Members of the ICAJ & JSE Team Show off the signed MOU to the Public
(Kingston, February 14, 2012): The Jamaica Stock Exchange (JSE) and The Institute of Chartered Accountant (ICAJ) signed historic Memorandum of Understanding (MOU) on Tuesday, February 14, 2012. The purpose of this Memorandum of Understanding is to provide the framework for a collaborative arrangement between the JSE and the Institute of Chartered Accountants of Jamaica (ICAJ) in order to improve the quality of financial statements preparation and reporting by Listed Companies and Member Dealers in keeping with international reporting standards and guidelines.
In her welcome remarks at the “Bell-ringing & MOU” ceremony held at the JSE, before the signing took place, Mrs. Marlene Street Forrest, General Manager of JSE explained that, “This MOU is the cementing of a long standing relationship between the ICAJ and the JSE as both parties have a very good relationship in advancing the cause for good governance, disclosure and quality financial reporting”.
Mr. Livingstone Morrison Chairman of the Regulatory & Market Oversight Committee told the audience that. “This MOU will facilitate continued improvement in the regulatory functions of the JSE by leveraging the accounting and financial reporting capacity of the ICAJ and its members. These expectations should be realized through:
ü Periodic meetings between the Exchange and ICAJ to discuss issues relating to the publication and preparation of financial statements;
ü Guidance from ICAJ in the Exchange’s assessment of Listed Companies’ and member-dealers submissions.
He further stated that, “I am mindful of the fact that all over the world there is increasing recognition of the interconnectedness between good corporate governance, appropriate financial regulatory framework, market efficiency and timely promotion and adoption of internationally accepted accounting and reporting standards. We in Jamaica we are no different and through the signing of the MOU we are recognizing the interconnectedness and we are committing ourselves to working together to ensure that the domestic securities market continue to grow and develop”.
Miss Vintoria Bernard, President of ICAJ at 9:30 a.m. rang the bell to signal the opening of the JSE’s Market for Trading. In her address, she stated that “as more and more entities list on the Jamaica Stock Exchange, it is important that the assessment methodologies for submissions by these companies, supported by Member Dealers, be executed according to international standards. We are aware that there may be companies who, wittingly or unwittingly, issue financial statements which may not conform to the relevant standards. Through the Memorandum, we will be working to ensure that any breaches may be identified and curtailed. The Memorandum that we are about to sign will further our efforts to ensure that local accounting is in line with international best practices standards. It will help in capacity building which is critical for the development of any economy’. She further suggested that this “will help to promote greater transparency, assist in protecting the integrity of the market and boost confidence of both local and international investors”.
