A managing director has been appointed for the public authority responsible for overseeing inspection of Cayman-based firms that audit market-traded companies.
Donald Cockburn – a certified public accountant and former senior partner at Ernst and Young in Canada – will manage the daily activities of the Auditors Oversight Authority, which will assess Cayman Islands auditors and assure quality in ongoing operations of those firms.
The European Union’s Alternative Investment Fund Managers Directive of July 2013 will make gaining professional recognition from EU member states very important to Cayman’s economy, the authority noted.
“Having an internationally recognized body in Cayman that supervises auditors alleviates the need for local firms to be subject to multiple inspections by overseas-based auditor oversight authorities,” Mr Cockburn said, adding the new system would save local firms time and be “less disruptive” to their operations. Mr. Cockburn’s appointment took effect in August.
“Establishing a fully functional oversight body in Cayman will once more indicate to the world that ensuring compliance with international guidelines is a top priority for the jurisdiction,” said Authority Chairman Michael Austin.