The accountancy profession has come in for high praise from a senior Government official who pointed out that auditing, accounting, tax and advisory firms have a critical role to play in helping to shape the Barbados economy.
In fact, Senator Darcy Boyce, Minister in the Office of the Prime Minister with responsibility for immigration, telecommunications and Invest Barbados, said those companies should be given “more front burner status”.
Boyce, himself a former accounting professional, was addressing a cocktail reception last evening to celebrate the re-launch of the renovated KPMG building in Hastings, Christ Church. He was standing in for Minister of International Business Donville Inniss who was on business overseas.
Boyce lauded officials of the “Big Four” global accounting firms which include KPMG, saying they continued to provide global insight on “today’s pressing business issues and (the) complex challenges facing the wider world economy, which we all know, at a moment’s notice, can adversely impact the region’s economies”.
Citing KPMG as one of the leading international brands in Barbados that contributed significantly to the success of its clients and the socio-economic development of the country, Boyce said its corporate social responsibility was exemplary in the role corporate Barbados should play in improving the society.
“The role of accountancy in economic development has not gone unnoticed, particularly given recognition to the fact that accountability is at the heart of capacity building. A strong accountancy profession is therefore essential to economic developments and economic confidence within the public and private sectors,” said Boyce.
He said there was evidence that “strong institutions and strong legal frameworks are correlated highly” with economic development in a country.
“If Barbados is to continue growing and the nation’s economy is to improve both in the short and long-run, the role of our auditing, accounting, tax and advisory firms must be given more front burner status, as critical towards facilitating this attainment,” said Boyce.
Managing Partner of KPMG (Barbados) Carol Nicholls told Barbados TODAY she agreed the accountancy profession had a pivotal role to play in the growth of the economy, adding that it was “one of those professions you require both in the private sector and public sector”.
Nicholls said while one could always be critical, it was important to “make a difference and contribute or share the ideas you think might work within the economy with Government, because we are in partnership together for the good of our economy and country, and that is how we have approached it over the years”.
KPMG is celebrating 43 years of operations in Barbados. The company recently carried out major renovations to its headquarters. Nicholls said improving the three-storey building allowed for immediate accommodation of more staff, clients and partners as KPMG continued along a growth trajectory.
“It is also a reflection of our commitment to the Barbadian community,” she added, noting the expansion should also help the company to better meet the needs of clients. (MM)