The Public Accountancy Board (PAB) is projecting to register and issue practising certificates to 280 public accountants fulfilling the requisite criteria, by the end of the 2023/24 financial year.

This represents an increase of ten over the number for the corresponding period last year, according to the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2024. 

The registration and certification process forms part of several initiatives being pursued  by the PAB during 2023/24 as it seeks to continue monitoring and regulating the practices of registered public accountants (RPAs).

Other slated engagements include monitoring RPAs’ activities to ensure compliance with the Public Accountancy Act and Regulations and requirements of the Proceeds of Crime Act/Anti-Money Laundering guidance and the Terrorism Prevention Act.

According to the Estimates, the PAB intends to conduct inspections to meet the Financial Action Task Force’s expectation of completing 12 such engagements for the year, as against nine in 2022/23. 

The Public Accountancy Board was established to carry out functions outlined in the Public Accountancy Act, 1970.

The entity is required to promote, in the public interest, acceptable standards of professional conduct among registered public accountants in Jamaica and perform other functions assigned to the Board in accordance with the Act’s provisions.

The Act was amended in February 2004 to strengthen the PAB’s role in promoting higher standards of public accountancy and improve monitoring of the RPAs’ practice and professional conduct.

Consequent on Section 91 (1)(g) of the Proceeds of Crime Act of November 2013, the PAB is the designated competent authority to monitor the work of RPAs engaged in activities as prescribed by the legislation.

These activities relate to the Financial Action Task Force  40+9 Recommendations on Anti-Money Laundering and Combatting the Financing of Terrorism, and the designation of accountants as non-financial businesses/professionals.

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