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Cutting cost part of ICAB plan


Cutting cost part of ICAB plan

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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF BARBADOS (ICAB) has unveiled a new four-year strategic plan it says will sharpen its focus, advocacy and provision of services to members.

In the document published in its 2014 annual report, which was released last week, the umbrella body for local chartered accountants identified a number of strategies, goals, and programmes it intended to pursue between this year and 2018.

The following critical strategies will be pursued by [ICAB]: revenue enhancement and cost reduction to ensure financial sustainability; enhance customer service to ensure member acquisition, retention and satisfaction; greater protection of the public’s interest through enhanced regulation; best practice in corporate governance; [and] advocacy on behalf of the profession at the local, regional and international levels,” ICAB outlined.

The “major goals” the association planned to achieve over the next four years included growing membership by five per cent annually, increasing operational surplus in each year of the plan period, enabling members and students to access most services online, and gaining respect for ICAB’s advocacy on national public policy issues.

This was in addition to strengthening ICAB’s news media presence and brand recognition, revising its by-laws and regulations which reflect international best practice and protect the public interest, and expanding members engagement.

Reporting on the results of the previous strategic plan, from 2011 to last year, ICAB executive director Reginald Farley said at the end of the period “progress was made on all of the main strategic objectives”.

“Members were kept informed of progress on the targets with a report included in each annual report since 2011. At the end of the year, work was completed on the ICAB strategic plan and the action plan for the period 2015-2018,” he said.

“The strategic plan presents ICAB’s vision, mission, strategic objectives, key strategies, major goals, strategic action programmes and a strategy implementation map.”  (SC)