened in Belize in September, 2003, has express a desire to become a Tuition Provider within their Professional Studies Department.
Student CAT/ACCA 2002 Exams Results: –
June: 49 students registered; 60% passed.
December: 51 students registered; 65% passed.
To date, four students have successfully passed all the CAT papers and, under the ACCA/ICAB partnership, Council has agreed to hold graduation ceremonies later in the year 2003.
Council has deferred the 2002 CPE requirements for members and has agreed that the filing of CPE returns for the year would be on a voluntary basis. Nevertheless, a CPE accredited seminar on Fraud Detection was held March 20, 2002 at the Biltmore Plaza Hotel. In the meantime, Council has been reviewing estimates and suggested programs submitted for the year 2003. Also, Council has agreed to pursue Joint CPE Seminars with other Caribbean members of ICAC through the ACCA Caribbean Offices. The ICAC’s CPE Guidelines were posted on the Institute’s website.