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Key characteristics of Barbados

Key characteristics of Barbados

Key characteristics of Barbados

Key characteristics of Barbados
Key characteristics of Barbados

Barbados is a small island of 166 square miles in the Caribbean and has a population of over 250,000. It is a democratic and stable political society, with a private sector that includes a vibrant financial services sector of both offshore and onshore businesses. The Securities Exchange of Barbados (SEB) regulates the public limited companies. Companies are regulated by the Barbados’ Companies Act, which sets out the duties and responsibilities of the directors and management but does not specifically legislate or directly address the issue of fraud (see Appendix 1). Barbados is represented by the “Big Four” firms of Ernst & Young, PriceWaterhouseCoopers, KPMG Peat Marwick and Deloitte & Touche. Medium-sized firms are represented by international names such as Pannell Kerr Forster, Porter Hetu International and Grant Thornton. The remaining auditors comprised small indigenous firms and sole practitioners.
The Institute of Chartered Accountants of Barbados (ICAB) is the regulatory body for the accounting profession in Barbados and is a member of the International Federation of Accountants. All of its members are affiliated to recognised accountancy bodies such as the AICPA, Certified Management Accountants (CMA), Certified General Accountants (CGA) and the Association of Certified and Chartered
Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), among others, in the UK, USA and Canada. As of 31 December 2003, ICAB had a membership of 572 fully qualified accountants of which 175 held practising certificates to perform audits.
Historically, as a former British colony, the Barbadian economy has been heavily dependent on sugar, but in recent years the economy has diversified into manufacturing and tourism. Tourism plays a vital role in the country’s economy. Offshore finance and information services are also important foreign exchange earners. The government encourages foreign direct investment with a significant amount coming from North America and Europe. Barbados has a literacy rate of approximately 98 per cent and has been rated as one of the leading developing countries by the United Nations’ Human Development Index Report measuring education levels, life expectancy and per capita income. As a small open economy, Barbados is influenced by a wide range of external economic factors that very often originate in the USA. For example, the Barbados dollar is tied to the US dollar at a fixed rate of 2 to 1.
KPMG had performed a survey on fraud in the Caribbean and the findings are included in their KPMG Caribbean Fraud Survey Report 2000 (KPMG, 2000a).
The following key characteristics for Barbados are set out below:
. Only 10 per cent of the respondents in Barbados believe fraud is a “major problem” for their business.
. Of the respondents, 71 per cent claimed that fraud was discovered through internal mechanisms such as existing internal controls, while 43 per cent claimed for internal audits. No respondents in Barbados indicated that fraud was discovered through external audits.
. In Barbados, 67 per cent of the respondents cited customers as the greatest source of fraud, while employees were identified as the second greatest source (33 per cent). Most of the employee-related fraud occurred through kiting or lapping[1]. The majority of customer-related fraud was perpetrated through cheque forgery, filing of false invoices, and credit card schemes. No one cited financial statements fraud.
. Of the respondents in Barbados, 31 per cent acknowledged that fraud occurred against their company. A total of 93 per cent of all respondents in Barbados who believe fraud will increase attributed this increase to weakening in society’s values, and 86 per cent attributed the anticipated increase to more sophisticated criminals. KPMG (2000a) concluded that taken together, these responses indicate that the anticipated increase in fraud will result from factors outside the control of their company or the government.
The KPMG study focused on users’ perceptions rather than measuring both the auditors and users perceptions, as this study will attempt. In addition, the KPMG study was quantitative rather than qualitative.

Sumber : https://aldirenaldi.blog.institutpendidikan.ac.id/seva-mobil-bekas/

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