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Apart from obligations that have been imposed on accountancy bodies by the International Federation of Accountants (IFAC) through the promulgation of Statement of Membership Obligation No.1 (SMO 1) on Quality Assurance and International Standard on Quality Control No 1 (ISQC 1), The Public Accountancy Board (PAB) has a statutory responsibility (under Section 4 of the Public Accountancy Act) to “establish systems for the review of the products, methods and records of work of registered public accountants to ensure adherence to-
1. any prescribed standard of professional conduct;
and
2. established accounting and auditing standards;...”
An increase in public confidence in audit reports will confer substantial benefits such as facilitating inward investment and supporting the growth of the capital market in Jamaica.
