Hon Rufus Bousquet awaits establishment of a harmonized investment code for the region
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Contact: Julita Peter
Thursday, June 26, 2008 – Trade Minister Honourable Rufus Bousquet has called on the Caribbean community to put its wheels in motion, as the CARICOM Secretariat continues to work on a harmonized investment code for the region. The code is to be supported by a uniformed system of laws throughout the region, governing all forms of investment.
The regional investment code is hoped to be finalized ahead of the implementation of proposed single economy in 2015. Meanwhile, the process is continuing towards the implementation of a revised OECS Treaty that will guide the region in the further deepening of cooperation and an economic union.
Mr. Bousquet, who was the keynote speaker at the 2nd Annual Meeting of the Caribbean Association of Audit Committee Members Incorporated (CAACM), held here on Tuesday June 24th, said: “We must take steps now to ensure we enjoy the benefits of the region. This must be done without displacing our brothers and sisters who have an integral part to play in our overall development.”
Mr. Bousquet, who is also the Minister for Investment, thinks the region, having opened up a hospitable climate for investors, must give the assurance that those investments are safe. He cited the collapse of multi million dollar companies like the Enron Empire, that has forced auditing companies to review their long established procedures.
“But no lengthy procedures or stringent practices could substitute for the sharp trained eyes of audit committees. We have seen elaborate statements of external auditors accompanying the financial statements of local audit companies. We therefore know the extent of disclosure that is currently mandatory in support of these balance sheet figures. This places an additional burden on audit committees, that has the responsibility to ensure the veracity of the financial information disclosed,” the Investment Minister added.
The two-day conference according to CAACM Chairman, Ackroyd Birmingham, was specifically tailored to address the needs of Caribbean organizations, in a timely and relevant fashion. He added that the role of auditors is becoming increasingly critical and he called on them to hone their skills by keeping abreast with the latest international practices.
“We also need to utilize the right tools to be more vigilant in overseeing the companies we are in place to govern. Our shareholders, staff, customers and regulators must have every confidence in our stewardship,” he said.
Commenting on this year's conference theme, “Improving Performance Through Compliance”, Mr. Birmingham said auditors need to view compliance as a challenge instead of a burden. The Caribbean Association of Audit Committee Members Incorporated was launched in June 2006, with the objective of improving the investment environment in the Caribbean region. |
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