Institute of Chartered Accountants of Trinidad and · PDF filePage 4 1 Introduction The Institute of Chartered Accountants of Trinidad and Tobago was established in 1970 by an Act

Institute of Chartered Accountants

of Trinidad and Tobago (ICATT)

Business Plan (2007-2010)

Table of Contents

1 Introduction......................................................................................................................................4

2 Strategic Direction of ICATT .........................................................................................................5

2.1 Mandate................................................................................................................................................. 5

2.2 Vision .................................................................................................................................................... 6

2.3 Mission .................................................................................................................................................. 6

2.4 Strategies ............................................................................................................................................... 7

2.5 ICATT’s Business Models and Value Chain......................................................................................... 82.5.1 ICATT’s Business Models.................................................................................................................8

2.5.2 ICATT’s Value Chain.....................................................................................................................10

2.6 Critical Success Factors....................................................................................................................... 13

3 Key Performance Indicators for Project and Organisation Sustainability..............................14

4 Organisation Structure..................................................................................................................15

4.1 Introduction ......................................................................................................................................... 15

4.2 High Level Organisation Structure for ICATT ................................................................................... 15

4.3 Roles of ICATT’s Leadership............................................................................................................. 174.3.1 Role of the Council.........................................................................................................................17

4.3.2 Role of the Council Committees......................................................................................................17

4.3.3 Role of the Change Management Team..........................................................................................17

4.4 Roles of ICATT’s Leaders .................................................................................................................. 184.4.1 The President..................................................................................................................................18

4.4.2 The ’Executive Chairman’..............................................................................................................18

4.4.3 The Chief Executive Officer............................................................................................................19

5 ICATT’s Organisational Transformation and Sustainability...................................................20

5.1 ICATT’s Sustainability Factors........................................................................................................... 20

5.2 How to achieve Organisational Transformation and Sustainability.................................................... 21

5.3 Governance and Change Leadership................................................................................................... 22

5.4 The Change Management Team.......................................................................................................... 23

5.5 Programme of Projects ........................................................................................................................ 24

5.6 Organisation Capability and Capacity................................................................................................. 25

5.7 Funding of ICATT’s Strategic Change Initiatives and Operations...................................................... 265.7.1 Indicative costs of Strategic Change Initiatives and Operations for the Next 3-5 Years................26

5.7.2 Mobilisation of Funding to begin Implementation of the Change...................................................26

5.8 Communications and Benefits Realization.......................................................................................... 27

6 Change and Transformation M anagement .................................................................................29

7 Conclusion and Next Steps ............................................................................................................34

Institute of Chartered Accountants

of Trinidad and Tobago (ICATT)

Business Plan (2007-2010)

Table of Contents (Continued)

Appendices

I. Implementation Plan

II. W hat ICATT will provide to its Key Stakeholders

III. Strategies for Sustainability

IV. Estimated 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. 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. 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

organisations.

Sustainability 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 organisation

The Business Plan will be used:

To strengthen ICATT to fulfil its purpose

As an aid by management to design, develop and implement organisational transformation

As a guide to key stakeholders on what ICATT will be doing and its value contribution

As a basis for funding and support

As a basis for exciting and creating the emotion and passion to action

As 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.

2.1 Mandate

ICATT was established by an Act of Parliament (Act no. 33 of 1970) to do the following:

Regulate the ethics, discipline, professional conduct and standards of its members and

students

Promote and increase the knowledge, skill and proficiency of its members and students

Promote and protect the welfare and interest of the Institute and the accountancy

profession in Trinidad and Tobago

Arrange for the establishment of classes, lectures, courses of study, systems of training,

periods of service and examinations

Advise 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 profession

Set up and promote student associations to improve the knowledge and social relations of

the Institute

Act as trustee or authorise representatives of the Institute to so act

Page 6

2 Strategic Direction of ICATT (Continued)

2.2 Vision

We will be:

The preferred body for providing guidance and direction in Accountancy

Representing the entire Accountancy profession in T&T and all Accounting Institutions

Providing 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

Facilitating pre and post membership education

An effectively governed and governing Institute with appropriate organisation

infrastructure, operating with integrity and transparency and accountable to stakeholders

The leading Accountancy Institute in the region and the most prominent professional

organisation in Trinidad and Tobago

2.3 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


2.4 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), 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 Sustainability.

Broad Strategies

1. Select a well-balanced and committed Council of key stakeholders to lead ICATT

into the future.

2. Build the case for strategic change, mobilise volunteer and key stakeholder support,

build the “ICATT Team”, and ICATT’s strategic positioning

3. Design the organisation’s capability and capacity in terms of organisation, people,

processes, resources, systems and technologies to pursue the Vision, Mission and

Mandate

4. Review the existing IADB project to determine the best use of funds

5. Review and improve the project management methodology for the IADB project

and projects arising from the strategy

6. Mobilise funding to implement strategies and sustain ICATT’s development and

operations for at least the next 3-5 years

7. Plan and effectively manage the current day-to-day affairs of the organisation

8. Manage the Change and Transformation over the transition period

These 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. These

strategies support sustainability both of the IADB project and ICATT.

Page 8


2.5 ICATT’s Business Models and Value Chain

2.5.1 ICATT’s Business Models

ICATT has both developmental and regulatory roles for the accounting profession. The

business models for these are diagrammatically represented below.

ICATT’s Business Development Model

ICATT

Promote, Develop, Regulate and Sustain the Accountancy

Profession

USERS

• Private and

Public

Companies

• Public Sector

Organisations

• NGO’s, CBO’s,

FBO’s

• Regional and

International

Supply of Students

and Finance and

Accounting

Professionals

Developing Knowledge, Skills, Proficiency and Positioning

of the Profession and Building Partnerships

ICATT

Global Accountancy Firms

Businesses and

Government

Finance and

Accounting

Professionals and

Services satisfying

Public Interest needs

of Accountability,

Transparency and

Good GovernanceEducators

and Trainers

Pool of Students and

Accountants

Support Development

of the Accounting

Profession

Accounting skills

Needs and Demand

Educational Establishments

Students from local

Tertiary and Technical

Institutions

Graduates from local regional

and international Universities

Regional and International

Students, Graduates and

Members

Members of ACCA and other

Accounting Associations

ICATT’s

Membership

Regulatory

Authorities e.g.:

• SEC

• Stock Exchange

• Central Bank

• Registrar of

Companies

• Integrity

Commission

Students from local, regional

and international CXC/O’Level,

CAPE/A’Level

Practice and Theory

Theory

MSTTE

Market demand for

Finance and

Accounting

Professionals

Local Accountancy Firms

Global Best Practices

and Theory

Page 9


ICATT’s Regulatory Model

ICATT (Self Regulatory)

Promote, Develop, Regulate and Sustain the Accountancy Profession

Outcome

STRONG MARKET

IMAGE / BRAND

OF:

• 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

regulated

Regulating Ethics, Discipline, Professional Conduct, Standards of the Profession and Building Relationships

Application of Accounting and

Auditing Standards

Accreditation e.g. CPD,

Training Courses, Trainers

Regulatory Oversight,

codes of ethics,

discipline, CPD and

other professional

requirements satisfying

Public Interest needs of

Accountability,

Transparency and Good

Governance

Compliance Processes to

Manage

Market to be

regulated Regulation of the

Accounting Profession

Strong image of the

Accounting

Profession, Members

and Services

Graduates and Members

Practitioners / Accountancy

Firms

Educators and Trainers

Students

National Legislation and

Regulations e.g. Companies

Act, Financial Institutions Act

International Federation of

Accountants (IFAC)

International Standards

Setting Bodies e.g.

IASB,IAASB

Membership Rules

e.g. Ethics, CPD and other professional requirements

Practice Monitoring e.g.

monitoring quality of audit and

other accounting services

Institute of Chartered

Accountants of the Caribbean

(ICAC)

Regulatory

Authorities e.g.:

• SEC

• Stock Exchange

• Central Bank

• Registrar of

Companies

• Integrity

Commission

Monitor Accounting and Auditing

services provided by non-members

Non-member Accountants who

provide Auditing and

Accounting Services

Legal and Regulatory

Page 10


2.5.2 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 expectations. To do this ICATT will

have to embark on a process transformation and improvement project, supported ICATT’s

leadership, appropriately qualified and skilled staff and external consultancy support.

This project will be a sub-project within ICATT’s third broad strategy to “Design the

organisation’s capability and capacity in terms of organisation, people, processes,

resources, systems and technologies to pursue the Vision, Mission and Mandate”.

A process transformation and improvement project will involve the design and development of

all ICATT’s processes and their sub-processes, activities and tasks, performance objectives to

be achieved, and information and reporting framework to facilitate management, monitoring

and control, and innovation and continuous improvement.

PricewaterhouseCoopers

“Customer”

Service

Management

Compliance

&

Enforcement

ICATT’s Processes

Promotion/

Adoption of

Standards &

Professional

Ethics

Education

Legislation

&

National

Policy Input

Volunteer

Mobilisation

&

Management

Building

Alliances/

Key

Stakeholder

Relationships

CommunicationMarketing

Core Processes ICATT must develop to conduct its affairs and satisfy key stakeholder expectations

Leadership, Governance and Planning

General Management

Information and Communications Systems

Reporting

Finance and Accounting

Funding

Projects

Committees

Risk Management

Human Resources

Facilities

Other Corporate Services

Change and Transition Management

Support Processes:

Membership

Management

&

Certification

of practitioners

Page 11


Examples of the activities to be performed within ICATT’s core processes are

diagrammatically illustrated in the value chains below. These activities are based on the

results of the Members and Training Needs Assessments conducted by ICATT, key

stakeholder expectations and research into other national accounting institutions.


Slide 13

4. Legislation &

National

Policy Input

3. Build Alliances/ Key

stakeholder relationships2. Communication1. Marketing

Core Processes and activities ICATT must develop to satisfy its purpose and key stakeholder expectations -Example

1.1 Enhance the brand

and image of

ICATT

1.2 Position ICATT as

the leader of the

profession

1.3 Promote the value

of being part of the

accounting

profession and a

member of ICATT

1.4 Develop and

communicate

membership

benefits and be

responsive to the

needs of members

1.5 Coordinate net

working events

among members

2.1 Promote the benefits to

businesses and the

country of the services of

the profession and

compliance with


2.2 Prepare and circulate

regular newsletters to

members

2.3 Communicate

developments in the

profession

2.4 Post results of workshops

containing technical

guidance on ICATT’s

website

2.5 Communicate

developments in

standards, interpretations,

guidance notes and best

practices promptly to

members through its

website or publications

4.1 Review new or amended

legislation and prepare

comments for circulation to

members and Government

4.2 Disseminate information to

keep members abreast of

changes to relevant

legislation and their impact

4.3 Act as a liaison between

members and Government

to raise issues and point out

implications of changes to

legislation

4.4 Fulfill the social

responsibility to comment

on relevant Government

initiatives, not only tax and

finance related legislation

4.5 Provide advice and

guidance on National Policy

related to the affairs of

ICATT, its members and

key stakeholders

4.6 Provide comments to

Government on National

Budget

3.1 Define alliance partners and build

relationships eg with other accounting

institutions such as ICAC and ACCA to

benefit from economies of scale e.g.

practice monitoring, exams, training on

application of standards; with regulatory

bodies, with accountancy firms, etc

3.2 Lobby the Government on behalf of the

profession

3.3 Partner with the “Big 4” firms to position

ICATT to represent the profession

3.4 Contribute to lobbying both IASB and

IFAC to develop International Standards

that suit SME’s and to provide guidance

for SME’s and their auditors

3.5 Build relationships with small

practitioners through forums targeted at

bridging the gap between the “Big 4”

firms and the small practitioners

3.6 Build alliances with Regulatory Agencies

through conducting forums on specific

areas that are monitored by agencies

within the financial sector to facilitate

interpretation, implementation and

maintenance of relevant standards

Page 12



Slide 14

8. Membership

Management

& Certification

of practitioners

7. Compliance &

Enforcement

6. Adoption, Promotion

and Integration of

Standards & Professional

Conduct

5. Education

Core Processes and activities ICATT must develop to satisfy its purpose and key

stakeholder expectations - Example

8.1 Maintain up to date

information on all

Accountants and Students

e.g. Student’s progress,

Member’s CPD status

8.2 Ensure all Students and

Accountants apply for

ICATT membership

8.3 Lobby organisations to

require ICATT

membership when

advertising Accounting

positions

8.4 Review and process

membership applications

on a timely basis and

according to strict

membership / practicing

requirements

8.5 Enforce membership rules

8.6 Analyse the market to

match supply of students

to demand for accounting

and financial services

5.1 Approve seminars from

local tuition providers for

CPD requirements

5.2 Provide a mechanism

for members to report on

CPD hours annually

5.3 Design and deliver

training / CPD

programmes targeted at

the needs identified by

members and non

members e.g. local

taxes, benefits of

International Standards,

practical application of

specific IFRS’s, ISA’s,

ethics

5.4 Provide research

capabilities and library

resource materials

5.5 Provide effective

administration of exams

and support to students

in preparation for exams

5.6 Provide career guidance

at high school level and

support students in job

placements

7.1 Develop and keep up to date a

code of ethics and rules of

professional conduct, in line

with IFAC’s

7.2 Develop a practice monitoring

programme to regulate

members and firms in public

practice to ensure adherence

to professional auditing and

accounting standards and

compliance with CPD

requirements

7.3 Investigate complaints, hear

appeals and initiate corrective

proceedings against non

compliance with standards,

rules etc

7.4 Discipline members and take

action against non members

signing statutory audit reports

7.5 Monitor accounting and

advisory services supplied by

non-members

7.6 Monitor compliance by ICATT

of its mandate in the

Companies Act and in respect

to its Statutory Charter (Act No

33 of 1970)

6.1 Promote the use of Accounting

and Auditing Standards to

preparers, auditors and users

of financial statements

6.2 Design training workshops on

the practical application and

interpretation of standards

6.3 Organise forums where

stakeholders can discuss

challenges and solutions to

implementing specific

standards

6.4 Prepare interpretations and

implementation guidance for

international standards

6.5 Review financial statements of

public companies to ensure

proper application and

compliance with standards

6.6 W ork with other regulatory

authorities to identify and

implement improvements to

the governance of public

companies, eg appointment of

audit committees

6.7 Provide technical and

professional enquiring service

Page 13


2.6 Critical Success Factors

Critical Success Factors (CSF’s) are the pre-conditions and/ or drivers necessary to effect the

desired outcome.

ICATT’s Critical Success Factors:

Inspired, motivated, passionate and committed leadership

Confidence and conviction of key stakeholders in ICATT’s Vision and Strategy

Execution of strategies and demonstration of continuous positive results,

achievements and success

Page 14

3 Key Performance Indicators for Project and Organisation

Sustainability

Key performance indicators identified to measure ICATT’s project and organisation

sustainability are as follows:

Performance

Objectives

Key Performance Indicators

Strategy

Implementation

o Progress and status of strategy implementation

Strategic

Positioning

o Key stakeholders’ perception of ICATT

o Quality of ICATT’s Annual Report

o Volume and nature of activities to promote the profession

Financial

Management

o Financial sustainability

o Income Growth

Market Supply

Management

o Growth in student enrolment and membership year on year

o Volume of enquiries, applications and conversion to membership

o Definition of non-members or potential members who are qualified (to understand

growth capacity)

o Number of Professional and Technician graduates per year

o Annual graduation rate required to meet the market demand for Finance and

Accounting Professionals

Market Demand

Management

o Number of private and public companies requiring Finance and Accounting

professionals per year by industry / sector eg Oil and Gas, Manufacturing, Multi-

National and Public Sector Organisations

o Understanding of the Finance and Accounting skills requirements to meet “Market”

Environment needs eg skills for the implementation of output based budgeting and

accrual accounting in Government

Education and

Training

o Number of CPD accredited courses per quarter

o Number of accredited educational institutions

o Number of Accountancy firms and businesses providing training

o Interpretations, guidelines and best practices for standards posted on ICATT’s website

Regulation of

the Profession

o Number of public company’s financial statements reviewed for proper application and


o Year on year decline in the number of exceptions noted for non-compliance of

financial statements with standards

o Sanction and disclosure procedures developed for non-compliance of financial

statements with standards

o Number of practicing firms reviewed

o Number of complaints investigated and resolved, including timeframes

Page 15

4 Organisation Structure

4.1 Introduction

Having formulated the strategies to move ICATT to where it wants to be, and identified at a

high level the processes and activities ICATT has to develop to fulfil its purpose, a high level

organisation structure was proposed to support implementation. As part of this exercise, the

roles of ICATT’s Leadership versus its Leaders were identified and distinguished.

4.2 High Level Organisation Structure for ICATT

The high level organisation structure in the diagram below is an example of how ICATT can

organise and resource itself to implement the strategies formulated, while still effectively

planning and managing the current day to day affairs of the Institute. ICATT needs to build its

executive capacity, while continuing to rely on volunteer support. In this regard, the

organisation structure includes an “Executive Chairman”, a Chief Executive Officer and a

Change Management Team, as well as ICATT’s core operations. The processes to be

designed and developed to effect ICATT’s core operations were discussed in Chapter 4.


Example of a High Level Organisation

Structure for ICATT

PresidentPresident

Council CommitteesCouncil Committees

Change Management TeamChange Management Team

CouncilCouncil

“Executive Chairman”“Executive Chairman”

Marketing,

Communications,

Customer Service

Management (Key

Stakeholders and

Members)

Marketing,

Communications,

Customer Service

Management (Key

Stakeholders and

Members)

Membership

Management and

Certification and

Promotion and

Adoption of

Standards

Membership

Management and

Certification and

Promotion and

Adoption of

Standards

Education

Management

(Sourcing students,

administration of

exams, tuition

support, job

placements, CPD

opportunities)

Education

Management

(Sourcing students,

administration of

exams, tuition

support, job

placements, CPD

opportunities)

Regulatory

Management:

- Standards

(Accounting,

Auditing and

statutory

requirements)

- Compliance &

Enforcement

Regulatory

Management:

- Standards

(Accounting,

Auditing and

statutory

requirements)

- Compliance &

Enforcement

Corporate ServicesCorporate Services

Core ICATT OperationsCore ICATT Operations

Chief Executive OfficerChief Executive Officer

Page 16

4 Organisation Structure (Continued)

ICATT requires a well-balanced and committed Council that is representative of key

stakeholder groups to lead the organisation into the future. To do this, ICATT will have to re-

constitute its Council through:

- Defining the required quality and profile of persons to serve on Council

- Identifying the appropriate size of Council for ICATT

- Identifying the right persons who are representative of key stakeholder groups to approach

for nomination

- Communicate the right messages to these persons to get incentivise them and get their

buy-in

The addition of an Executive “Chairman” will be a temporary role to support ICATT through

its transition period. It is anticipated that this will span two years. This person will be a

member of the accounting profession who has the presence and experience to be able to dialog

with key stakeholders such as the Chairman of the SEC, the Central Bank Governor, and the

Prime Minister. He will be nearing retirement or will be retired and will have the strategic

organisation change experience to lead the change effort and positioning of ICATT.

The CEO will be charged with the responsibility of creating or re-building ICATT over the

next two years and during this time will rely on the support and coaching of the Executive

“Chairman”.

The Change Management Team will be charged with the responsibility of managing the

implementation of the strategies formulated and will report to ICATT’s Council on the

progress and status of implementation. Further details are provided in Section 6.4 – The

Change Management Team and Chapter 7 – Change and Transformation Management.

The roles and responsibilities of the leadership versus the leaders are discussed below. These

roles and responsibilities together with the proposed reporting relationships create a

distinction between the strategic and operational elements of ICATT’s business.

Page 17


4.3 Roles of ICATT’s Leadership

4.3.1 Role of the Council:

• Act as ambassadors for the Institute, be exemplars and set the tone at the highest level

• Formulate and agree overall strategies, policies and budgets to pursue ICATT’s Vision

and Mission

• Function as the Institute's supreme governing body, responsible for the management of

the affairs and business of the Institute through delegation to Council Committees and

Management

• Approve the establishment, purpose and specific responsibilities of each Council

Committee

4.3.2 Role of the Council Committees:

• Act as ambassadors for the Institute

• Discharge responsibilities as delegated by Council eg conduct investigations, initiate

disciplinary actions against members, review and approve membership applications

• Work within a structure of accountability to Council, to ensure that the interests of the

membership and key stakeholders are fully considered and that decisions taken are

consistent with the Institute’s strategy

4.3.3 Role of the Change Management Team:

• Act as ambassadors for the Institute

• Lead and champion the management of change

• Build consensus, ownership and commitment for the Vision/Mission and new strategic

direction with key stakeholders through effective and continuous communications

• Manage the implementation of change

Page 18


4.4 Roles of ICATT’s Leaders

4.4.1 The President

Role:

– Lead and manage the governing Council and ensure the full participation of all Council

members to facilitate the efficient and effective execution of its duties.

– Represent the views of Council, the membership and key stakeholders

– Act as an ambassador for the Institute

– Report on the Affairs and Performance of ICATT

High Level Responsibilities:

• Provide Leadership and Direction for the Council and Council Committees

– Set the agenda and tone for the performance of the Council’s responsibilities

– Lead and manage the Council by providing clear direction and focus in the

discharge of its duties

– Ensure that there is appropriate delegation of authority and responsibility from

the Council to ICATT’s Management and Committees

– Distinguish between ICATT’s strategic and operational issues

– Act as liaison between the Council and Management

– Ensure that Council Committees are properly formulated and that they function

in accordance with clear and agreed terms of reference

– Ensure effective performance of the role of the Council and its committees

• Oversee, manage and preside at meetings of the Council

4.4.2 The “Executive Chairman”

Role:

– Support ICATT in building its reputation and strategic positioning to deliver

Accountability, Transparency and Good Governance

– Oversee and lead the strategic transformation of the Institute over the next 2–3 years

o Support the Change Management Team

o Promote ICATT’s new strategic direction and positioning in the market

– Support and coach the CEO to develop and become the true leader of the Institute

– Assist the President and Council to transform the Institute and pursue ICATT’s Vision

Page 19


The “Executive Chairman” (Continued)

High Level Responsibilities:

– Win support from key stakeholders for ICATT’s Vision / Mission and strategic

direction

– Lobby Government for legislative authority to license all qualified accountants in

Trinidad and Tobago

– Support membership growth through direct marketing efforts to qualified accountants

to apply for membership

– Secure volunteer and other key resources

4.4.3 The Chief Executive Officer

Role:

– To support ICATT’s Council and lead ICATT’s organisation to manage and implement

agreed strategies aimed at making ICATT a prominent professional organisation and

the leading Accountancy Institute in the Caribbean

– To be overall responsible for planning and managing ICATT’s day to day operations

and functions

Responsibilities:

– With the support of the Council:

• Own, manage and implement the agreed strategies to pursue ICATT’s Vision

and Mission

• Approve and direct the implementation of corporate policy and procedure

• Pursue strategic ventures while considering risk and management issues to

ensure the Institute’s sustainability

– Ensure the organisation is appropriately resourced to provide its services and conduct

its core and support processes

– Manage ICATT’s core processes and activities

– Strengthen the Institute’s co-ordination of activities, and mobilize volunteer support

and resources to improve quality of service and value to members

– Engage in public relations opportunities to build ICATT’s corporate image and overall

perception of the profession

– Establish and maintain key relationships and alliances with relevant stakeholders e.g.

Regulatory Agencies, Government, other Accounting Institutions

– Conduct research to understand “best practices” of other National Accounting

Institutions and use results to continuously improve ICATT

Page 20

5 ICATT’s Organisational Transformation and Sustainability

Having defined its new strategic direction and formulated detailed strategies for sustainability,

ICATT now needs to effect organizational transformation without undue organizational chaos.

Even as ICATT seeks to change, it must recognize that the journey will be long and

challenging. ICATT will be in change and transition mode for an estimated period of 2

years, and therefore it is critical that this transition is properly prioritized, supported,

internalized, planned and managed.

5.1 ICATT’s Sustainability Factors

To effect and sustain the mega transformation envisioned, the following have been identified

as critical sustainability factors for ICATT:

• Leaders – Visible, committed leaders who understand the strategic direction and who

have the commitment and passion to drive the realisation of this direction

• Leadership – A properly constituted and well-balanced Council representing the

interests of members and key stakeholders. The Council must be appropriately

structured and resourced with defined roles, responsibilities, performance assessment

and reporting mechanisms.

• Reputation and strategic positioning of ICATT as a credible and strong civil society

organisation to strengthen the accounting profession and contribute to national

development as follows:

– Economically – Accountability and Transparency

– Environmentally – Good Governance

– Socially – Human Capital Development, Social Reporting, Professional

Standards and Corporate Citizen Philanthropy

• Organisation structuring and resourcing to implement strategies to strengthen the

accounting profession beyond the IADB investment period

• Funding of ICATT’s strategic change initiatives and operations for the next 3-5 years

• Reallocation of existing IADB project funds to support project sustainability, the

strategic direction of the Institute, and its mandate to develop and regulate the

profession

• Management of change and transition to ensure sustainability through strategy

implementation

– Transformation leadership and management team

Page 21

5 ICATT’s Organisational Transformation and Sustainability (Continued)

5.2 How to achieve Organisational Transformation and Sustainability

The phases, next steps and approximate timeline for organisational transformation and

sustainability are diagrammatically represented as follows:


How to Achieve Organisational Transformation and Sustainability

SECURE BUY-IN

Define the

Strategic

Direction

Define the

Strategic

Direction

Define the

Implementation

Plan

Define the

Implementation

Plan

Secure Buy-

in of

ICATT’s

Strategic

Direction

Secure Buy-

in of

ICATT’s

Strategic

Direction

Plan and

Manage

Programme

of Projects

Plan and

Manage

Programme

of Projects

Implement

the Projects

Implement

the Projects

Monitor and

Evaluate

Monitor and

Evaluate

ImproveImprove

Conduct

Diagnostic

Assessment to

identify

Strengths,

Weaknesses,

Opportunities,

Threats,

challenges and

issues

Review existing

documentation

and results of

past

consultancies

Conduct

interviews with

key stakeholders

and senior

ICATT officials

Compare against

other National

Accounting

Organisations

Identify core

processes and

activities for

ICATT to

develop

Conduct vision and

strategic planning

workshop with the

key stakeholders

Formulate and agree

strategies to address

sustainability of the

IADB project and

move the Institute to

where it wants to be

Identify risk and

obstacles to

implemeting

strategies and

mitigating actions

Conceptualize

organisational

structure to support

implementation and

sustainability of

strategic objectives

Identify performance

indicators to measure

project and

organisation

sustainability

Agree the

Business Plan

and

Implementation

Plan

Review the

IADB Project to

determine best

use of remaining

funds

Determine

Leadership

Transition

Organisation

Structure

Define the

framework for

Programme and

Project

Management

Determine

resources

requirements –

working groups,

facilities,

finances,

consultancy

support

Plan and execute

project launch

Secure buy-in from

Members, Volunteers,

Employees,

Government,

Financiers, alliance

partners and other key

stakeholders by

communicating what

ICATT is trying to

achieve and its value

contribution

Secure resources –

volunteers, corporate

sponsorships,

reallocated IADB

funds, other funding

agencies

Appoint change

champion and

project sponsor

Set up Change

Management

Team

Plan projects for

functional groups

Prioritise projects

Define

milestones

Establish

process to

manage and

report on

projects

Implement

projects

Tackle Quick

Wins

Implement

projects

Project

manage each

project

Establish basis

for Monitoring

and Evaluation

Monitor and

evaluate the

success of

each project

Communicate

success and

improvements

Make continual

improvements

as necessary

COMPLETED

2007

SET THE STRATEGIC DIRECTION

Understand

ICATT’s

current

state

Understand

ICATT’s

current

state

IMPLEMENT THE CHANGE

Cre

ati

on

of

“To

Be

”O

rga

nis

ati

on

-O

rga

nis

ati

on

al

Ca

pa

cit

y a

nd

Ca

pa

bili

ty S

tre

ng

the

ne

d,

Ne

w B

asi

s o

f O

pe

rati

on

s,

Cle

ar

Va

lue

to

S

oc

iet y

, In

sti

tuti

on

al

mo

de

l fo

r o

the

rs,

Str

on

g C

ivil

So

cie

ty O

rga

nis

ati

on

2010

A key step in achieving ICATT’s organisational transformation and sustainability is to secure

buy-in for ICATT’s strategic direction from members, volunteers, employees, financiers,

strategic alliance partners and other key stakeholders. Once this is obtained, the framework of

strategies can then be implemented.

Page 22

5 ICATT’s Organisational Transformation and Sustainability(Continued)

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

orgnisations.

5.3 Governance and Change Leadership

A major challenge in organizational transformation will be how to effect discernible positive

change. Only the leadership of ICATT can address this challenge, and it must start with a very

senior ranked person, taking the role of Change Champion, and demonstrating that the

transformation will be handled as the priority Programme, with all the necessary attention that

the priority Programme deserves. This will involve a commitment of at least 2 years, in which

visible and credible leadership will be provided to facilitate the successful implementation of

the Business Plan. In summary, the Change Champion would:

Take ultimate responsibility and accountability for delivering the Business Plan benefits

Provide active and visible support for the Business Plan Implementation

Create and communicate the compelling need for change and how things will be done in

future (the change vision)

Ensure that the organisation structure that is implemented supports the implementation of

the changes

Ensure the necessary infrastructure and resources are in place

Influence key players (stakeholders) to secure their buy-in and support

Define and manage “stretch” goals, milestones and performance measures to be achieved

Remove obstacles and barriers to change

Reward success in implementing change

The Change Champion, supported by the Executive “Chairman” and Change Management

Team must ensure that other key stakeholders are committed to the change process. These key

stakeholders will include:

Council, Council Committees and Volunteers - to recognize the need for change, their role

in the process of change, and commit to impacting changes

Page 23


Strategic Partner Alliances – These are other interested communities with which ICATT

position themselves to partner with and pursue shared interests eg Anti-Money Laundering

and Forensic Auditing interest groups, and users of financial statements such as the

Bankers Association

Funding Agencies and the Donor Community - to provide financial support and work with

ICATT to achieve it’s strategic direction eg DFID, IADB, US Aid Agencies

Business Community – to drive membership growth and be corporate sponsors eg

Conglomerates, Accounting Firms

The Government - to recognize the importance and value contribution of ICATT to society

as it relates to Accountability, Transparency and Good Governance. This will include

support for the Strategic Direction, such that adequate resources are allocated

The Change Champion will have responsibility for clearly defining roles and responsibilities,

reporting structures, communication structures, projects within the Programme, setting work

priorities, communicating the quick wins and successes, and managing that performance

indicators are met.

5.4 The Change Management Team

To assist the Change Champion and focus the Programme of change as a priority, the Change

Champion needs the support of a Change Management Team. This will be a core dedicated

team of approximately 4 senior officers of ICATT. It is imperative that this team is set up

early as there is much work to be done to drive this Programme of change.

ICATT has identified the members of its Change Management Team to be its President, Vice

President, CEO, another senior official from ICATT to act as an executive assistant to the

team, and an external advisor to be a volunteer team member.

This Team will have delegated authority from the Change Champion, and have responsibility

for:

Formulating individual projects to be done within the Programme (each strategy will itself

be one or more individual projects)

Planning, prioritizing, integrating and managing the myriad of projects, including de-

bottlenecking project issues

Page 24


Establishing the Teams of Volunteers, ICATT staff and/or consulting support to define and

implement each project

Providing the training, resources, and guidance to teams so that projects can be

implemented efficiently and effectively alongside “as is” work

Providing feedback checkpoints to verify project progress and ensuring that Performance

Indicators are being met

Transferring learning between projects

Communicating progress, milestones and successes, such as quick wins, and impact on

operations, communication to stakeholders, changes required by the business community

and other organisations, etc.

5.5 Programme of Projects

Organisational transformation will be effected through the implementation of the framework

of strategies. The strategies, taken as a whole, are the Programme of Change. To effect the

strategies, each one or an appropriate combination will be implemented as a project or

projects. Some of these projects will be short and easy to implement, and will not require

much resources (for example some of the quick wins), but others will be medium to long term,

requiring significant resources, and will be complex.

The Programme of the entire portfolio of projects, will be complex and long-term, and its

implementation will require dedicated planning, monitoring, management, communication,

control, etc. In addition, the projects (i.e. the strategies) cannot be viewed in isolation of each

other. Many will be interlinked and dependent on each other, and they must be so planned and

managed. The portfolio of projects will need to be executed with constant evaluation of

efficiency and quality through performance based measures in each project. Given the human

resource capability and capacity constraints that ICATT currently faces, ICATT will need to

determine which projects will utilize in-house ICATT officials and which consulting support,

or a combination of both.

Institutional transformation is about implementing change such that ICATT officials perform

the right activities efficiently and effectively the first time, every time, with successful

achievement of outcomes. It is important during this journey of change, therefore, to

continuously achieve successes regardless of how small, and communicate these. Nothing

promotes success more than the achievement of success. Continuous “celebration” of change

and empowerment from seeing results will go a long way to promoting excitement and

interest, and maintaining momentum during the long journey of change that is before ICATT.

Page 25


5.6 Organisation Capability and Capacity

Building the organisation’s capability and capacity in terms of processes, systems, people and

technologies is of paramount importance to building an institute that can fulfil its purpose and

be sustainable. To support this initiative, actions have been defined and documented in the

Appendix I - Implementation Plan. The high level activities to be performed are as follows:

Design and develop all processes to support ICATT’s strategic direction

- Confirm the processes and activities to be performed

- Identify elements that will be impacted through process design eg organisation

design and resourcing, policies and procedures, performance management,

technology, facilities and assets

- Design and build processes

Design and implement the structure and systems to perform processes

- Identify processes to be outsourced

- Define and implement an outsource management process including service level

agreements

- Develop an information system strategy to support the business processes, users

and key stakeholders

Assess the existing operations in relation to the strategic direction and identify key

organisational changes required

- Define skills, competencies and manpower requirements to perform processes

Agree upon and institute KPI’s

- Review and confirm performance measures to implement

- Set targets for each performance measure

- Assign responsibility for performance measures

- Develop processes for collection and collation of performance measurement data

- Develop performance reporting framework

- Monitor and review performance measures in a structured manner

Page 26


5.7 Funding of ICATT’s Strategic Change Initiatives and Operations

5.7.1 Indicative costs of Strategic Change Initiatives and Operations for the Next 3-5

Years

Appendix IV – Estimated Financials to Support Strategy Implementation, outlines at a high level some, indicative costs of implementing the strategic change initiatives, costs of maintaining ICATT’s current day to day operations and sources of funding. The estimate can be used as a starting point to determine the resources required to support ICATT’s transformation over the next 3-5 years, and potential funding sources. As the individual projects are formulated within the programme of projects, ICATT will have to review, update and complete these estimates.

“Big ticket” costs identified at this time are: - “Executive Chairman” TT$0.4mn over two years (Approximately 20 hours per week over

the two year transition period, at TT$15k per month for the first year and TT$20k for the

second year) - CEO – TT$0.4mn per year (TT$35k per month) The IADB project is currently managed by

a full time project manager. If the CEO is appointed, consideration will have to be given to whether a Project Manager for the IADB project is still required.

- Manager – Marketing, Education and Membership - TT$0.180mn per year (TT$15k per

month). - Recruitment Costs – TT$0.1mn - Consultancy Services to develop the organisation’s capability and capacity - TT$0.9mn - Existing Day to Day Operations – TT$1.5mn

5.7.2 Mobilisation of Funding to begin Implementation of the Change

The IADB project was conceptualised as a mechanism through which funding could be provided to develop and strengthen the accounting profession in Trinidad and Tobago. Some of the observations and lessons learned from the project to date are:

Inadequate funds were allocated to supporting sustainability of the initiatives started under the project The project was never fully integrated into ICATT Funds could have been spent more effectively to better leverage the benefits gained The project management methodology used to manage the project could be improved to ensure the capability is in place to realise the project’s benefits

Page 27


Going forward, ICATT now needs to review the project and determine the best use of the remaining funds to support sustainability. The steps ICATT will have to follow to mobilize this funding to support its new strategic direction are:

Review the original allocation of the funding, amounts spent to date, amounts

committed and remaining amounts available

Assess the value and benefits from investments to date

Assess and internalise the learnings from the project to date

Determine the “big ticket” strategies to ensure sustainability

Identify changes required to the structure of the IADB project and funds

allocation to support ICATT’s new strategic direction

Present the case to the IADB to win their support and to reallocate the funds to

begin implementation of the change

5.8 Communications and Benefits Realization

The success of ICATT’s organisational transformation is dependent on its ability to include and carry both internal and external stakeholders along the journey of change. This will involve informing stakeholders of the projects to be done and why, about the results and successes, communicating corrective measures when these become necessary, maintaining maximum interest during the period of the transformation, influencing stakeholders to do things differently, etc, all this while “as is” business continues.

It is in the context that the role of the “Executive Chairman” is critical. The individual’s role (as defined in Section 5.4.2), positioning, ability to influence, and credibility, should win support from key stakeholders, and help to establish ICATT’s strategic positioning in society.

In particular, ICATT will be very dependent on its staff, council members, committees and volunteers as internal stakeholders, to make the changes. These are the very people who will be particularly impacted by the journey of change and the impact of the changes. Experience has shown that most people tend to be resistant to change, particularly when they are not aware of the reasons for change, and will change only when they understand how the change will benefit them.

Page 28


At a very early stage, ICATT will need to invest in proper and sustainable communications with its stakeholders as it develops and implements its Programme of projects. As a project in its own right, ICATT will need to plan, manage an implement a Communications Strategy, which should start with properly defined benefits and how these will be realised. This should establish how ICATT expects to be perceived by its key stakeholders.

At the very least, internal communications will focus on: - Clear and detailed project definition documents and Project Plans - Specific consideration of the interdependencies between projects - Active management of risks and issues - Clear project structures - Regular project meetings

Page 29

6 Change and Transformation Management

Change and Transformation Management

Change and Transformation is a common thread through each of the strategies. The implementation of the framework of strategies will result in significant changes to the strategic positioning of ICATT, leadership roles, processes, organisation, policies, technologies and financial resource allocations. It will also change the way that ICATT interacts with its stakeholders and how it is perceived by stakeholders. It is important that ICATT recognizes the mega change involved and the numerous constraints and obstacles that it will need to deal with in achieving its mandate. ICATT must therefore have in place a strategy to manage this change.

The Change Management Framework presented in the following diagram represents those key factors that must be managed if ICATT is to achieve as smooth a transition as possible to its future state.


Making Change Happen

Page 30

6 Change and Transformation Management (Continued)

It is important to understand that Change Management is integrated into each project and

should not be considered as an add-on at the end of the project. A review of each of the change

factors will show that change management work has already begun through various activities

including stakeholder interviews, the Strategic Planning W orkshop, the Sustainability

W orkshop, and preparation of the Implementation and Business Plan.

ICATT needs to internalise and understand its role of governance and the change factors that it

must manage for the successful realisation of its Mandate, Mission and Vision.

Change factors

The change factors that ICATT must manage in order for its strategies to be successful are:

Envision and plan the change

Develop leaders

Manage the programme

Deliver Benefits

Build commitment

Design organisation and align culture

Build capability

Envisioning and planning the change

This change factor requires ICATT to define what it will be like once the change has been

implemented and to develop an integrated programme and plan to achieve the vision. The

Strategic Planning W orkshop was the main vehicle for addressing this factor. During the

workshop, ICATT’s Mission, Vision, W hat it will provide to its key stakeholders, Strategies

and Critical Success Factors were reviewed, updated and formulated, in addition to potential

barriers and possible solutions to removing those barriers. ICATT must also assess its

readiness for change and develop a detailed Change Strategy to ensure that all of the change

factors are addressed.

Effectively managing change will address the following issues: Is there a clear understanding of the Vision of ICATT?

Is there a clear understanding of the environment ICATT operates in?

To what extent is ICATT equipped for the change?

Has ICATT identified potential barriers to, and drivers of, the change?

Is the Vision shared throughout ICATT and with its key stakeholders?

Do all ICATT officials and key stakeholders understand what ICATT will be like once

change has been implemented?

Is the Vision comprehensive and operational?

Page 31


Develop leaders

This factor recognises that change leadership is at the centre of successful change. Change

leadership is the single biggest change lever. Poor change leadership almost guarantees failure.

Most leaders require development to become effective change leaders. It is therefore important

to ensure that leaders have the necessary skills, authority, understanding, knowledge as well as

demonstrate the required attitudes and behaviours to effectively implement change. If there is

inappropriate or wrong leadership to drive change the rest will be downed.

Effectively managing this change factor will address the following issues:

Who will be the sponsor for the change?

Are ICATT leaders equipped to effectively facilitate the change?

Is there the required leadership resolve? How do we build it?

Is there a Change Champion who has the required authority, visibility, credibility and

resources to lead the change?

Programme management

This factor involves tracking progress and benefits, managing risks and issues, monitoring

resources as well as revising plans.

Effectively managing this change factor will address the following issues: Implementing the components of Project and Programme Management required to ensure

that the change is realised

Allocating the resources to effect change in a timely and quality manner within budget

Deliver benefits

This Change Factor focuses on ensuring that the projects or programmes arising from the

Strategic Plan produce the specified benefits. It is not enough to complete each project on

time, to cost and to specification. Success of the project must also incorporate achievement of

the benefits envisioned from the implementation of the strategy.


What benefits do we expect if change is realised?

How do we measure/determine when benefits have been realised?

Page 32


Build commitment

Key to building commitment is the identification of ICATT’s key stakeholders and their

expectations and issues. This activity was also done during the Strategy Workshop and the

value ICATT will provide to its key stakeholders can be found in Appendix II.

It is critical that ICATT continues to secure key stakeholder support if the change is to be

successful. This is mainly achieved by engaging internal and external stakeholders impacted

by the change through communications and feedback. It is important to emphasise that

commitment cannot be forced but built. It may take many years to build alliance relationships

but this cannot be allowed to rest on the back burner - it is important that the Vision is kept

alive.


A stakeholder analysis identifying key individuals and groups (such as the Government,

staff and volunteers, financiers, alliance partners) and what they would need to do to

support the success of the programme

A stakeholder engagement programme setting out communication and intervention

activities to support the desired outcomes identified in the stakeholder analysis

Design Organisation and align culture

This change factor requires the alignment of processes, policies, structures and mechanisms to

support the change. Thus this is not “business as usual,” and accountability, ownership of

roles, sharing of information and understanding complexities is very important. Aligning

organisational values, attitudes and behaviours with strategic objectives is also necessary for

successful implementation.

Effectively managing this change factor will address the following issues: Defining and implementing the new roles and responsibilities, processes, reporting

structures, technologies, performance measures, and policies required to deliver ICATT’s

strategic intent

Page 33


Build capability

Stakeholders who will be required to operate in the future state must be appropriately

equipped. This will involve learning and development as well as people performance

management.


Defining the training needs for all personnel involved or impacted by the change initiative

(skills, knowledge or attitude)

Developing a plan to address the training needs identified

Ensuring that training addresses the desired outcomes

Aligning the people performance strategies to support the strategic business objectives

Defining the performance measures to be used

Page 34

7 Conclusion and Next Steps

This Business Plan has been defined in collaboration with ICATT and will be used to

operationalise ICATT’s Strategic Plan. The organisation now needs to implement the Business

Plan. Appendix I – Implementation Plan sets out the action steps required to implement the

Business Plan.

The immediate next steps to kick-start implementation and to maintain momentum are:

Review and approve the Business Plan

Recruit a CEO

Select a well-balanced Council

Consider an Executive “Chairman”

Agree the organisation structure and resource key positions

Review the existing IADB project and seek approval to re-allocate the remaining funds to

support implementation

Secure buy-in and support for ICATT’s strategic direction, and start building ICATT’s

strategic positioning

Establish the framework for Programme and Project Management

Prepare the Programme of Projects (define and plan the implementation of the strategies as

projects)

Begin implementation (move from the “As is” to the “To be”)

Now that the planning and strategising phases have been completed, the task at hand is to

implement the programme of projects on a phased basis over the immediate, medium and long

terms.

As a first step to implementing the change, ICATT needs to appoint the members of its

Change Management Team and define their roles. In this manner, ICATT will have the

required resources to commence the steps above and as embodied in the Implementation Plan.

The Change Management Team should include the Change Champion, Project Champion, and

a small number of Change and Transformation Team members, (approximately two persons)

some of whom will be dedicated to change management activities, while others will provide

periodic guidance and management functions. These persons should be influential persons

within ICATT, with the necessary skills, authority, understanding, knowledge, attitudes and

behaviours to effectively implement change.

Appendices

Appendix I

Implementation Plan

IDT

ask N

am

e

11. P

rog

ram

an

d P

roje

ct

Pla

nn

ing

an

d M

ob

ilis

ati

on

2 S

et

up

Lead

ers

hip

Tra

nsit

ion

Org

an

isati

on

Str

uctu

re

3A

ppoin

t C

hange C

ham

pio

n a

nd d

efine r

ole

4A

ppoin

t P

roje

ct S

ponsor

and d

efine r

ole

5Id

en

tify

a lead

er

wit

h t

he r

eq

uir

ed

co

mp

ete

nce a

nd

exp

eri

en

ce t

o lead

th

e In

sti

tute

th

rou

gh

th

e s

trate

gic

tra

nsfo

rmati

on

6E

xplo

re the follo

win

g o

ptions -

Recru

it the r

ight C

EO

, A

ttra

ct th

e r

ight "V

olu

nte

er

Executive C

hairm

an"

or

a c

om

bin

ation o

f both

7S

et

up

th

e g

overn

an

ce f

ram

ew

ork

8E

sta

blish

Ch

an

ge M

an

ag

em

en

t (S

teeri

ng

Co

mm

itte

e)

Team

9D

efine the C

hange M

anagem

ent T

eam

over

specifie

d tim

e p

eriod (

2 -

3 y

ears

)

10

Define r

ole

s o

f th

e C

hange M

anagem

ent T

eam

and n

um

ber

of th

e team

mem

bers

11

Identify

the r

equired s

kill

s, com

pete

ncie

s a

nd o

ther

resourc

es

12

Sele

ct

Team

Mem

bers

13

Sele

ct pers

ons for

execution o

f change a

ctions e

nsuring there

is a

dequate

repre

senta

tion fro

m k

ey s

takehold

er

gro

ups

14

Esta

blish

th

e p

roje

ct

man

ag

em

en

t p

rocess in

clu

din

g:

15

Fre

quency of m

eetings

16

What w

ill b

e r

eport

ed to C

ouncil

and in w

hat fo

rmat

17

What K

PI's

will

be a

pplie

d

18

Defi

ne t

he f

ram

ew

ork

fo

r P

rog

ram

me a

nd

Pro

ject

Man

ag

em

en

t

19

Define the fra

mew

ork

to im

ple

ment str

ate

gy, in

clu

din

g C

hange P

roje

cts

20

Identify

key m

eth

odolo

gie

s a

nd tra

inin

g e

xpecte

d to b

e e

mplo

yed in the im

ple

menta

tion p

rogra

mm

e

21

Set ta

rgets

, assig

n r

esponsib

ility

, m

onitor,

evalu

ate

and r

eport

22

Identify

key s

takehold

ers

/ re

sponsib

ilities

23

Define P

roje

ct A

ssum

ptions

24

Exam

ine inte

r-dependencie

s

25

Ris

k M

an

ag

em

en

t

26

Identify

main

are

as o

f pote

ntial risk a

ssocia

ted w

ith p

roje

cts

27

Identify

Contingency M

easure

s

28

2. P

roje

ct

an

d P

rog

ram

me M

an

ag

em

en

t

29

Prioritise p

roje

cts

for

imple

menta

tion

30

Pre

pare

deta

iled P

roje

ct P

lans for

each p

roje

ct

31

Update

deta

iled w

ork

pla

n a

s a

gre

ed (

month

ly)

32

Monitor

and m

anage the p

roje

ct usin

g the im

ple

menta

tion p

lan

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

1

IDT

ask N

am

e

33

Pre

pare

and m

ain

tain

a P

roje

ct Is

sues L

og

34

Revie

w a

nd u

pdate

the Im

ple

menta

tion P

lan to m

anage the e

xecution o

f th

e P

rogra

mm

e o

f P

roje

cts

35

3. R

evie

w a

nd

ag

ree B

usin

ess P

lan

, S

trate

gie

s a

nd

Im

ple

men

tati

on

Pla

n

36

Identify

and P

rioritise P

roje

cts

37

Define m

ajo

r m

ilesto

nes

38

Co

nfi

rm t

he r

eq

uir

ed

str

uctu

re a

nd

reso

urc

es f

or

execu

tio

n o

f S

trate

gic

Pla

n e

g f

acilit

ies, fi

nan

ces, co

nsu

ltan

cy s

up

po

rt, tr

ain

ing

39

Pla

n f

or

Exte

rnal C

on

su

ltan

cy S

up

po

rt

40

Identify

, unders

tand a

nd p

rioritise the s

ignific

ant pro

cess tra

nsfo

rmation a

nd o

rganis

ation d

evelo

pm

ent str

ate

gie

s a

nd initia

tives a

nd h

ow

they a

re lik

ely

to b

e p

erf

orm

ed

41

Assess in-h

ouse IC

AT

T r

esourc

es a

nd c

apabili

ties to lead a

nd p

erf

orm

42

Identify

are

as r

equirin

g e

xte

rnal consultancy s

upport

43

Co

ntr

act

co

nsu

ltan

cy s

up

po

rt a

s n

ecessary

44

Pre

pare

, re

vie

w a

nd a

ppro

ve T

erm

s o

f R

efe

rence (

TO

R)

45

Issue T

OR

/RF

P

46

Assess p

roposals

and s

ele

ct serv

ice p

rovid

er

47

Fin

aliz

e C

ontr

actu

al A

rrangem

ents

48

4. M

ob

ilis

e F

un

din

g f

or

Imp

lem

en

tati

on

of

Str

ate

gic

In

itia

tives

49

Bro

ad

Str

ate

gy 4

- R

evie

w t

he e

xis

tin

g IA

DB

Pro

ject

to D

ete

rmin

e t

he B

est

Use o

f F

un

ds

50

Assess t

he c

om

po

nen

ts o

f th

e IA

DB

pro

ject

to r

evalid

ate

th

eir

fit

in

to IC

AT

T’s

str

ate

gic

dir

ecti

on

an

d t

he r

ela

ted

bu

dg

eta

ry a

llo

cati

on

s

(Str

ate

gy r

ef

# 7

.4.1

)

51

Dete

rmin

e w

hat and h

ow

the IA

DB

Pro

ject fu

nds w

ere

origin

ally

allo

cate

d, th

e a

mount spent, a

mount com

mitte

d a

nd a

mount availa

ble

(to

be d

one b

y the IA

DB

Pro

ject M

anager)

52

Assess v

alu

e a

nd b

enefits

fro

m investm

ent to

date

53

Assess L

earn

ings

54

Cla

rify

"big

tic

ket"

pro

ject in

itia

tives to b

e s

usta

ined to s

trength

en the p

rofe

ssio

n a

nd the Institu

te

55

Dete

rmin

e w

hat changes a

re r

equired to the s

tructu

re o

f th

e p

roje

ct and a

llocation o

f fu

nds to e

nhance s

usta

inabili

ty (

To b

e a

gre

ed b

yIC

AT

T's

Council)

56

Pre

sent IC

AT

T's

case to the IA

DB

Pro

ject S

teering C

om

mitte

e

57

Pre

sent case for

reallo

cation o

f fu

nds to IA

DB

and s

eek their a

ppro

val

58

Develo

p a

bu

sin

ess a

nd

fin

an

cia

l p

lan

wh

ich

will fo

rm t

he b

asis

fo

r a p

rop

osal re

qu

est

to a

fu

nd

ing

in

sti

tute

, to

pro

vid

e t

he r

eq

uir

ed

fu

nd

reso

urc

es o

ver

the n

ext

3-5

years

to

su

pp

ort

IC

AT

T's

tra

nsfo

rmati

on

an

d o

pera

tio

ns (

Str

ate

gy R

ef

#7.6

.8)

59

Identify

the c

osts

and b

enefits

of im

ple

menting the s

trate

gie

s form

ula

ted

60

Identify

fundin

g institu

tes/s

ourc

es e

g D

FID

, C

aricom

Secre

tariat, U

S A

id Institu

tions, G

overn

ment

61

Solic

it the e

xpert

ise r

equired to d

raft the p

roposal fo

r fu

ndin

g

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

2

IDT

ask N

am

e

62

5. S

ecu

re b

uy-i

n o

f IC

AT

T's

Str

ate

gic

Dir

ecti

on

fro

m M

em

bers

, V

olu

nte

ers

, E

mp

loyees a

nd

oth

er

Key S

takeh

old

ers

63

Pla

n a

nd

execu

te a

Pro

ject

Lau

nch

to

co

mm

en

ce d

ialo

gu

e a

nd

bu

ild

a c

om

mo

n u

nd

ers

tan

din

g o

f IC

AT

T's

Str

ate

gic

Dir

ecti

on

wit

h k

ey

sta

keh

old

ers

64

Identify

and c

onta

ct re

levant key s

takehold

ers

-eg IA

DB

offic

ials

, IC

AT

T O

ffic

ials

and S

taff, H

eads o

f m

ajo

r T

rain

ing Institu

tions, hig

h p

rofile

mem

bers

of th

e p

rofe

ssio

n a

nd top e

xecutives, V

olu

nte

ers

and C

ouncil

Com

mitte

e M

em

bers

65

Pre

pare

Meeting/ W

ork

shop A

genda

66

Define r

ele

vant key m

essages to b

e c

om

munic

ate

d to s

ecure

support

and b

uy-in

67

Com

ple

te the B

usin

ess D

evelo

pm

ent and R

egula

tory

Models

, and c

om

munic

ate

these to k

ey s

takehold

ers

68

Execute

Pro

ject Launch

69

Obta

in feedback fro

m p

art

icip

ants

attendin

g the L

aunch

70

Identify

possib

le o

bsta

cle

s a

nd m

itig

ating a

ctions

71

Report

on the L

aunch to the C

ouncil

72

Secu

re v

olu

nte

er

exp

ert

su

pp

ort

on

bra

nd

ing

an

d p

osit

ion

ing

of

ICA

TT

73

Define b

randin

g a

nd p

ositio

nin

g o

bje

ctives

74

Identify

im

age, bra

ndin

g a

nd p

ositio

nin

g e

xpert

ise to g

uid

e IC

AT

T

75

Esta

blish

th

e t

eam

to

bu

ild

IC

AT

T's

im

ag

e a

nd

bra

nd

ing

76

Form

ula

te a

bra

ndin

g a

nd p

ositio

nin

g s

trate

gy a

nd p

lan

77

Define r

ole

of th

e T

eam

and n

um

ber

of th

e team

mem

bers

78

Identify

the r

equired s

kill

s, com

pete

ncie

s a

nd o

ther

resourc

es

79

Sele

ct te

am

mem

bers

80

Esta

blish

th

e p

roje

ct

man

ag

em

en

t p

rocess in

clu

din

g:

81

Deta

iled p

roje

ct pla

ns to furt

her

guid

e the e

xecution o

f each d

eta

iled s

trate

gy

82

Fre

quency of m

eetings

83

What w

ill b

e r

eport

ed to C

ouncil

and in w

hat fo

rmat

84

What K

PI's

will

be a

pplie

d

85

Pla

n a

meeti

ng

wit

h m

em

bers

of

the P

rofe

ssio

n w

ith

in G

overn

men

t to

co

nvey IC

AT

T's

Vis

ion

, S

trate

gie

s a

nd

in

ten

ded

po

sit

ion

ing

in

so

cie

ty

86

Identify

mem

bers

of th

e p

rofe

ssio

n a

nd o

ther

key p

ers

ons w

ithin

Govern

ment (e

.g. S

enato

r C

onra

d E

nill

, S

enato

r C

hristine S

ahade

o, P

erm

anent

Secre

taries, th

e P

rim

e M

inis

ter,

the M

inis

ter

of S

cie

nce, T

echnolo

gy a

nd T

ert

iary

Education, th

e S

EC

Chairm

an)

87

Pre

pare

Meeting/ W

ork

shop A

genda

88

Define r

ele

vant key m

essages to b

e c

om

munic

ate

d e

g R

ecognitio

n o

f IC

AT

T a

nd its

mem

bers

as the a

uth

ority

to p

rovid

e a

dvic

e in a

reas o

fA

ccounta

bili

ty, T

ranspare

ncy a

nd G

ood G

overn

ance a

nd IC

AT

T's

valu

e to s

ocie

ty

89

6. Im

ple

men

t Q

uic

k W

ins

90

Execu

tive L

ead

ers

hip

(S

trate

gy R

ef

#7.3

.1.1

)

91

Fin

alise t

he C

EO

’s r

ole

pro

file

92

Revie

w a

nd a

gre

e the C

EO

's r

ole

, re

sponsib

ilities a

nd K

PI's

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

3

IDT

ask N

am

e

93

Dete

rmin

e a

n a

ppro

priate

com

pensation p

ackage

94

Recru

it a

CE

O w

ith

th

e r

eq

uir

ed

co

mp

ete

ncie

s t

o d

rive im

ple

men

tati

on

95

Pre

pare

pre

ss a

dvert

isem

ent and a

dvert

ise the p

ositio

n

96

Evalu

ate

responses a

gain

st ro

le p

rofile

and s

hort

lis

t candid

ate

s

97

Dete

rmin

e w

ho w

ill c

onduct in

terv

iew

s

98

Conduct In

terv

iew

s a

nd s

ele

ct appro

priate

candid

ate

99

Make a

n o

ffer

to the s

ele

cte

d c

andid

ate

100

Co

nsid

er

sele

cti

on

of

a "

Vo

lun

teer

Execu

tive C

hair

man

" t

o lead

th

e S

trate

gic

Ch

an

ge e

ffo

rt

101

Define the r

ole

, re

sponsib

ilities, K

PI's a

nd a

nd p

rofile

of th

e p

ers

on for

this

positio

n

102

Identify

mem

bers

of th

e p

rofe

ssio

n w

ho a

re n

earing r

etire

ment or

who a

re r

etire

d, w

ho a

re o

f a s

tandin

g in s

ocie

ty, and h

ave th

e S

trate

gic

Org

anis

ation C

hange e

xperience to lead the S

trate

gic

Change e

ffort

and p

ositio

nin

g o

f IC

AT

T

103

Dete

rmin

e k

ey m

essages to b

e d

eliv

ere

d to s

ecure

buy-in fro

m the p

ers

on(s

)

104

Identify

who w

ill m

eet w

ith the p

ers

on(s

) to

sell

the idea a

nd g

et buy-in

105

Initia

te d

ialo

g w

ith these p

ers

on(s

) to

secure

buy-in to lead the tra

nsitio

n

106

ICA

TT

's V

alu

e a

nd

Ben

efi

ts t

o S

ocie

ty (

Str

ate

gy R

ef

#7.2

.1)

107

Fin

alise d

efi

nit

ion

of

valu

e a

nd

ben

efi

ts IC

AT

T a

nd

th

e p

rofe

ssio

n w

ill p

rovid

e t

o s

ocie

ty

108

Revie

w a

nd fin

alis

e the v

alu

e a

nd b

enefits

identified in the S

trate

gic

Pla

nnin

g R

eport

109

ICA

TT

's P

rod

ucts

an

d S

erv

ices (

Str

ate

gy R

ef

#7.2

.2)

110

Defi

ne t

he P

rod

ucts

an

d S

erv

ices w

hic

h IC

AT

T w

ill p

rovid

e

111

Revie

w a

nd fin

alis

e the p

roducts

and s

erv

ices identified in the S

trate

gic

Pla

nnin

g R

eport

112

Researc

h a

nd u

nders

tand h

ow

the p

rofe

ssio

n h

as p

ositio

ned its

elf in o

ther

countr

ies a

nd the level of re

specta

bili

ty a

chie

ved, e

g U

K, U

S a

nd

incorp

ora

te r

ele

vant pra

ctices into

IC

AT

T

113

Conduct re

searc

h to u

nders

tand h

ow

oth

er

National A

ccounting Institu

tions v

isio

n them

selv

es, as m

ajo

r sta

kehold

ers

in the d

evelo

pm

ent of socie

ty

114

Defi

ne a

nd

pri

ori

tise t

he s

trate

gic

rela

tio

nsh

ips t

o b

e e

sta

blish

ed

an

d m

ain

tain

ed

, alig

ned

to

th

e o

bje

cti

ves t

o b

e a

ch

ieved

115

Confirm

alli

ance p

art

ners

eg O

ther

pro

fessio

nal In

stitu

tions, B

usin

ess A

ssocia

tions s

uch a

s the C

ham

ber

of In

dustr

y a

nd C

om

merc

e, N

ational

Accre

ditation C

ouncil,

SE

C, B

IR, C

entr

al B

ank, M

inis

try o

f F

inance, th

e A

uditor

Genera

l, IC

AC

, A

CC

A, D

FID

, IA

DB

116

Identify

the s

pecific

pers

ons to c

onta

ct w

ithin

alli

ance o

rganis

ations identified

117

7. Im

ple

men

t IC

AT

T's

Bro

ad

Str

ate

gie

s a

nd

Asso

cia

ted

deta

iled

str

ate

gie

s

118

Bro

ad

Str

ate

gy 1

- S

ele

ct

a W

ell-B

ala

nced

an

d C

om

mit

ted

Co

un

cil o

f key s

takeh

old

ers

to

lead

IC

AT

T in

to t

he f

utu

re

119

ICA

TT

's L

ead

ers

hip

(S

trate

gy R

ef

# 7

.1.1

)

120

Co

nstr

uct

a w

ell b

ala

nced

Co

un

cil t

hat

is r

ep

resen

tati

ve o

f key s

takeh

old

ers

121

Re-c

on

sti

tute

th

e C

ou

ncil w

ith

wid

er

rep

resen

tati

on

fro

m k

ey s

takeh

old

er

gro

up

s s

uch

as G

overn

men

t an

d R

eg

ula

tory

Bo

die

s

122

Define the r

equired p

rofile

of pers

ons to s

erv

e o

n C

ouncil

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

4

IDT

ask N

am

e

123

Identify

the a

ppro

priate

siz

e o

f C

ouncil

for

ICA

TT

124

Pre

pare

key m

essages a

nd m

ate

rial to

com

munic

ate

with p

ote

ntial m

em

bers

125

Identify

pote

ntial pers

ons to n

om

inate

for

ele

ctions

126

Dete

rmin

e w

hic

h IC

AT

T o

ffic

ial w

ill m

eet w

ith p

ote

ntial pers

ons identified, to

convin

ce them

to join

Council

127

Initia

te d

ialo

g w

ith p

ote

ntial C

ouncil

Mem

bers

128

Assess a

nd d

ete

rmin

e the a

ppro

priate

Council

Com

mitte

es, siz

e a

nd c

om

positio

n

129

Define a

nd d

ocum

ent ro

les a

nd r

esponsib

ilities, dele

gation o

f auth

ority

and r

eport

ing m

echanis

ms for

Council

Com

mitte

es

130

Com

munic

ate

and p

rom

ote

the V

isio

n a

nd M

issio

n o

f IC

AT

T a

nd s

et th

e r

ight to

ne for

the e

ntire

Institu

te a

t th

e m

ost senio

r le

ve

l

131

Esta

blis

h a

nd m

ain

tain

good g

overn

ance p

ractices inclu

din

g a

ppro

priate

valu

es

132

Bro

ad

Str

ate

gy 2

- B

uild

th

e c

ase f

or

Str

ate

gic

Ch

an

ge, M

ob

ilis

e V

olu

nte

er

an

d K

ey S

takeh

old

er

Su

pp

ort

, B

uild

th

e “

ICA

TT

Team

”, an

d

ICA

TT

’s S

trate

gic

Po

sit

ion

ing

133

Esta

blish

th

e t

eam

(s)

wit

h r

esp

on

sib

ilit

y f

or

execu

tin

g d

eta

iled

str

ate

gie

s a

s o

utl

ined

belo

w

134

Define r

ole

of th

e T

eam

and n

um

ber

of th

e team

mem

bers

135

Identify

the r

equired s

kill

s, com

pete

ncie

s a

nd o

ther

resourc

es

136

Sele

ct te

am

mem

bers

137

Esta

blish

th

e p

roje

ct

man

ag

em

en

t p

rocess in

clu

din

g:

138

Deta

iled p

roje

ct pla

ns to furt

her

guid

e the e

xecution o

f each d

eta

iled s

trate

gy

139

Fre

quency of m

eetings

140

What w

ill b

e r

eport

ed to C

ouncil

and in w

hat fo

rmat

141

What K

PI's

will

be a

pplie

d

142

ICA

TT

’s V

alu

e a

nd

Ben

efi

ts t

o S

ocie

ty (

Str

ate

gy R

ef

#7.2

.1)

143

Define a

nd e

xecute

a form

al m

ark

eting a

nd c

om

munic

ations p

lan to p

rom

ote

the v

alu

e, benefits

and s

erv

ices o

f th

e Institu

te to m

em

bers

and o

ther

key s

takehold

ers

144

Identify

key m

essages to c

om

munic

ate

145

Identify

targ

et audie

nce

146

Dete

rmin

e m

ost appro

priate

mechanis

ms for

com

munic

ations

147

Pro

mo

te t

he In

sti

tute

as a

str

on

g c

ivil s

ocie

ty o

rgan

isati

on

an

d d

em

on

str

ate

th

e v

alu

e a

nd

ben

efi

ts o

f IC

AT

T t

o N

ati

on

al

Develo

pm

en

t fi

nan

cie

rs t

o w

in t

heir

su

pp

ort

fo

r th

e f

un

din

g o

f IC

AT

T

148

Identify

National D

evelo

pm

ent financie

rs e

.g. IA

DB

, G

overn

ment, D

FID

149

Bu

ild

IC

AT

T's

case t

o w

in s

up

po

rt

150

Define the c

ontr

ibution o

f th

e p

rofe

ssio

n a

nd the Institu

te to N

ational D

evelo

pm

ent and C

ivil

Socie

ty a

nd u

se this

to p

ositio

nIC

AT

T a

s a

str

ong c

ivil

socie

ty o

rganis

ation

151

Identify

the k

ey m

essages to c

om

munic

ate

to e

ach N

ational D

evelo

pm

ent financie

r id

entified

152

Pre

sen

t IC

AT

T's

Case t

o w

in s

up

po

rt

153

Identify

appro

priate

IC

AT

T o

ffic

ials

to p

resent IC

AT

T's

case

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

5

IDT

ask N

am

e

154

Identify

rele

vant pers

ons w

ithin

the fundin

g a

gencie

s w

ith w

hom

to h

old

dis

cussio

ns

155

Pla

n the m

eeting

156

Docum

ent fe

edback fro

m the m

eeting a

nd incorp

ora

te into

im

plm

enta

tion p

lan a

s r

ele

vant

157

Sati

sfa

cti

on

of

Key S

takeh

old

ers

(S

trate

gy R

ef

#7.2

.3)

158

Reconfirm

key s

takehold

ers

and their e

xpecta

tions o

f IC

AT

T

159

Identify

appro

priate

mechanis

ms to m

easure

sta

kehold

er

satisfa

ction

160

Mo

nit

or

peri

od

ically, sati

sfa

cti

on

of

key s

takeh

old

ers

to

pro

vid

e e

vid

en

ce t

hat

ICA

TT

is m

eeti

ng

so

cie

ty’s

req

uir

em

en

ts f

or

acco

un

tin

g a

nd

fin

an

ce

161

Use the C

EO

as the c

oord

inato

r to

obta

in feedback fro

m s

takehold

ers

on h

ow

the Institu

te is m

eeting their e

xpecta

tions a

nd to

facili

tate

the b

uild

ing a

nd m

ain

tenance o

f str

ate

gic

rela

tionship

s

162

Conduct periodic

surv

eys to m

onitor

sta

kehold

er

satisfa

ction

163

Nati

on

al D

evelo

pm

en

t (S

trate

gy R

ef

# 7

.2.5

)

164

Pro

mo

te t

he p

rofe

ssio

n t

o p

ote

nti

al stu

den

ts o

f acco

un

tan

cy

165

Pla

n a

nd c

onduct le

ctu

res, dis

cussio

n g

roups, etc

on topic

al m

atters

of th

e p

rofe

ssio

n

166

Develo

p a

“best pra

ctices”

institu

tional m

odel to

share

with o

ther

pro

fessio

nal in

stitu

tions in T

rinid

ad a

nd the R

egio

n e

.g. oth

er

Accounta

ncy

Institu

tions in the r

egio

n, la

wyers

, docto

rs, engin

eers

167

Seek t

o u

nd

ers

tan

d a

nd

be r

esp

on

siv

e t

o m

ajo

r n

ati

on

al an

d p

rofe

ssio

nal re

late

d issu

es:

168

The e

conom

y's

dependency o

n the e

nerg

y s

ecto

r

169

Govern

ment's

desire to im

ple

ment accru

al accounting

170

The c

ountr

y's

inte

ntion to b

ecom

e a

n Inte

rnational F

inancia

l C

entr

e

171

Fu

ncti

on

as t

he f

ocal p

oin

t fo

r so

cie

ty o

n issu

es r

ela

tin

g t

o a

cco

un

tin

g, au

dit

ing

, ta

x, an

d r

ela

ted

matt

ers

172

Pro

vid

e input as r

equeste

d into

rele

vant le

gis

lative a

nd r

egula

tory

polic

y issues a

ffecting the p

rofe

ssio

n

173

Bu

ild

an

un

ders

tan

din

g o

f th

e P

ub

lic S

ocia

l S

ecto

r

174

Identify

the k

ey p

layers

, th

e v

alu

e o

f re

sourc

es c

ontr

ibute

d, how

IC

AT

T a

nd the p

rofe

ssio

n c

an p

art

ner

with G

overn

ment on N

atio

nal

socia

l secto

r polic

ies a

nd p

lans, th

e n

eeds o

f th

e p

ublic

socia

l secto

r, h

ow

the P

ublic

Socia

l S

ecto

r affects

the p

rofe

ssio

n

175

Revie

w n

ew

or

am

ended legis

lation, as w

ell

as a

ll re

levant G

overn

ment in

itia

tives a

nd p

repare

com

ments

for

circula

tion to G

overn

ment

176

Continue to P

rovid

e c

om

ments

to G

overn

ment on N

ational B

udgets

177

Esta

blish

men

t an

d M

ain

ten

an

ce o

f S

trate

gic

Rela

tio

nsh

ips (

Str

ate

gy R

ef

# 7

.2.6

)

178

Bu

ild

rela

tio

nsh

ips w

ith

reg

ula

tory

bo

die

s

179

Identify

regula

tory

bodie

s a

nd k

ey p

ers

ons w

ithin

the o

rganis

ations w

ith w

hom

to e

sta

blis

h r

ela

tionship

s e

.g S

EC

, S

tock E

xchang

e,

Centr

al B

ank

180

Esta

blis

h a

nd c

om

munic

ate

the o

bje

ctives to b

e a

chie

ved e

g s

trength

en g

overn

ance o

f public

com

panie

s

181

Fo

rm a

llia

nces w

ith

oth

er

pro

fessio

nal b

od

ies (

su

ch

as A

PE

TT

), t

hat

req

uir

e t

heir

mem

bers

to

be r

eg

iste

red

to

be a

ble

to

pra

cti

ce

in T

rin

idad

an

d T

ob

ag

o

182

Develo

p a

n U

nders

tandin

g o

f w

hat is

required to s

uccessfu

lly lobby for

legis

lative c

hanges to b

uild

exclu

siv

ity o

f re

pre

senta

tion o

f th

eaccounting p

rofe

ssio

n in T

rinid

ad a

nd T

obago

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

6

IDT

ask N

am

e

183

Bu

ild

rela

tio

nsh

ips w

ith

ro

bu

st

exam

inati

on

an

d t

uit

ion

serv

ice p

rovid

ers

to

co

nn

ect

the m

ark

et’

s n

eed

fo

r acco

un

tin

g a

nd

fin

an

ce e

xp

ert

ise, to

th

e q

ualifi

cati

on

s t

hat

can

be p

rovid

ed

via

jo

int

exam

inati

on

sch

em

es

184

Identify

rele

vant tu

itio

n s

erv

ice p

rovid

ers

and p

rogra

mm

es w

ith w

hom

to e

sta

blis

h r

ela

tionship

s a

nd initia

te d

ialo

g

185

Consid

er

in lin

e w

ith IC

AT

T's

mandate

, th

e n

eeds o

f th

e m

ark

et and m

em

bers

, and IC

AT

T's

resourc

e c

apabili

ties

186

Develo

p s

tudent re

pre

senta

tion g

roups in k

ey a

ccounting s

chools

as a

means o

f pro

moting IC

AT

T a

nd the b

enefits

of becom

ing a

pa

rt o

fth

e a

ccounta

ncy p

rofe

ssio

n

187

Esta

blis

h form

al re

lationship

s w

ith the M

inis

try o

f E

ducation a

nd S

econdary

Schools

to p

rom

ote

the p

rofe

ssio

n o

n a

school- b

y-

school

basis

thro

ugh the e

arly p

rovis

ion o

f care

er

guid

ance to h

igh s

chool stu

dents

188

Part

ner

with the N

ational A

ccre

ditation C

ouncil

and e

ducation a

nd tra

inin

g institu

tions to u

nders

tand a

nd r

evie

w their c

urr

iculu

m a

nd

meth

ods o

f tr

ain

ing in A

ccounting a

nd r

ela

ted s

ubje

cts

189

Part

ner

with the “

Big

4”

firm

s to p

ositio

n IC

AT

T to r

epre

sent th

e p

rofe

ssio

n

190

Build

rela

tionship

s w

ith s

mall

pra

ctitioners

thro

ugh foru

ms targ

ete

d a

t bridgin

g the g

ap in e

xpert

ise b

etw

een the “

Big

4”

firm

s a

nd the s

mall

pra

ctitioners

191

ICA

TT

’s L

eg

al an

d R

eg

ula

tory

Sta

tus a

nd

Au

tho

rity

(S

trate

gy R

ef

7.2

.7)

192

Lo

bb

y G

overn

men

t fo

r le

gis

lati

ve a

uth

ori

ty t

o lic

en

se a

ll q

ualifi

ed

acco

un

tan

ts in

Tri

nid

ad

an

d T

ob

ag

o

193

Cla

rify

the legal sta

tus o

f IC

AT

T thro

ugh identify

ing a

nd r

evie

win

g a

ll th

e legal in

str

um

ents

pro

vid

ing IC

AT

T w

ith the a

uth

ority

to

repre

sent th

e A

ccounting p

rofe

ssio

n in the c

ountr

y.

194

Identify

all

rele

vant A

cts

that affect th

e p

rofe

ssio

n e

g F

inancia

l In

stitu

tions A

ct, S

ecurities Industr

y A

ct, C

om

panie

s A

ct, C

redit U

nio

nA

ct

195

Define the r

equirem

ents

and u

nders

tandin

g for

havin

g a

Public

Accounta

ncy A

ct, inclu

din

g r

evie

ws o

f re

levant A

cts

that affect th

epro

fessio

n

196

Dra

ft a

new

Act or

am

endm

ents

to the e

xis

ting A

ct to

allo

w for

a lic

ensin

g m

echanis

m in c

onju

nction w

ith C

hie

f P

arlia

menta

ry C

ouncil

197

Arr

ange for

sponsors

hip

of th

e n

ew

Act or

legis

lative a

mendm

ents

in P

arlia

ment

198

Mem

bers

hip

Gro

wth

an

d M

an

ag

em

en

t (S

trate

gy R

efe

ren

ce 7

.2.8

)

199

Define the p

opula

tion o

f pro

spective m

em

bers

and identify

and p

rioritise b

ased o

n the p

opula

tion o

f pro

spects

in k

ey o

rganis

ations e

.g.

Pw

C, E

rnst &

Young, K

PM

G C

onglo

mera

tes, F

inance Institu

tions, S

tate

Ow

ned E

nte

rprises (

SO

E’s

), G

overn

ment

200

Engage in a

direct m

ark

eting e

ffort

to indiv

idual pro

spective m

em

bers

, based o

n identification a

nd p

rioritization, to

encoura

ge

applic

ations

for

mem

bers

hip

201

Revie

w a

nd p

rocess m

em

bers

hip

applic

ations p

rom

ptly a

nd a

ccord

ing to s

tric

t m

em

bers

hip

and p

racticin

g r

equirem

ents

202

Main

tain

an u

p-t

o d

ate

data

base o

f on a

ll m

em

bers

and s

tudents

e.g

. S

tudent’s p

rogre

ss, M

em

ber’s C

PD

sta

tus, M

em

ber’s A

ccount sta

tus

203

Esta

blis

h a

media

pre

sence to p

rom

ote

the Institu

te, eg, th

rough p

ublic

ations

204

Lobby o

rganis

ations to r

equire IC

AT

T m

em

bers

hip

when a

dvert

isin

g A

ccounting p

ositio

ns

205

Analy

se the m

ark

et to

matc

h the s

upply

of stu

dents

to the d

em

and for

accounting a

nd fin

ancia

l skill

s, and d

ete

rmin

e the p

ote

ntia

l fo

rm

em

bers

hip

gro

wth

206

Bro

ad

Str

ate

gy 3

- D

esig

n t

he O

rgan

izati

on

's C

ap

ab

ilit

y a

nd

Cap

acit

y in

term

s o

f O

rgan

isati

on

, P

eo

ple

, P

rocesses, R

eso

urc

es, S

yste

ms

an

d T

ech

no

log

ies t

o p

urs

ue t

he V

isio

n, M

issio

n a

nd

Man

date

207

Esta

blish

th

e t

eam

(s)

wit

h r

esp

on

sib

ilit

y f

or

defi

nin

g a

nd

execu

tin

g d

eta

iled

str

ate

gie

s a

s o

utl

ined

belo

w

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

7

IDT

ask N

am

e

208

Define r

ole

of th

e T

eam

and n

um

ber

of th

e team

mem

bers

209

Identify

the r

equired s

kill

s, com

pete

ncie

s a

nd o

ther

resourc

es

210

Sele

ct te

am

mem

bers

211

Esta

blish

th

e p

roje

ct

man

ag

em

en

t p

rocess in

clu

din

g:

212

Deta

iled p

roje

ct pla

ns to furt

her

guid

e the e

xecution o

f each d

eta

iled s

trate

gy

213

Fre

quency of m

eetings

214

What w

ill b

e r

eport

ed to C

ouncil

215

What K

PI's

will

be a

pplie

d

216

Develo

pm

en

t o

f th

e O

rgan

isati

on

’s C

ap

ab

ilit

y a

nd

Cap

acit

y (

Str

ate

gy R

ef

#7.3

.1)

217

Desig

n a

nd

develo

p a

ll p

rocesses t

o s

up

po

rt IC

AT

T's

str

ate

gic

dir

ecti

on

218

Confirm

pro

cesses a

nd a

ctivitie

s to b

e p

erf

orm

ed a

nd m

anaged to s

atisfy

sta

kehold

er

expecta

tions

219

Desig

n a

nd

bu

ild

pro

cesses

220

Identify

facto

rs that w

ill b

e im

pacte

d b

y the p

rocess d

esig

n w

ork

eg the a

ctivitie

s a

nd tasks, re

port

ing fra

mew

ork

, perf

orm

ance

measure

s,

221

Identify

exte

rnal consultancy s

upport

required to d

esig

n a

nd d

ocum

ent pro

cesses, and p

rovid

ing tra

inin

g

222

Co

ntr

act

co

nsu

ltan

cy s

up

po

rt a

s n

ecessary

223

Pre

pare

, re

vie

w a

nd a

ppro

ve T

erm

s o

f R

efe

rence (

TO

R)

224

Issue T

OR

225

Assess P

roposals

and S

ele

ct appro

priate

serv

ice p

rovid

er

226

Fin

aliz

e C

ontr

actu

al A

rrangem

ents

227

Desig

n a

nd

im

ple

men

t th

e s

tru

ctu

re a

nd

syste

ms t

o p

erf

orm

pro

cesses

228

Identify

pro

cesses to b

e o

uts

ourc

ed a

nd the p

rocess to m

anage these o

uts

ourc

ed s

erv

ices (

pro

perly d

efined s

erv

ice level

agre

em

ents

)

229

Develo

p a

n In

form

ati

on

Syste

m S

trate

gy

230

Define S

yste

ms a

nd T

echnolo

gy R

equirem

ents

231

Identify

exte

rnal IT

specia

list re

quirem

ents

to s

upport

str

ate

gy im

ple

menta

tion

232

Assess IC

AT

T’s

exis

tin

g o

pera

tio

ns in

rela

tio

n t

o its

str

ate

gic

dir

ecti

on

an

d id

en

tify

key o

rgan

isati

on

al ch

an

ges r

eq

uir

ed

233

Revie

w o

rganis

ation s

tructu

re a

gain

st pro

cesses to b

e p

erf

orm

ed a

nd identify

any g

aps

234

Defi

ne t

he s

kills

, co

mp

ete

ncie

s a

nd

man

po

wer

req

uir

em

en

ts t

o p

erf

orm

IC

AT

T's

pro

cesses

235

Esta

blis

h G

overn

ance a

rrangem

ents

236

Identify

required s

kill

s a

nd c

om

pete

ncie

s

237

Dete

rmin

e m

anpow

er

requirem

ents

based o

n the p

rocesses identified to b

e o

uts

ourc

ed

238

Develo

p p

erf

orm

ance m

anagem

ent and c

om

pensation fra

mew

ork

239

Define facili

ties r

equirem

ents

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

8

IDT

ask N

am

e

240

Ag

ree u

po

n a

nd

in

sti

tute

key p

erf

orm

an

ce m

easu

res

241

Revie

w a

nd c

onfirm

perf

orm

ance m

easure

s to im

ple

ment

242

Imp

lem

en

t p

erf

orm

an

ce m

easu

res

243

Set ta

rgets

for

each p

erf

orm

ance m

easure

244

Assig

n r

esponsib

ility

for

each p

erf

orm

ance m

easure

245

Develo

p p

rocesses for

colle

ction a

nd c

olla

tion o

f perf

orm

ance m

easure

s d

ata

246

Develo

p p

erf

orm

ance r

eport

ing fra

mew

ork

247

Monitor

and r

evie

w p

erf

orm

ance m

easure

s in a

str

uctu

red m

anner

(agre

ed tim

e fra

mes e

tc)

248

Learn

ing

, E

du

cati

on

an

d P

rofe

ssio

nal D

evelo

pm

en

t (S

trate

gy R

ef

# 7

.3.2

)

249

Revis

it, d

efi

ne a

nd

un

ders

tan

d t

he p

ost-

qu

alifi

cati

on

(C

PD

) an

d o

ther

cert

ific

ati

on

req

uir

em

en

ts f

or

full m

em

bers

hip

as o

utl

ined

by t

he In

tern

ati

on

al F

ed

era

tio

n o

f A

cco

un

tan

ts (

IFA

C)

250

Outlin

e the r

oute

s a

vaila

ble

to m

em

bers

for

meeting the m

inim

um

CP

D a

nd o

ther

cert

ific

ation r

equirem

ents

251

Defi

ne t

he d

iffe

ren

t le

vels

of

cert

ific

ati

on

an

d t

he p

rocesses

252

Identify

all

cert

ific

ations a

vaila

ble

253

Define the q

ualif

ication / e

xam

ination p

rocess

254

Define the tra

inin

g a

nd e

xperience r

equired

255

Defi

ne a

nd

develo

p m

od

els

of

learn

ing

, tr

ain

ing

an

d d

evelo

pm

en

t fo

r acco

un

tin

g a

nd

rela

ted

tra

inin

g, fr

om

seco

nd

ary

sch

oo

l

level, a

ll t

he w

ay t

o p

ost

qu

alifi

cati

on

pro

fessio

nal tr

ain

ing

256

Desig

n a

nd d

eliv

er

train

ing / C

PD

pro

gra

mm

es targ

ete

d a

t th

e n

eeds identified b

y m

em

bers

e.g

. lo

cal ta

xes, benefits

of

Inte

rnational S

tandard

s, pra

ctical applic

ation o

f specific

IF

RS

’s, IS

A’s

, eth

ics

257

Identify

and c

ert

ify s

erv

ice p

rovid

ers

, pro

vid

ing a

ccounting tra

inin

g c

ours

es a

nd / o

r appro

ve s

em

inars

fro

m local tu

itio

n p

rovid

ers

, fo

rC

PD

requirem

ents

258

Reg

ula

te o

r m

on

ito

r m

em

bers

to

en

su

re c

om

plian

ce w

ith

CP

D r

eq

uir

em

en

ts

259

Pro

vid

e a

mechanis

m thro

ugh w

hic

h m

em

bers

can r

eport

their C

PD

hours

annually

260

Encoura

ge IC

AC

to p

erf

orm

curr

iculu

m r

evie

ws o

f th

e C

XC

and C

AP

E a

ccounting a

nd o

ther

rela

ted p

apers

on b

ehalf o

f th

e a

ccountin

gpro

fessio

n in the r

egio

n to e

nsure

rele

vance

261

Exp

lore

th

e issu

es, n

eed

s a

nd

req

uir

em

en

ts f

or

localisati

on

of

cert

ain

exam

inati

on

pap

ers

su

ch

as t

ax a

nd

co

rpo

rate

law

262

Develo

p a

n im

ple

menta

tion p

lan c

onsid

ering a

vaila

ble

resourc

es thro

ugh the G

overn

ment, U

WI, a

nd U

TT

, and a

lso c

onsid

ering

the r

equirem

ent fo

r exam

ination texts

and o

ther

mate

rials

263

Desig

n a

nd d

evelo

p m

ark

eting a

nd c

om

munic

ation m

echanis

ms to facili

tate

learn

ing, education a

nd p

rofe

ssio

nal develo

pm

ent

264

Pro

vid

e r

esearc

h c

apabili

ties a

nd lib

rary

resourc

e m

ate

rials

265

Resp

on

siv

en

ess t

o t

he N

eed

s o

f M

em

bers

, S

tud

en

ts, an

d o

ther

Key S

takeh

old

ers

(S

trate

gy R

ef

#7.3

.3)

266

Act

as a

lia

iso

n b

etw

een

mem

bers

an

d G

overn

men

t to

rais

e issu

es r

ela

ted

to

th

e a

ffair

s o

f IC

AT

T, it

s m

em

bers

an

d k

ey

sta

keh

old

ers

267

Iden

tify

th

e n

atu

re o

f re

pre

sen

tati

on

an

d a

ssis

tan

ce r

eq

uir

ed

by m

em

bers

an

d in

du

str

y

268

Identify

the o

rganis

ations IC

AT

T w

ill b

e a

lia

ison b

etw

een e

g B

IR, M

inis

try o

f F

inance, S

tock E

xchange, M

inis

try o

f Legal A

ffair

s

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

9

IDT

ask N

am

e

269

Identify

the r

ole

IC

AT

T w

ill p

lay r

e: poin

ting o

ut im

plic

ations o

f changes to legis

lation a

nd p

rovid

ing a

dvic

e a

nd g

uid

ance o

nN

ational P

olic

y

270

Pro

vid

e e

ffective a

dm

inis

tration o

f exam

s a

nd s

upport

to s

tudents

in p

repara

tion for

exam

inations

271

Support

stu

dents

with job p

lacem

ents

272

Facili

tate

foru

ms w

here

sta

kehold

ers

can d

iscuss c

halle

nges a

nd s

olu

tions to im

ple

menting s

pecific

sta

ndard

s

273

Co

ntr

ibu

te t

o lo

bb

yin

g b

oth

IA

SB

an

d IF

AC

to

develo

p In

tern

ati

on

al S

tan

dard

s t

hat

su

it S

ME

’s, an

d t

o p

rovid

e g

uid

an

ce f

or

SM

E’s

an

d t

heir

au

dit

ors

274

Revie

w a

nd c

om

ment on the e

xposure

dra

ft o

n S

ME

accounting s

tandard

s issued b

y the IA

SB

in F

eb 2

007

275

Coord

inate

net w

ork

ing e

vents

am

ong m

em

bers

276

Access t

o e

xp

ert

ise in

are

as s

uch

as A

cco

un

tin

g, A

ud

itin

g, T

ax, P

rofe

ssio

nal C

on

du

ct

an

d E

thic

s (

Str

ate

gy R

ef

# 7

.3.4

)

277

Dete

rmin

e t

he n

eed

fo

r sp

ecif

ic t

ech

nic

al exp

ert

ise in

th

e a

reas o

f A

cco

un

tin

g, A

ud

itin

g, an

d T

ax

278

Prioritise the s

cope o

f serv

ice to b

e o

ffere

d

279

Assess a

venues thro

ugh w

hic

h the s

erv

ices c

an b

e o

ffere

d a

nd im

ple

ment

280

Form

ula

te, docum

ent and c

om

munic

ate

a p

olic

y g

overn

ing the a

ppro

ach to r

esolv

ing issues o

r queries r

eceiv

ed

281

Fo

cu

sed

an

d P

racti

cal C

om

mu

nic

ati

on

on

To

pic

al M

att

ers

Aff

ecti

ng

th

e P

rofe

ssio

n s

uch

as A

do

pti

on

an

d P

rom

oti

on

of

Sta

nd

ard

s,

Ch

an

ges t

o L

eg

isla

tio

n a

nd

Nati

on

al P

olicy (

Str

ate

gy R

ef

# 7

.3.5

)

282

Pro

mote

the b

enefits

of com

plia

nce w

ith A

ccounting a

nd A

uditin

g S

tandard

s, to

pre

pare

rs, auditors

and u

sers

of financia

l sta

tem

ents

,busin

esses a

nd the c

ountr

y a

s a

whole

283

Com

munic

ate

develo

pm

ents

within

the p

rofe

ssio

n

284

Identify

and im

ple

ment appro

priate

mechanis

ms thro

ugh w

hic

h to c

om

munic

ate

285

Reg

ula

tio

n o

f th

e P

rofe

ssio

n (

Str

ate

gy R

ef

# 7

.3.6

)

286

Define a

nd p

rioritise (

in c

onju

nction w

ith the R

OS

C r

eport

), the m

ark

et re

quirem

ents

and r

isks for

monitoring m

em

bers

and n

on-m

em

bers

287

Exam

ine a

nd e

xplo

re m

eth

ods for

regula

ting the p

rofe

ssio

n

288

Develo

p a

pla

n to im

ple

ment appro

priate

monitoring a

rrangem

ents

289

Com

ple

te a

rrangem

ents

to im

ple

ment a r

egio

nal pra

ctice m

onitoring p

rogra

mm

e to r

egula

te m

em

bers

and firm

s in p

ublic

pra

ctice

290

Revie

w fin

ancia

l sta

tem

ents

of public

com

panie

s to e

nsure

pro

per

applic

ation a

nd c

om

plia

nce w

ith s

tandard

s

291

Develo

p a

nd k

eep u

p to d

ate

, a c

ode o

f eth

ics a

nd r

ule

s o

f pro

fessio

nal conduct, in lin

e w

ith IF

AC

’s

292

Investigate

com

pla

ints

, hear

appeals

and initia

te c

orr

ective p

roceedin

gs a

gain

st non c

om

plia

nce w

ith s

tandard

s, ru

les e

tc w

ithin

are

asonable

tim

efr

am

e

293

Dis

cip

line m

em

bers

and take a

ction a

gain

st non m

em

bers

’ sig

nin

g s

tatu

tory

audit r

eport

s

294

Enfo

rce m

em

bers

hip

rule

s

295

Monitor

accounting a

nd a

dvis

ory

serv

ices s

upplie

d b

y n

on-m

em

bers

296

Monitor

com

plia

nce b

y IC

AT

T o

f its m

andate

with r

espect to

its

Sta

tuto

ry C

hart

er

(Act N

o 3

3 o

f 1970)

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

10

IDT

ask N

am

e

297

Bro

ad

Str

ate

gy 5

- R

evie

w a

nd

im

pro

ve t

he P

roje

ct

Man

ag

em

en

t M

eth

od

olo

gy f

or

the IA

DB

Pro

ject

an

d P

roje

cts

ari

sin

g f

rom

th

e S

trate

gy

298

Revie

w the P

roje

ct M

anagem

ent M

eth

odolo

gy b

ein

g u

sed for

the IA

DB

pro

ject and p

roje

cts

arisin

g fro

m the s

trate

gy to e

nsure

that

the

appro

priate

meth

odolo

gy a

nd c

apabili

ty is in p

lace to r

ealis

e a

ll pro

ject benefits

299

Bro

ad

Str

ate

gy 6

- M

ob

ilis

ing

Fu

nd

ing

to

Im

ple

men

t S

trate

gie

s a

nd

Su

sta

in IC

AT

T's

Develo

pm

en

t an

d O

pera

tio

ns f

or

at

least

the N

ext

3-5

Years

300

Esta

blish

th

e t

eam

(s)

wit

h r

esp

on

sib

ilit

y f

or

execu

tin

g d

eta

iled

str

ate

gie

s a

s o

utl

ined

belo

w

301

Define r

ole

of th

e T

eam

and n

um

ber

of th

e team

mem

bers

302

Identify

the r

equired s

kill

s, com

pete

ncie

s a

nd o

ther

resourc

es

303

Sele

ct te

am

mem

bers

304

Esta

blish

th

e p

roje

ct

man

ag

em

en

t p

rocess in

clu

din

g:

305

Deta

iled p

roje

ct pla

ns to furt

her

guid

e the e

xecution o

f each d

eta

iled s

trate

gy

306

Fre

quency of m

eetings

307

What w

ill b

e r

eport

ed to C

ouncil

and in w

hat fo

rmat

308

What K

PI's

will

be a

pplie

d

309

Pre

sen

t IC

AT

T’s

case a

s a

civ

ic s

ocie

ty o

rgan

isati

on

req

uir

ing

in

sti

tuti

on

al str

en

gth

en

ing

, an

d b

uild

an

un

ders

tan

din

g o

f w

hat

ICA

TT

is t

ryin

g t

o a

ch

ieve , t

o m

ob

ilis

e f

un

din

g f

rom

majo

r o

rgan

isati

on

s, G

overn

men

t an

d in

tern

ati

on

al fu

nd

ing

ag

en

cie

s

310

Identify

org

anis

ations, agencie

s, etc

to lobby for

fundin

g e

g C

orp

ora

te C

itiz

ens (

Bp, B

G, U

nile

ver,

WIT

CO

), U

S A

id O

rganis

ation

s, D

FID

,C

aricom

Secre

tariat

311

Identify

the v

alu

e IC

AT

T p

rovid

es to these o

rganis

ations

312

Pre

sent IC

AT

T's

Case to w

in fundin

g s

upport

313

Revie

w G

overn

men

t’s N

ati

on

al V

isio

n, p

olicie

s a

nd

ob

jecti

ves a

nd

dete

rmin

e IC

AT

T’s

ro

le a

nd

co

ntr

ibu

tio

n t

o t

ho

se p

olicie

s a

nd

ob

jecti

ves w

ith

a v

iew

to

mo

bilis

ing

fu

nd

ing

su

pp

ort

314

Make a

case for

Govern

ment support

thro

ugh c

ontr

ibuting to T

ert

iary

education o

bje

ctives a

nd p

olic

ies, T

rinid

ad a

nd T

obago Inte

rnational

Fin

ancia

l C

entr

e o

bje

ctives a

nd p

olic

ies, F

inancia

l Litera

cy P

rogra

mm

es, F

IA a

nd R

egula

tory

obje

ctives

315

Lobby G

overn

ment fo

r fu

ndin

g b

ased o

n the Institu

te’s

role

and v

alu

e c

ontr

ibution to s

ocie

ty a

nd a

chie

vem

ent of V

isio

n 2

020, w

ith r

espect

to A

ccounta

bili

ty, T

ranspare

ncy a

nd G

ood G

overn

ance

316

Explo

re the p

ossib

ility

of pro

vid

ing p

ro b

ono s

erv

ices (

Accounting A

id)

funded thro

ugh the G

overn

ment

317

Genera

te s

elf fundin

g thro

ugh the p

rovis

ion o

f P

roducts

and S

erv

ices for

fees

318

Incre

ase m

em

bers

hip

subscriptions thro

ugh incre

asin

g m

em

bers

hip

fees a

nd m

em

bers

hip

gro

wth

319

Explo

re the o

ption o

f in

-sourc

ing s

erv

ices for

fees. E

.g. P

rovid

e the s

erv

ice o

f m

em

bers

hip

adm

inis

tration for

oth

er

pro

fessio

nal bodie

s

320

Bro

ad

Str

ate

gy 7

- P

lan

an

d E

ffecti

vely

Man

ag

e t

he C

urr

en

t D

ay-t

o-D

ay A

ffair

s o

f th

e O

rgan

isati

on

321

Pla

n a

nd m

anage the e

xis

ting d

ay-

to-d

ay a

ctivitie

s o

f th

e Institu

te to facili

tate

continuance o

ver

the tra

nsitio

n p

eriod (

to b

e d

one b

y the C

EO

)

322

Bro

ad

Str

ate

gy 8

- M

an

ag

e t

he C

han

ge a

nd

Tra

nsit

ion

323

Develo

p a

str

ate

gy a

nd

pla

n t

o c

om

mu

nic

ate

IC

AT

T's

Vis

ion

an

d M

issio

n a

nd

new

str

ate

gic

dir

ecti

on

to

key s

takeh

old

ers

(S

trate

gy

Ref

#7.8

.5)

Apr

May

Jun

Jul

Aug

Institu

te o

f C

hart

ere

d A

ccounta

nts

of

Trinid

ad a

nd T

obago

Imple

menta

tion P

lan

11

IDT

ask N

am

e

324

Sta

keh

old

er

Man

ag

em

en

t

325

Re-c

onfirm

key s

takehold

ers

326

Assess s

takehold

ers

327

Manage S

takehold

ers

328

Desig

n a

nd

Im

ple

men

t C

om

mu

nic

ati

on

s

329

Pre

pare

an

d a

gre

e t

he C

om

mu

nic

ati

on

s S

trate

gy a

nd

Pla

n

330

Revie

w r

esults o

f key s

takehold

er

analy

sis

331

Develo

p C

om

mu

nic

ati

on

s a

nd

In

form

ati

on

Dis

sem

inati

on

Str

ate

gy in

clu

din

g:

332

Pro

vis

ion o

f tim

ely

, accura

te a

nd r

ele

vant in

form

ation to k

ey s

takehold

ers

333

Esta

blis

hm

ent of In

quiry/R

eply

Serv

ice

334

Agre

em

ent on c

om

munic

ations m

echanis

ms

335

Define the s

tructu

re o

f th

e m

essages a

nd b

asis

for

deliv

ery

to facili

tate

the c

reation o

f a c

ulture

of in

form

ation s

haring

336

Dete

rmin

e the types o

f com

munic

ation r

equired for

each targ

et audie

nce

337

Define r

esponsib

ilities to c

reate

and m

anage c

om

munic

ations

338

Dete

rmin

e r

esourc

es r

equired to c

reate

and d

eliv

er

the c

om

munic

ations

339

Bu

ild

co

nsen

su

s, o

wn

ers

hip

an

d c

om

mit

men

t fo

r th

e v

isio

n\m

issio

n a

nd

new

str

ate

gic

dir

ecti

on

wit

h t

he v

ari

ou

s s

takeh

old

ers

in

a

str

uctu

red

on

go

ing

way, u

tilizin

g a

n e

ffecti

ve c

om

mu

nic

ati

on

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Appendix II

W hat ICATT will provide to its Key Stakeholders

Appendix II

Page 1

W hat ICATT will provide to its Key Stakeholders

In achieving its mandate it is important that ICATT meets its key stakeholder expectations. A

complete list of ICATT’s stakeholder groups and ranking can be found in Appendix V.

To its key stakeholders, ICATT will provide:

1 M embers and Graduates

1.1 Marketing

Greater positioning of ICATT’s Value to Society, and ICATT as the

distinguished body representing the profession in T&T

Value for Money

Improved responsiveness to members’ needs

Networking and developmental opportunities

Capability to provide services and products similar to ACCA

1.2 Communication

Focused communication through Newsletters, e-mail and website technology

1.3 Strategic Relationships

Effective lobbying and representation of profession

1.4 Education

Research capabilities and library resource materials

Opportunities to fulfil CPD requirements and mechanisms to monitor that

members meet these CPD requirements

Education advice and guidance

1.5 Promotion / Adoption of Standards

Proactive information on changes in the profession and standards

1.6 Compliance and Enforcement

Effective monitoring of adherence to accounting, auditing and ethical conduct

standards

1.7 Membership Management

Clarity regarding rules to progress to membership and practicing certificates

Effective membership administration, ensure that all qualified accountants in

T&T are members of ICATT and that membership rules are enforced

Appendix II

Page 2

What ICATT will provide to its Key Stakeholders (Continued)

2 Students and Prospects

2.1 Marketing

Promotion of the value of being a part of the Accounting Profession and

ICATT

Improved responsiveness to needs

Promotion of the market for Accountancy Careers and the earning potential

within the profession

2.2 Communication

Practical professional communication on the direction of the profession and

information on education and training opportunities and materials

2.3 Education

Effective Administration of examinations

Professional development and career guidance

Job placement guidance and services

An environment of Learning and Development

Technical training opportunities

Accreditation of Institutions’ courses and programmes


Market analysis to bridge the gap between supply of students and demand for

accounting and financial skills.

Effective complaints handling process

3 Financial Institutions and Public & Private Enterprise


Access to technical expertise, within ICATT, for persons preparing financial

statements, on interpretation of standards

Training for and promotion to users of Accounts on the value of Accounting,

Auditing and Ethical Standards

Consistency in the application of accounting, auditing and conduct standards

Leadership, guidance and direction in the development of standards


Proper governance with regard to monitoring members and disciplinary action


Advice on membership, practicing certificates and quality assurance

Appendix II

Page 3


4 Accountancy Firms

4.1 Marketing

Promotion of the profession and ICATT


Development of the profession through representation of small practitioners

e.g. workshops of small practitioners

4.3 Education

Professional development courses on International Standards of Auditing

(ISA’s), Accounting and professional ethics for small practitioners

Guidance for small practitioners on providing services outside of auditing e.g.

receiverships

Mechanisms to bridge the gap between the “Big 4” firms and small

practitioners


Professional & Technical guidance on application and interpretation of

standards, particularly for small practitioners auditing Small and Medium

Enterprises (SME’s)

Promotion of the use of international standards

Access to technical expertise within the Institute

4.5 Compliance & Enforcement

Regulation of the activities of practitioners and compliance monitoring with

professional standards to ensure quality

Lobbying to Government for changes in legislation to enable regulation of non-

member practitioners

Appendix II

Page 4


5 ICATT’s Council

5.1 Marketing

Public respectability for the Accounting profession

Adequate positioning of ICATT as the distinguished body for the accounting

profession

Increased responsiveness to the needs of members


Representation on Council from qualified Accountants belonging to various

stakeholder groups e.g. Government, Regulatory Bodies, Tuition Providers


Proactive regulation of the profession and enforcement of sanctions as required

5.4 Communication

Improved communication to stakeholders, particularly members

5.5 Legislation and National Policy Input

Contribution to the creation of national value and economic development

Encouragement and incentives to members to contribute to understanding the

“market” environment, legislation, regulations, policies and developmental

activities affecting the profession

5.6 Organisational and Operational Support

An effective executive structure, appropriately resourced to support Council

Accountability in the execution of decisions, strategies and meeting deadlines

Improved support from members and committees

Greater passion from fellow council members, committees and members, not

an attitude of business as usual

Proper understanding of key functions and processes to be performed

6 Employees of ICATT

An Institute with a clear direction, well organised and resourced

Improved remuneration and benefits

Job satisfaction and enrichment

Policies and procedures to guide staff

Training and Development

Opportunities for growth / upward mobility

Appendix II

Page 5


7 Volunteers

A Technical Resource in ICATT to track and research new legislation being

proposed

Support from other volunteers

Executive capacity to support volunteers

Recognition and credit for work done

Opportunities to pursue a cause to make a difference to members, students, and

all stakeholders and society in general

Networking and business opportunities

Opportunities to feel more a part of the profession

Opportunities for fulfilment of National Development responsibilities, through

contributing to Legislation and National Policy input, by commenting on

legislative amendments and GORTT initiatives

8 Government

Input on legislation and budgets

Effective governing of ICATT

Promulgation and monitoring of standards

An effective National Development role

Support for Accreditation bodies

Guidance on tertiary education specific to Accounting and Auditing (MSTTE)

Tailored training on relevant local legislation e.g. local tax legislation

9 Regulatory Bodies

Registration and monitoring of members

Assurance that all persons producing accounts are appropriately qualified and

are ICATT members

Mechanisms to review complaints

Enforcement of rules and sanction of members as required

Promulgation and monitoring of standards

Interpretation and adoption of IFRS’s for the country

Appendix II

Page 6


10 Investors/Shareholders

Consistency in the application of standards

Regulation of the profession

Information on new standards and their impact on financial statements

Monitoring of members, standards and published financial statements

Awareness training for users of accounts on the value of the adoption of


11 Accountancy Training Institutions

Accreditation from ICATT for CPD Courses

Support services such as technical CPD material, IFAC guidelines, ethics

guidance

Facilitation of workshops for education providers and tutors

Recognition and promotion of their institution and services

Promotion of ICATT and its prominence

12 ACCA

Promotion and recognition of ACCA’s examinations and qualification

A source of income and students

Utilisation of ACCA as a technical support resource

Utilisation of joint examination scheme

First line of monitoring members

Promote utilisation of ACCA’s CPD opportunities and range of services

13 IADB and Other Likely Financiers

An efficient, well-governed and directed organisation

Accountability of funds and financial affairs

Acknowledgement of grants/funds received

Proper execution of projects to achieve desired results

A sustainable and progressive organisation

Effective execution of ICATT’s mandate

Appendix III

Strategies for Sustainability

Appendix III

Strategies for Sustainability

In order to pursue its Vision and satisfy the expectations of its key stakeholders, participants at

the Strategic Planning W orkshop formulated the broad Strategies listed below.

Broad Strategies

1. Select a well-balanced and committed Council of key stakeholders to lead ICATT

into the future.

2. Build the case for strategic change, mobilise volunteer and key stakeholder support,

build the “ICATT Team”, and ICATT’s strategic positioning

3. Design the organisation’s capability and capacity in terms of organisation, people,

processes, resources, systems and technologies to pursue the Vision, Mission and

Mandate

4. Review the existing IADB project to determine the best use of funds

5. Review and improve the project management methodology for the IADB project and

projects arising from the strategy

6. Mobilise funding to implement strategies and sustain ICATT’s Development and

operations for at least the next 3-5 years

7. Plan and effectively manage the current day-to-day affairs of the organisation

8. Manage the Change and Transformation over the transition period

As a profession these are fundamental strategies to be executed if the profession is to fulfill its

mandate and support business and enterprise to move the country to developed nation status.

The detailed strategies formulated under each of these broad strategies are reported on the

following pages.

Appendix III

Strategies for Sustainability (Continued)

Page 2

The detailed strategies for implementation are:

1. SELECT A WELL-BALANCED AND COMMITTED COUNCIL OF KEY

STAKEHOLDERS TO LEAD ICATT INTO THE FUTURE

1.1 ICATT’s Leadership

1.1.1 Construct a well balanced Council that is representative of key stakeholders.

There should be representation on Council from Government and Regulatory

Bodies. Re-constituting Council with wider representation from these key

stakeholder groups will help ICATT to manage its environment, communicate

with key stakeholders, respond on matters affecting the profession, ensure

relevance of services to members and build credibility.

1.1.2 Act as change agent, communicate and promote the Vision and Mission of the

Institute and set the right tone for the entire Institute at the most senior level (be an

exemplar)

1.1.3 Identify members of the profession who are nearing retirement or are retired and who

are of a standing in society, have the Strategic Organization Change experience and

consider selection of a “Volunteer Executive Chairman” to lead the Strategic Change

effort and positioning of ICATT. [Quick Win]

1.1.4 Define and document roles and responsibilities, delegation of authority and reporting

mechanisms for Council Committees and assess and determine the appropriate size

and composition of Committees

1.1.5 Establish and maintain good governance practices including appropriate values

Appendix III


Page 3

2. BUILD THE CASE FOR STRATEGIC CHANGE, MOBILISE VOLUNTEER AND

KEY STAKEHOLDER SUPPORT, BUILD THE “ICATT TEAM” AND ICATT’S

STRATEGIC POSITIONING

2.1 ICATT’s Value and Benefits to Society

2.1.1 Review and finalise the definition of the value and benefits ICATT and the

profession will provide to society [Quick Win] eg:

Accountability through Business Information and Systems

Transparency

Good Governance

Accounting and Auditing support for practitioners to Small and Medium

Enterprise (SME)

Adequate supply of Accounting and Finance professionals

Continuing Professional Development (CPD) services

Monitoring of Accountants and Auditors to ensure quality of financial

reporting

National standards for accounting and auditing (partner with Trinidad and

Tobago Bureau of Standards -TTBS)

Specialist services:

o Accounting

o Auditing – External and Internal

o Business Advisory

o Financial Planning

o Tax

o Valuations of Financial Instruments, Businesses, etc

o Insolvency

o Forensic Auditing

2.1.2 Define and execute a formal marketing and communications plan to promote the

value, benefits and services of the Institute to members and other key stakeholders

2.1.3 Promote the Institute as a civic organisation and demonstrate the value and benefits

of ICATT to National Development financiers (e.g. IADB, Government, etc) to win

their support for the funding of ICATT

2.1.4 Research and understand how the profession has positioned itself in other countries

and the level of respectability achieved, e.g. UK, US, Singapore, and incorporate

relevant practices into ICATT [Quick Win]

Appendix III


Page 4

2.2 ICATT’s Products and Services

2.2.1 Define the Products and Services which ICATT will be providing e.g.:

Professional Examinations*

Training and Continuing Professional Development (CPD)*

Career Development and Counseling

Standards setting and adoption*

Compliance Monitoring and Regulation

Technical Support*

Regulatory confidence

Advice and support on accountancy related matters, including national policy

issues

Representation

Licensing and certification

Advice, lobby and shape legislation

Networking opportunities

Opportunities to contribute to society

Benevolent support

* Services that are or can be potentially outsourced. [Quick Win]

2.3 Satisfaction of Key Stakeholders

2.3.1 Complete the development and internalisation of the Business Development and

Regulatory Models, and communicate these to key stakeholders.

This will help ICATT to clarify and communicate its core purpose, position the

Institute appropriately, provide the basis for the image and brand of the profession,

and promote respectability and accountability of the profession and the Institute.

(See Appendix II for ICATT’s Business Development and Regulatory Models).

[Quick Win]

2.3.2 Monitor periodically, satisfaction of key stakeholders to provide evidence that

ICATT is meeting society’s requirements for accounting and finance.

Use the CEO as the coordinator to obtain feedback from stakeholders on how

the Institute is meeting their expectations and to facilitate the building and

maintenance of strategic relationships.

Appendix III


Page 5

2.4 Mobilisation of Support from Members, Volunteers and Employees

2.4.1 Plan an initial briefing meeting to commence dialogue with key stakeholders

including the IADB, ICATT Officials and Staff, heads of major training institutions

and high profile members of the profession to communicate ICATT’s strategic

direction and secure their support and buy- in. The outcome of this session should

be a commitment of support from key stakeholders and volunteers. [Quick Win]

2.5 National Development

2.5.1 Promote the profession to potential students of accountancy through the conduct of

lectures, discussion groups and other means, on topical matters of the profession at

Secondary Schools, Technical Institutes, UWI and UTT.

2.5.2 Develop a “best practices” institutional model to share with other professional

institutions in Trinidad and the Region e.g. other Accountancy Institutions in the

region, lawyers, doctors, engineers, etc

2.5.3 Seek to understand and be responsive to major national and professional related

issues, e.g.:

The economy’s dependency on the energy sector

Government’s desire to implement accrual accounting

Country’s intention to become an International Financial Centre

2.5.4 Function as the focal point for society on issues relating to accounting, auditing, tax,

and related matters so that ICATT’s views on relevant legislative and regulatory

policy issues will be solicited and provided.

2.5.5 Build an understanding of the Public Social Sector:

Who are the key players

What value of resources is contributed

How can ICATT and the profession partner with Government on national

social sector policies and plans

What are the needs of the Public Social Sector i.e. NGO’s, Community -based

Organisations (CBO’s), Faith-based Organisation (FBO’s)

What work has been done and what are the findings of the UNDP / STCIC

project

How does the Public Social Sector affect the profession and what

responsibilities does ICATT have to this sector

What are the risks associated with serving the social sector

What is the profession already providing

Appendix III


Page 6

2.5.6 Conduct research to understand how other National Accounting Institutions vision

themselves, as major stakeholders in the development of society [Quick Win]

2.5.7 Review new or amended legislation, as well as all relevant Government initiatives,

and prepare comments for circulation to Government

2.5.8 Continue to provide comments to Government on National Budgets

2.6 Establishment and Maintenance of Strategic Relationships

2.6.1 Define and prioritise the strategic relationships to be established and maintained,

aligned to the objectives to be achieved.

Some alliance partners identified are other professional institutions, business

associations such as the Chamber of Industry and Commerce, National Accreditation

Council, SEC, BIR, Central Bank, Ministry of Finance, Ministry of Education, ICAC

and ACCA. [Quick Win]

2.6.2 Build relationships with regulatory bodies such as the Securities and Exchange

Commission (SEC).

This will provide an avenue to lobby these bodies to check the legitimacy of

Practitioners’ auditing the financial statements of companies, and to partner with the

SEC to identify and implement improvements to the governance of public companies

e.g. through the appointment of audit committees

2.6.3 Understand what is required to successfully lobby for legislative changes to build

exclusivity of representation of the accounting profession in Trinidad and Tobago.

This will include forming alliances with other professional bodies (e.g. Association

of Professional Engineers of Trinidad and Tobago) that require their members to be

registered to be able to practice in Trinidad and Tobago.

2.6.4 Identify members of the profession within Government (e.g. Senator Conrad Enill,

Senator Christine Sahadeo, and Permanent Secretaries) and have discussions with

them to convey ICATT’S vision, strategies and intended positioning in the society,

which includes recognition of ICATT and its members as the authority to provide

advice in areas of Accountability, Transparency and Good Governance. [Quick Win]

Appendix III


Page 7

2.6.5 Build relationships with robust examination and tuition service providers to connect

the market’s need for accounting and finance expertise, to the qualifications that can

be provided via joint examination schemes.

This will be considered based on ICATT’s mandate, the needs of the market and

members, and ICATT’s resource capabilities. e.g. MBA programmes in Finance,

Diploma programmes in Finance Management for Non-Finance Managers, IFR’s,

Accounting Technician programmes, Chartered Financial Analysts (CFA), Institute

of Internal Auditors (IIA), Certified Information Systems Auditor (CISA).

2.6.6 Develop student representation groups in key accounting schools, (e.g. UWI and

UTT) as a means of promoting ICATT and the benefits of becoming a part of the

accountancy profession

2.6.7 Establish formal relationships with the Ministry of Education and Secondary Schools to promote the profession on a school- by- school basis through the early provision of career guidance to high school students.

2.6.8 Partner with the National Accreditation Council and education and training institutions to understand and review their curriculum and methods of training in Accounting and related subjects.

2.6.9 Partner with the “Big 4” firms to position ICATT to represent the profession

2.6.10 Build relationships with small practitioners through forums targeted at bridging the

gap in expertise between the “Big 4” firms and the small practitioners

2.7 ICATT’s Legal and Regulatory Status and Authority

2.7.1 Lobby Government for legislative authority to license all qualified accountants in

Trinidad and Tobago.

2.7.1.1 Clarify the legal status of ICATT through identifying and reviewing all

the legal instruments providing ICATT with the authority to represent the

Accounting profession in the country. ICATT’s existing legal status as

the only accountancy body recognized in the Companies Act and its Act

of Incorporation can be used as the starting point.

Appendix III


Page 8

2.7.1.2 Define the requirements and understanding for having a Public

Accountancy Act, including reviews of relevant Acts that affect the

profession e.g. Financial Institutions Act, Securities Industry Act,

Companies Act, Credit Unions Act.

2.7.1.3 Draft a new Act or amendments to the existing Act to allow for a licensing

mechanism, and arrange for sponsorship of the new Act or legislative

amendments in Parliament.

2.8 Membership Growth and Management

2.8.1 Define the population of prospective members and identify and prioritise based on

the population of prospects in key organisations e.g. PwC, Ernst & Young,

KPMGConglomerates, Finance Institutions, State Owned Enterprises (SOE’s),

Government

2.8.2 Engage in a direct marketing effort to individual prospective members, based on

identification and prioritization, to encourage applications for membership.

2.8.3 Review and process membership applications promptly and according to strict

membership and practicing requirements

2.8.4 Maintain an up-to date database of on all members and students e.g. Student’s

progress, Member’s CPD status, Member’s Account status

2.8.5 Establish a media presence to promote the Institute, eg, through publications in the

Business Sections of the press and media interviews

2.8.6 Lobby organisations to require ICATT membership when advertising Accounting

positions

2.8.7 Analyse the market to match the supply of students to the demand for accounting and

financial skills, and determine the potential for membership growth

Appendix III


Page 9

3. DESIGN THE ORGANISATION’S CAPABILITY AND CAPACITY IN TERMS OF

ORGANISATION, PEOPLE, PROCESSES, RESOURCES, SYSTEMS AND

TECHNOLOGIES TO PURSUE THE VISION, MISSION AND MANDATE

3.1 Development of the Organisation’s Capability and Capacity

3.1.1 Organise, align and resource ICATT in keeping with the new strategic direction

e.g.:

Finalise the CEO’s role profile, and recruit a CEO with the required

competencies to successfully drive implementation of the strategic plan [Quick

Win]

Design and develop processes in line with the new strategic direction,

including a process for customer service management.

Design and implement the structure and systems to perform processes,

including identifying processes to be outsourced and the process to manage

these outsourced services (properly defined service level agreements), and an

information systems strategy.

Assess ICATT’s existing operations in relation to its strategic direction and

identify key organisational changes required

Agree upon and institute key performance measures.

3.1.2 Identify a leader who has the capacity to understand where the Institute is, where it

needs to be, the strategic change required, and who has the competence and

experience to lead the Institute through the strategic transformation over the next 2-

3 years.

The options for the Institute are:

1. Recruiting of the right CEO

2. Attracting the right volunteer Executive Chairman. This will be a leading

member of the profession who can be persuaded to provide the required

leadership services to the Institute.

3. A combination of (1) and (2) above to lead the change

Appendix III


Page 10

3.2 Learning, Education and Professional Development

3.2.1 Revisit, define and understand the post-qualification (CPD) and other certification

requirements for full membership as outlined by the International Federation of

Accountants (IFAC)

Outline the routes available to members for meeting the minimum CPD and

other certification requirements

Define the different levels of certification and the processes:

o Identify all certifications available

o Define the qualification / examination process

o Define the training and experience required

3.2.2 Define and develop models of learning, training and development for accounting and

related training, from secondary school level, all the way to post qualification

professional training. eg.

The design and delivery of training / CPD programmes targeted at the needs

identified by members e.g. local taxes, benefits of International Standards,

practical application of specific IFRS’s, ISA’s, ethics

3.2.3 Identify and certify service providers, providing accounting training courses and / or

approve seminars from local tuition providers, for CPD requirements. (Assess

practicality of this strategy)

3.2.4 Regulate or monitor members to ensure compliance with CPD requirements and

provide a mechanism through which members can report their CPD hours annually

3.2.5 Encourage ICAC to perform curriculum reviews of the CXC and CAPE accounting

and other related papers on behalf of the accounting profession in the region to

ensure relevance, eg. Principles of Business (POB), Principles of Accounting (POA),

Management of Business (MOB), Economics.

3.2.6 Explore the issues, needs and requirements for localisation of certain examination

papers such as tax and corporate law, and develop an implementation plan,

considering available resources through the Government, UWI, and UTT, and also

considering the requirement for examination texts and other relevant materials.

Appendix III


Page 11

3.2.7 Design and develop marketing and communication mechanisms to facilitate learning,

education and professional development e.g. booklets, newsletters website, posting

results of workshops containing technical guidance on ICATT’s website

3.2.8 Provide research capabilities and library resource materials

3.3 Responsiveness to the Needs of Members, Students, and other Key Stakeholders

3.3.1 Act as a liaison between members and Government to raise issues, point out

implications of changes to legislation, and provide advice and guidance on National

Policy, related to the affairs of ICATT, its members and key stakeholders

3.3.2 Provide effective administration of exams and support to students in preparation for

examinations

3.3.3 Support students with job placements

3.3.4 Facilitate forums where stakeholders can discuss challenges and solutions to

implementing specific standards

3.3.5 Contribute to lobbying both IASB and IFAC to develop International Standards that

suit SME’s, and to provide guidance for SME’s and their auditors.

In February 2007, the IASB issued an exposure draft on SME accounting

standards. This should be reviewed and commented on as it relates to SME’s

in Trinidad and Tobago.

3.3.6 Coordinate net working events among members

3.4 Access to expertise in areas such as Accounting, Auditing, Tax, Professional

Conduct and Ethics

3.4.1 Determine the need for specific technical expertise in the areas of Accounting,

Auditing, and Tax, prioritise the scope of service and assess the avenues through

which the services can be offered, eg:

Referral to practicing experts - Tax matters can be referred to tax practitioners

identified by ICATT

Interpretation matters – A committee of practitioners can be established to

deliberate and prepare responses

Ethics issues can be referred to IFAC

Development of joint training material can be done with ICAC.

Appendix III


Page 12

3.4.2 Formulate, document and communicate a policy governing the approach to resolving

issues or queries received.

3.5 Focused and Practical Communication on Topical Matters Affecting the

Profession such as Adoption and Promotion of Standards, Changes to

Legislation and National Policy

3.5.1 Promote the benefits of compliance with Accounting and Auditing Standards, to

preparers, auditors and users of financial statements, businesses and the country as a

whole

3.5.2 Communicate developments within the profession e.g.:

Developments in standards, interpretations, guidance notes and best practices

Changes to relevant legislation and their impact on members and the profession

3.5.3 Identify appropriate mechanisms through which to communicate e.g. Newsletters,

website, publications

3.6 Regulation of the Profession

3.6.1 Define and prioritise (in conjunction with the ROSC report), the market requirements

and risks for monitoring members and non-members.

3.6.2 Examine and explore methods for regulating the profession

3.6.3 Develop a plan to implement appropriate monitoring arrangements

3.6.4 Complete arrangements to implement a regional practice monitoring programme to

regulate members and firms in public practice, to ensure adherence to professional

auditing and accounting standards and compliance with CPD requirements

3.6.5 Review financial statements of public companies to ensure proper application and


3.6.6 Develop and keep up to date, a code of ethics and rules of professional conduct, in

line with IFAC’s

Appendix III


Page 13

3.6.7 Investigate complaints, hear appeals and initiate corrective proceedings against non

compliance with standards, rules etc within a reasonable timeframe

3.6.8 Discipline members and take action against non members’ signing statutory audit

reports

3.6.9 Enforce membership rules

3.6.10 Monitor accounting and advisory services supplied by non-members

3.6.11 Monitor compliance by ICATT of its mandate in the Companies Act and with

respect to its Statutory Charter (Act No 33 of 1970)

4. REVIEW THE EXISITNG IADB PROJECT TO DETERMINE THE BEST USE OF

FUNDS

4.1 Assess the components of the IADB project to revalidate their fit into ICATT’s

strategic direction and the related budgetary allocations. ICATT must have clarity

on the “big ticket” objectives to be achieved before formulating more detailed

operational plans.

5. REVIEW AND IMPROVE THE PROJECT MANAGEMENT METHODOLOGY

FOR THE IADB PROJECT AND PROJECTS ARISING FROM THE STRATEGY

5.1 Review the Project Management Methodology being used for the IADB project and

projects arising from the strategy to ensure that the appropriate methodology and

capability is in place to realise all project benefits.

6. MOBILISE FUNDING TO IMPLEMENT STRATEGIES AND SUSTAIN ICATT’S

DEVELOPMENT AND OPERATIONS FOR AT LEAST THE NEXT 3-5 YEARS

6.1 Present ICATT’s case as a civic organisation requiring institutional strengthening,

and build an understanding of what ICATT is trying to achieve, to mobilise funding

from major organisations, Government and international funding agencies

Appendix III


Page 14

6.2 Review Government’s National Vision, policies and objectives and determine

ICATT’s role and contribution to those policies and objectives. Make a case for

Government support through contributing to the following:

o Tertiary education objectives and policies

o Trinidad and Tobago International Financial Centre objectives and policies

o Financial Literacy programme

o Financial Institutions Act and Regulatory objectives

6.3 Lobby Government for funding based on the Institute’s role and value contribution

to society and achievement of Vision 2020, with respect to Accountability,

Transparency and Good Governance.

Some examples of ICATT’s role and value contribution as it relates to the

Government are:

o Pool of existing qualified accountants

o The country’s future needs of accounting and finance professionals (Qualified

Accountants and Technicians)

o Support for regulatory changes and management

o Tertiary Education and Technical and Vocational Training

o Schools based career guidance in the accountancy profession

o General advice and guidance with respect to “Accruals Accounting” and

Standards, Output based budgeting, Integrated Financial Management

Information System (IFMIS)

o Support for Trinidad and Tobago International Financial Centre Objectives and

Policies

o How ICATT’s can contribute to the development of the private social sector

6.4 Explore the possibility of providing pro bono services (Accounting Aid) funded

through the Government.

6.5 Generate self funding through the provision of Products and Services for fees

6.6 Increase membership subscriptions through increasing membership fees and

membership growth

6.7 Explore the option of in-sourcing services for fees. E.g. Provide the service of

membership administration for other professional bodies.

6.8 Develop a business and financial plan which will form the basis for a proposal

request to a funding institute, to provide the required fund resources over the next 3-

5 years to support ICATT’s transformation and operations.

Appendix III


Page 15

7. PLAN AND EFFECTIVELY MANAGE THE CURRENT DAY TO DAY AFFAIRS

OF THE ORGANISATION

7.7.1 Plan and manage the existing day- to-day activities of the Institute to

facilitate continuance over the transition period.

8. CHANGE AND TRANSFORMATION

8.1 Finalise the strategic plan and determine the action plan for implementation [Quick

Win]

8.2 Confirm the required structure and resources to execute the strategic plan. [Quick

Win]

8.3 Identify and appoint a leader to champion the management of the change process.

[Quick Win]

8.4 Establish a change management team to be responsible for implementation of

specific activities. [Quick Win]

8.5 Develop a strategy and plan to communicate ICATT’s Vision and Mission and new

strategic direction to key stakeholders

8.6 Build consensus, ownership and commitment for the vision\mission and new

strategic direction with the various stakeholders in a structured ongoing way,

utilizing an effective communication strategy and plan

Appendix III

Page 16

Quick Wins

From the detailed strategies above, “Quick Wins” were selected. These are:

1. Finalise the strategic plan and determine the action plan for implementation

2 Confirm the required structure and resources to execute the strategic plan.

3 Identify and appoint a leader to champion the management of the change process

4 Establish a change management team to be responsible for implementation of specific

activities

5 Finalise the CEO’s role profile (See Appendix I), and recruit a CEO with the required

competencies to successfully drive implementation of the strategic plan

6 Identify members of the profession who are nearing retirement or are retired and who are

of a standing in society, have the Strategic Organization Change experience and consider

selection of a “Volunteer Executive Chairman” to lead the Strategic Change effort and

positioning of ICATT.

7 Review and finalise the definition of the value and benefits ICATT and the profession will

provide to society

8 Define the Products and Services which ICATT will be providing

9 Research and understand how the profession has positioned itself in other countries and the

level of respectability achieved, e.g. UK, US, Singapore, and incorporate relevant practices

into ICATT

10 Complete the development and internalisation of the Business Development and

Regulatory Models, and communicate these to key stakeholders.

This will help ICATT to clarify and communicate its core purpose, position the Institute

appropriately, provide the basis for the image and brand of the profession, and promote

respectability and accountability of the profession and the Institute. (See Appendix II for

ICATT’s Business Development and Regulatory Models).

Appendix III

Page 17

Quick Wins (Continued)

11 Plan an initial briefing meeting to commence dialogue with key stakeholders including the

IADB, ICATT Officials and Staff, heads of major training institutions and high profile

members of the profession to communicate ICATT’s strategic direction and secure their

support and buy- in. The outcome of this session should be a commitment of support from

key stakeholders and volunteers.

12 Conduct research to understand how other National Accounting Institutions vision

themselves, as major stakeholders in the development of society

13 Define and prioritise the strategic relationships to be established and maintained, aligned to

the objectives to be achieved.

Some alliance partners identified are other professional institutions, business associations

such as the Chamber of Industry and Commerce, National Accreditation Council, SEC,

BIR, Central Bank, Ministry of Finance, Ministry of Education, ICAC and ACCA.

14 Identify members of the profession within Government (e.g. Senator Conrad Enill, Senator

Christine Sahadeo, and Permanent Secretaries) and have discussions with them to convey

ICATT’S vision, strategies and intended positioning in the society, which includes

recognition of ICATT and its members as the authority to provide advice in areas of

Accountability, Transparency and Good Governance.

Appendix IV

Estimated Financials to Support Strategy

Implementation

Appendix IV

2007 2008 2009 2010 Comments / Assumptions

ESTIMATED COSTS OF STRATEGY IMPLEMENTATION

Planning and Execution of Project Launch (Event Planning, Facilities

Rental, Communication Material, Press Release, etc)60

Organisation Resourcing 390 810 720 600

"Executive Chairman" 90 210 120Approximately 20 hours per week over the two year transition period, at TT$15k per month for the

first year and TT$20k for the second year

CEO 210 420 420 420 Compensation package of TT$35k per month

Manager - Marketing, Education and Membership 90 180 180 180 TT$15k per month

Services to Procure 110

Recruitment (including Advertising) 110 Recruitment of CEO and Manager - Marketing, Education and Membership

Marketing to Position and Promote ICATT (Professional fees,Media

Advertising, Advertising Material) ICATT to Insert

PR and Communication to Position and Promote ICATT (Press

Releases, Thought Leadership Publications in the press, Newsletters,

Promote the benefits of Standards)

ICATT to Insert

Drafting of TOR's/RFP's to contract consultancy services required to

implement strategies (eg Consultancy Services re: Process Design and

Implementation)

ICATT to Insert

Drafting of proposals to Funding Institutes ICATT to Insert

Drafting legislative ammendments ICATT to Insert

Surveys to monitor key stakeholder satisfaction ICATT to Insert

External Consultancy Support Services 870 425 180 180

Mid-Term Review of the IADB Project 65 Approximately US$10k

Development of the organisation's capability and capacity:

- Design and build all processes required to support ICATT's Strategic

Direction

- Design and implement the structure and systems to perform

processes eg outsource arrangements, KPI's

- Identify and implement required organisation changes - define skills,

competencies and manpower requirements

700 245 Approximately US$150k.

IT requirements definition and implementation ICATT to Insert

Learning, Education and Professional Development:

- Deliver training / CPD programmes targeted at members needs

- Deliver programmes to educate users of financial statements

- Design and develop marketing and communication mechanisms to

facilitate learning, education and professional development

- On going Evalution of quality of training programmes

105 180 180 180

- 2007 estimate based on ICATT's projected 2007 Income and Expenditure Statement

- Estimate for delivery of trining programes for 2008 - 2010 is based on 6 programmes per year at

a cost of TT$30k each

- ICATT to insert cost estimates for other Learning and Education activities - Marketing

and Communication, Evaluation, etc

Facilities 30

Website - Continued Development and Maintenance ICATT to Insert

Online Research / Library facilities ICATT to Insert

Members Database - Continued Development and Maintenance ICATT to Insert

Computer Equipment 30

Outsource Costs

Defining SLA's ICATT to Insert

Preparation of TOR's ICATT to Insert

Vendor Costs ICATT to Insert

Funding required to support day to day operations 1,590 1,705 1,465 1,575

Staff salaries and expenses (Including IADB Project Salaries) 790 845 540 580


- IADB Project Salaries included for 2007 and 2008 (Approximately 320k)

- 7% increase year on year

Operating Costs (Utilities, Office Supplies, Rent, Insurance, Repairs

and Maintenance, Audit Fees, AGM exps, etc)350 375 400 430



ICAC and IFAC Subscriptions and Expenses 105 115 125 135- 2007 estimate based on ICATT's projected 2007 Income and Expenditure Statement


Events - Graduation, Accountants' Week 345 370 400 430- 2007 estimate based on ICATT's projected 2007 Income and Expenditure Statement


TOTAL ESTIMATED COSTS 3,050 2,940 2,365 2,355

INCOME

Subscriptions 990 1,130 1,295 1,350

a) 2007 estimates based on ICATT's projected 2007 Income and Expenditure Statement

b) Year on year membership growth assumed to be 5% for Practicing Memebers and 15% for non

practicing members

c) 10% increase in subscription fees assumed in 2008 and 2009

Registration Fees 65 65 65 65 Estimate based on ICATT's projected 2007 Income and Expenditure Statement

Student Enrollment Fees 60 60 60 60 Estimate based on ICATT's projected 2007 Income and Expenditure Statement

ACCA Subventions 285 285 285 285 Based on GBP4 per student, and 6500 combined ACCA and CAT students

Seminar / CPD Income 230 215 215 215- 2007 estimate based on ICATT's projected 2007 Income and Expenditure Statement

- 6 workshops per year with 30 participants each at a cost of $1200 per workshop

Services provided for fees eg Technical advice in the Accounting,

Auditing and taxICATT to Insert

Events:

- Accountants' Week

- Networking events

380 405 440 475 Assumption of a 10% profit on events

TOTAL INCOME 2,010 2,160 2,360 2,450

(Deficit) Funding Requirements (1,041) (780) (5) 95

TT$'000

Years

The Institute of Chartered Accountants of Trinidad and Tobago

Estimated Financials to Support Strategy Implementation

(ICATT TO COMPLETE)

Institute of Chartered Accountants of Trinidad and · PDF filePage 4 1 Introduction The Institute of Chartered Accountants of Trinidad and Tobago was established in 1970 by an Act

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