The Bahamas Institute of Chartered Accountants (BICA), president Gowon Bowe, will have a seat on the Fiscal Responsibility Council, “a tremendous opportunity for BICA to demonstrably influence the fiscal fortunes of the country,” according to Prime Minister, Dr. the Most Hon. Hubert Minnis.
During the opening of Accountants’ Week under the theme: “Effectively Transitioning in a Digital Environment: Staying Current on the Global Stage”, Dr. Minnis highlighted the importance of a relationship between the accountants and the government to further develop the economy.
“A primary objective of my Government is the introduction of meaningful and accountable fiscal responsibility, which is evidenced by our tabling of Fiscal Responsibility legislation.
“This legislation encompasses many forward looking principles that will place The Bahamas on a better economic footing.
“To ensure accountability, the legislation establishes the Fiscal Responsibility Council, with BICA having representation on this Council,” Dr. Minnis said.
“We look forward to proposed amendments to further strengthen the legislation,” he said.
He added that his administration welcomes input and counsel of members of BICA on topics pertaining to economic development, governance, fiscal responsibility and corporate citizenship.
Dr. Minnis added that the government is also committed to implementing Internal Public Sector Accounting Standards by 2022.
In his response, Mr. Bowe challenged the accountants to take their responsibility seriously, adding that with BICA having a seat on the council would allow its members to come from behind the curtains to the front of the curtains.
“We as an institute we take seriously our responsibility as one of those professions to make sure that the cornerstone of our profession, trust, is one that continues.
“We often have pundits and commentators that look at the budget’s various decisions that government makes often with the privileges, if you will, of saying an anonymous source, senior accountant anonymous source, but as it relates to that we have to now make sure that we are taking and analyzing the budgets and the out turns and giving critical feedback.
“Critical feedback means positive in those areas where there are elements that should be continued and negative, where we want to see change and being a part of that change and not simply being a voice of talking about the problems,” Mr. Bowe said.
He added that the accountants must be sure that they too are following the proper guidelines and principles.
“We are in discussions now with BICA as it relates to personnel in the Department of Inland Revenue and the Ministry of Finance in terms of understanding their objective which is assurance and, if you will, confidence in the numbers being reported versus what is set out in writing.
“But what I can say is that we have, if you will, to look at ourselves in the mirror and say how many of us are abiding by the very guidelines and principles,” Mr. Bowe said.
Accountants’ week features a series of sessions ending on November 15th.
Sessions are being held and Bahamar’s Convention Center.
