The PAB is a public body, created by the Public Accountancy Act 1968. The functions of the Board are to promote, in the public interest, acceptable standards of professional conduct among registered public accountants in Jamaica, and, in particular to perform the functions assigned to the Board by the other provisions of the Act. The Board has ten members appointed by the Minister of Finance and the Public Service.
- Registers persons who apply and are qualified to engage in the practice of accountancy in Jamaica.
- Promotes in the public interest, acceptable standards of professional conduct among registered public accountants in Jamaica;
- Makes with the approval of the Minister rules in relation to the promotion by the Board, in the public interest, of acceptable standards of professional conduct among registered public accountants;
- Investigates complaints and takes disciplinary action against registered public accountants for breach of any provision of the Act or any regulation made there-under and
- Investigates non registered persons who engage in the practice of accountancy and takes action to have those persons prosecuted to face criminal charges in the law courts
The Board is also authorized to:
- Establish, evaluate and monitor the experience requirements of registered public accountants
- Establish, evaluate and monitor accounting and auditing standards to be complied with by registered public accountants
- Establish, implement and regulate a system of continuing professional education for registered public accountants, prescribe requirements therefor and monitor compliance with the requirements Implement, regulate and monitor a system of quality control reviews or perform such other monitoring functions as it considers necessary or expedient
The Practice of Accountancy A person practises as a public accountant if:
i. he holds himself out expressly or by implication as being a professionally qualified accountant or an expert in accounting or auditing matters or
ii. for reward
A he prepares or examines financial, accounting or related statements
B he issues any written opinion, report or certificate concerning any such statement
C he prepares financial statements purporting to reflect a true and fair view or to be in conformity with generally accepted accounting standards