Institute of Chartered Accountants of Trinidad and Tobago ...

1 Institute of Chartered Accountants of Trinidad and Tobago (ICATT) business plan (2007-2010) Table of Contents Direction of andate .. ission .. s business M odels and Value s business s Value Success 133 Key Performance Indicators for Project and Organisation .. Level Organisation Structure for ICATT .. of ICATT s of the of the Council of the Change Management of ICATT s Leaders .. Executive Chairman .. Chief Executive s Organisational Transformation and s Sustainability to achieve Organisational Transformation and and Change Change M anagement of Projects .. Capability and of ICATT s Strategic Change Initiatives and costs of Strategic Change Initiatives and Operations for the Next 3-5 of Funding to begin Implementation of the and Benefits 276 Change and Transformation M and Next of Chartered Accountants of Trinidad and Tobago (ICATT) business plan (2007-2010) Table of Contents (Continued) plan hat ICATT will provide to its Key Stakeholders for Financials to Support Strategy Implementation (ICATT to complete) Page 4 1 Introduction The Institute of Chartered Accountants of Trinidad and Tobago was established in 1970 by an Act of Parliament.

2 Its principal activities are: -To regulate the ethics, discipline, professional conduct and standards of its members and students; and-To promote and increase the knowledge, skill and proficiency of its members and students ICATT s leadership recognised the need to strengthen the competence and regulatory capacity of the profession and the Institute . To do this, the Institute formulated a project, mobilised international funding from the IADB and is currently executing the project. This consultancy, to develop a strategic plan for ICATT, is one component of that IADB funded project. The objectives of this consultancy are to: -Support the Institute to be a more responsive organisation through developing strategies to move ICATT from where it is, to where it wants to be -Provide clarity on how the agreed strategies will be executed by developing an implementation plan -Support the sustainability of ICATT over the transition period and beyond The purpose of this business plan is to help ICATT operationalise the strategic plan , and therefore support sustainability of the Institute over the transition period and beyond.

3 The aim is that by 2010 ICATT will be self-funding, and will be a quality organisation which is comparable internationally, and which can be an organisational model for other professional in the context of ICATT is: -Having the capability and capacity to sustain the initiatives started under the IADB project, to strengthen the Accounting Profession in Trinidad and Tobago , beyond the MIF s investment period -Positioning ICATT to own the space related to the public interest areas of Accountability, Transparency and Good Governance -Building ICATT s reputation and credibility as a strong civil society organisationThe business plan will be used: xTo strengthen ICATT to fulfil its purposexAs an aid by management to design, develop and implement organisational transformation xAs a guide to key stakeholders on what ICATT will be doing and its value contribution xAs a basis for funding and supportxAs a basis for exciting and creating the emotion and passion to action xAs a standard against which to judge future business decisions and results Page 5 2 Strategic Direction of ICATT To put the business plan in context, a summary of ICATT s strategic direction is provided in this chapter.

4 Mandate ICATT was established by an Act of Parliament (Act no. 33 of 1970) to do the following: xRegulate the ethics, discipline, professional conduct and standards of its members and studentsxPromote and increase the knowledge, skill and proficiency of its members and students xPromote and protect the welfare and interest of the Institute and the accountancyprofession in Trinidad and Tobago xArrange for the establishment of classes, lectures, courses of study, systems of training,periods of service and examinationsxAdvise and assist the Government of Trinidad and Tobago , the University of the West Indies, other professional organisations, Statutory Bodies, business Organisations, Trade Unions and Charitable Bodies upon any question within the province of the professionxSet up and promote student associations to improve the knowledge and social relations of the Institute xAct as trustee or authorise representatives of the Institute to so actPage 6 2 Strategic Direction of ICATT (Continued) Vision We will be.

5 XThe preferred body for providing guidance and direction in Accountancy xRepresenting the entire Accountancy profession in T&T and all Accounting Institutions xProviding leadership, lobbying and influence with regard to regulatory bodies, Government, Accountancy Institutions, professional standards, compliance, conduct of members, development of the profession and good governance xFacilitating pre and post membership education xAn effectively governed and governing Institute with appropriate organisation infrastructure, operating with integrity and transparency and accountable to stakeholdersxThe leading Accountancy Institute in the region and the most prominent professional organisation in Trinidad and Tobago Mission To Effectively Promote, Regulate and Support the Development of the Accountancy Profession in Trinidad and Tobago , and Ensure Adherence to the Highest Technical and Ethical Standards, for the Benefit of Members, Students and the General Public Page 7 2 Strategic Direction of ICATT (Continued) Strategies In order to pursue its Vision and satisfy the expectations of its key stakeholders, (See Appendix II What ICATT will provide to its key stakeholders)

6 , ICATT formulated the broad strategies listed below. The detailed strategies formulated under each of these broad strategies can be found in Appendix III Strategies for Strategies a well-balanced and committed Council of key stakeholders to lead ICATT into the future. the case for strategic change, mobilise volunteer and key stakeholder support, build the ICATT Team , and ICATT s strategic the organisation s capability and capacity in terms of organisation, people, processes, resources, systems and technologies to pursue the Vision, Mission and the existing IADB project to determine the best use of funds and improve the project management methodology for the IADB project and projects arising from the strategy funding to implement strategies and sustain ICATT s development and operations for at least the next 3-5 years and effectively manage the current day-to-day affairs of the organisation the Change and Transformation over the transition periodThese are all fundamental strategies to be executed if the profession is to fulfil its mandate and support business and enterprise to move the country to developed nation status.

7 These strategies support sustainability both of the IADB project and 8 2 Strategic Direction of ICATT (Continued) ICATT s business Models and Value Chain ICATT s business ModelsICATT has both developmental and regulatory roles for the accounting profession. The business models for these are diagrammatically represented below. ICATT s business Development ModelICATTP romote, Develop, Regulate and Sustain the Accountancy Profession USERS Private and Public Companies Public Sector Organisations NGO s, CBO s, FBO s Regional and InternationalSupply of Students and Finance and Accounting ProfessionalsDeveloping Knowledge, Skills, Proficiency and Positioning of the Profession and Building Partnerships ICATTG lobal Accountancy FirmsBusinesses and Government Finance and Accounting Professionals and Services satisfying Public Interest needs of Accountability.

8 Transparency and Good GovernanceEducators and TrainersPool of Students and AccountantsSupport Development of the Accounting ProfessionAccounting skills Needs and DemandEducational EstablishmentsStudents from local Tertiary and Technical InstitutionsGraduates from local regional and international UniversitiesRegional and International Students, Graduates and Members Members of ACCA and other Accounting AssociationsICATT s MembershipRegulatory Authorities : SEC Stock Exchange Central Bank Registrar of Companies Integrity CommissionStudents from local, regional and international CXC/O Level, CAPE/A LevelPractice and TheoryTheoryMSTTEM arket demand for Finance and Accounting ProfessionalsLocal Accountancy FirmsGlobal Best Practices and TheoryPage 9 2 Strategic Direction of ICATT (Continued)ICATT s Regulatory ModelICATT (Self Regulatory)Promote, Develop, Regulate and Sustain the Accountancy ProfessionOutcomeSTRONG MARKET IMAGE / BRAND OF.

9 The Profession ICATT Finance and Accounting Professionals Finance and Accounting Services Confidence in Financial Statements of public and private companies, Government, NGO s, etc W ho has to be regulatedRegulating Ethics, Discipline, Professional Conduct, Standards of the Profession and Building RelationshipsApplication of Accounting and Auditing StandardsAccreditation CPD, Training Courses, Trainers Regulatory Oversight, codes of ethics, discipline, CPD and other professional requirements satisfying Public Interest needs of Accountability, Transparency and Good GovernanceCompliance Processes to ManageMarket to be regulated Regulation of the Accounting ProfessionStrong image of the Accounting Profession, Members and Services Graduates and Members Practitioners / Accountancy FirmsEducators and Trainers Students National Legislation and Regulations Companies Act, Financial Institutions ActInternational Federation of Accountants (IFAC) International Standards Setting Bodies IASB,IAASBM embership Rules Ethics, CPD and other professional requirementsPractice Monitoring monitoring quality of audit and other accounting services Institute of Chartered Accountants of the Caribbean (ICAC) Regulatory Authorities.

10 SEC Stock Exchange Central Bank Registrar of Companies Integrity CommissionMonitor Accounting and Auditing services provided by non-membersNon-member Accountants who provide Auditing and Accounting ServicesLegal and RegulatoryPage 10 2 Strategic Direction of ICATT (Continued) ICATT s Value Chain The value chain below represents the core and support processes which ICATT will have to develop to effect its Mandate and meet its stakeholder do this ICATT will have to embark on a process transformation and improvement project, supported ICATT s leadership, appropriately qualified and sk