The Association of Chartered Certified Accountants held its first meeting for members in Cayman Saturday, 11 March, which was attended by 65 people.
Ali Mehfooz is the voluntary Cayman representative for ACCA, which he explained is the largest and fastest-growing international accountancy body. The association has 110,000 members and 260,000 students in 170 countries.
Mr. Mehfooz, who was appointed representative in December 2005, explained the work of the ACCA.
‘We provide accountancy qualifications. We have members all over the world, which means you are qualified with ACCA through all the examinations and training certified by ACCA,’ he said.
The association, which is UK-based, is similar to the US-based certified public accountant qualification, he explained. The ACCA is one of five major accountancy bodies in the UK.
‘In the Cayman Islands, we have about 150 members out of a total number of 600 accountants on the island. The others are members of different bodies, but all are equally recognised.
‘Our members have been here for the last 20 to 30 years but this is the first time local members got together and organised themselves. There wasn’t a local focus for the Cayman Islands before,’ he said.
Previously, members had to contact ACCA in the UK or through the Caribbean office in Trinidad.
One of ACCA’s functions is to arrange training for its members.
‘For ACCA members, it is compulsory to have 40 hours of training every year. We will invite some high-calibre professionals from overseas and Cayman to hold training sessions and speak on various topics such as financial services, financial reporting and any other technical areas,’ Mr. Mehfooz said.
The technical events will be open to all accountants, not only ACCA members, to enable them to get credit for their continuing professional development requirement, he added.
ACCA members must be qualified accountants with at least three years experience at an accredited accountancy firm.
The association also supports students who are pursuing ACCA qualifications.
Mr. Mehfooz, who has been a senior accountant with Ernst & Young since February 2005, outlined what his position entailed.
‘I will be supporting members through arranging different technical and social events, networking with employers for awareness raising, liaising with government and other influential bodies, responding to members’ and students’ queries and other similar activities,’ he said.