The Auditors Oversight Authority’s board of directors convened for its first meeting on Wednesday, 2 May, 2012, with the long-term objective of fulfilling a legal mandate to oversee the regulation of Cayman Islands based auditors.
The Auditors Oversight Law, 2011, came into force on Tuesday, 1 May, 2012. In accordance with the Law, the government has appointed three directors who are retired public accountants – one of whom is an overseas director, in addition to the auditor general and the financial secretary.
The three appointed directors are Chairman of the Board Michael Austin, who is a retired FCA, former managing partner of KPMG and former chairman of CIMA; Deputy Chairman Paul Anderton, who is a retired partner formerly with PWC and former president of the Cayman Islands Society of Professional Accountants and the Overseas Director Alister Mason, a former partner at Deloitte and Touche in Toronto and current consultant with the Canadian Institute of Chartered Accountants. Recognising the significance of this new authority, Cayman Islands Premier and Minister of Finance McKeeva Bush said: “This is a vital matter as it has implications for our international obligations and will allow the Cayman Islands to comply with the European Commission’s Directive on Statutory Audit. I am pleased that Mr. Austin has accepted the position of chairman, and am confident that the highly skilled board of directors appointed will do an outstanding job in addressing the requirements of the directive.”
The board expects to meet regularly to carry out its mandate, which, according to Mr. Jefferson, is to have a system of public oversight in Cayman that is equivalent to that of the EU. “The board of directors,” Mr. Jefferson continued, “will provide guidance to the authority, and further facilitate discussions with appropriate representatives of the EC to ensure compliance with their guidelines.”
Speaking on behalf of the directors, Mr. Austin said, “The formation of the Auditors Oversight Authority is another step in demonstrating the intentions of the Cayman Islands to remain at the forefront of international regulation. I am honoured to accept the role of chairman of the new authority, and am particularly pleased to have the support of a strong and highly qualified board.”
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