CISPA becomes full member of IFAC

The Cayman Islands Society of Professional Accountants has been admitted as a full member of the International Federation of Accountants.

James George, CISPA immediate past president and IFAC Committee and Quality Committee chair, said the admission as a full member is a milestone for the Society.

“CISPA’s full membership into IFAC is the culmination of many years of hard work for Cayman’s accounting profession to be internationally recognized at such a high level,” he said. “It has been our primary objective since 2007, when we were admitted as an associate member, and it has taken a further six years of effort to receive this full membership designation.”

The first step for an organization to become a member of IFAC is to submit an application with information about the organization’s history, operations, role and responsibilities and governance structure. Professional accountancy organizations are first accepted as associates and then progress toward membership as they demonstrate their commitment to IFAC and its membership obligations.

IFAC, founded in 1977, in Germany at the World Congress of Accountants, is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Today it is has 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce.

Mr. George said CISPA’s acceptance into IFAC as a full member is a great boost to the profession.

“The acceptance of CISPA as a full IFAC member underscores the high regard held for Cayman’s accounting profession globally,” he said. “IFAC is recognized as a global leader with regard to professional standards and ethics within the industry, and CISPA is delighted to be part of this vital association. We are extremely grateful both to IFAC for their support and encouragement throughout the process and to CISPA members who worked tirelessly over the years to make this accreditation happen.”

CISPA, established in the Cayman Islands in 1970, has responsibility for licensing public accounting practitioners in the Cayman Islands. It has more than 900 members.

The announcement was made at IFAC’s annual council meeting in Seoul, South Korea, last month.