History
ICAJ was established in 1965, three years after Jamaica gained its independence. The 1968 Public Accountancy Act was the statute for the incorporation of the ICAJ. In July 1980 the institute bought its property at 8 Ruthven Road, Kingston for the ICAJ headquarters. The ICAJ Secretariat facilities were formally opened on 18 January 1995. The ICAJ Code of Ethics was approved by Council in July 2000. ICAJ was designated the sole official agent of the Public Accountancy Board by the Ministry of Finance on 7 March 2001.
In the early 2000s there were well-publicized failures of companies such as Enron and Worldcom in the United States, and Parmalat in Europe. ICAJ came under pressure to ensure that Jamaican companies could not have similar problems, which should have been caught by auditors. In October 2002 ICAJ announced that is was embarking on a financial system improvement project that would strengthen the enforcement and compliance framework of the accountancy profession in Jamaica and ensure that investors received accurate information.
In November 2004 there was a proposal to make changes to the Money Laundering Act. According to the opposition, these would give the minister of finance the right to "violate the secrecy laws without any reference to the courts which is the only saving grace between individuals, companies and the overwhelming power of the state". ICAJ president Linroy Marshall said his organization had not been consulted on the proposal, but expressed serious concern about any move to violate confidentiality between an accountant and their client.
In June 2003, and again in June 2011, ICAJ hosted the ICAC annual meeting. Attendance grew from 300 in 2003 to over 900 in 2011.
Read more about this topic: Institute Of Chartered Accountants Of Jamaica
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