The Jamaica Stock Exchange (JSE) and the Institute of Chartered Accountants of Jamaica (ICAJ) have teamed up to highlight and eradicate sub-standard reporting by companies listed on the JSE.
General manager of the JSC, Marlene Street-Forrest says the Memorandum of Understanding (MOU) with the ICAJ is “part of its plan to improve the standard of financial reporting by companies listed on the stock exchange”.
According to the President of the ICAJ, Vintoria Bernard, the practice of issuing substandard financial statements is not widespread. It is mostly confined to interim reports that are not audited – the one’s they think nobody reads.
“So the impact is that when the final reports are published, if you are using both reports, you can see the anomalies. That is one of the things we are trying to wipe out,” the ICAJ president said.
Ensuring quality control for listed companies is particularly important as more companies become listed on the JSE. It is critical, Bernard stated, that these companies operate at the relevant international standard.
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