Governor of Bank of Jamaica (BOJ), Richard Byles, says the central bank will continue to insist on the development of strong, capable and well-resourced internal audit functions in all financial institutions that the bank regulates, including commercial banks, merchant banks, building societies, and, in the near future, credit unions, securities dealers, insurance companies, and pension funds.
“I can assure you that the Bank of Jamaica is going to be stepping up its requirement that the internal audit function be upgraded in all financial institutions that we regulate. It must be very capably staffed. It must have the freedom and rights that the internal audit function should have, and it must be of the highest quality in these financial institutions,” Byles said as he gave the keynote address at the opening of a two-day workshop on International Financial Reporting Standards (IFRS), hosted virtually by the Institute of Chartered Accountants of Jamaica (ICAJ), on Friday, January 27.
During his address, Byles said accounting and auditing practitioners are gatekeepers of financial truth and integrity. “A culture of integrity is as vital for business success as it is for the general health of any financial system anywhere in the world. International Financial Reporting Standards are meant to ensure consistency and transparency in accounting standards across companies and countries,” the BOJ governor stated.