Accountants usher in new era

The Cayman Islands financial, academic and political communities came out in force for an evening reception at the Ritz 15 March to welcome the launch of the new Cayman Islands Society of Professional Accountants.

CISPA’s new president, Mike Mannisto played host to an entertaining lineup of speakers ushering a new era for the 900-member organisation celebrating 36 years in Cayman.

Speakers included Financial Secretary Ken Jefferson, CIMA Chair Tim Ridley, UCCI president Hassan Syed and CIMA’s first president Mike Austin.

‘January second of this year was an historic milestone for CISPA as the Public Accountants Law and its associated regulations became effective. This day was the beginning of a new era of regulatory oversight of the accounting profession on the Island,’ said Mr. Mannisto.

The new regulations bring increased regulatory responsibilities for CISPA regarding its members and other public accounting practitioners in the Cayman Islands.

Mr. Mannisto also remarked on CIMA’s collaboration with the Cayman Islands Monetary Authority over the coming year.

‘CISPA is looking forward to continuing to provide CIMA with input on various consultations and other important initiatives as they arise and we look forward to building on our relationship with CIMA,’ said Mr. Mannisto.

The evening’s proceedings also outlined new developments in accounting education that build upon the existing relationship CISPA holds with the University College of the Cayman Islands’ as the school’s first Partner in Education.

Mr. Syed expressed his gratitude for CISPA’s ongoing contribution to the college’s accounting program in providing mentors for all accounting certificate students, as well as working with the college to review UCCI’s accounting and finance curriculum.

He also announced that, in a move to better meet industry needs, UCCI and CISPA are working together to offer CPA, CGA and ACCA review classes starting in September 2007.

The school will also be offering Continuing Professional Education for CISPA members.

‘This fits with CISPA’s Memorandum of Association, which aims to promote and increase the knowledge, skill and proficiency of members and students in all things relating to the business or profession of accountants,’ said Mr. Mannisto.

In addition to fulfilling its training and regulatory mandate in 2007, Mr. Mannisto says CISPA will continue to focus on implementing the recommendations of the Recruitment & Retention Project which examined the factors affecting Caymanian participation in the accounting profession.

‘We will also continue to strengthen our ties and relationships with other accounting bodies and institutes globally, and this will also be of great benefit to our student members who are wishing to pursue an accounting designation,’ said Mr. Mannisto.

This includes CISPA’s anticipated membership in the International Federation of Accountants. CISPA’s 2005 application for associate membership had been deferred until the launch of New CISPA.

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