The Cayman Islands Society of Professional Accountants elected a new board and welcomed the organization’s new CEO, Sheree Ebanks, at its annual general meeting Feb. 27.
Past president Graeme Sunley looked back at a successful 2013, when CISPA was formally admitted as a full member of the International Federation of Accountants.
“Full membership of IFAC is a big thing for us and it elevates CISPA’s standing on the global stage,” he noted.
However, full membership also means increasing obligations and a general raising of the bar for CISPA members and practitioners. Mr. Sunley said a couple of examples of this were evident in 2013, when ICAEW completed a first round of quality inspections at a selection of Cayman’s accounting firms.
“The results were really positive,” he said. According to the ICAEW review cycle, each firm will be visited at least once every three years.
Reviews of the continuing professional development at the accounting firms were not perfect, he said, but CISPA will work with the membership to help improve professional development programs.
Last year CISPA ramped up training programs and provided members with nearly 100 hours of training, including a four-day professional development week with government.
“We have an equally ambitious training program planned for 2014.”
CISPA also continues to give input in public consultations, including on corporate governance proposals and beneficial ownership. The organization also has a role in government’s Public Management and Finance Law Review Committee and engaged with the Cayman Islands Monetary Authority, Cayman Finance and the Auditors Oversight Authority.
CISPA further developed its partnership with UCCI and ICCI and expanded its cooperation with the Department of Education in a numeracy program with more volunteers and financial contributions.
New CEO
Due to the size of the organization and its increasing role in regulating the profession, Mr. Sunley said, the organization decided to appoint a chief executive officer for the first time.
“We have got nearly 1,000 members. We have got a growing role in regulating our profession, a growing role in monitoring the quality in our profession and we have got a growing role in promoting and speaking for the profession locally and internationally,” he said.
“To date, CISPA has been run by volunteers,” he said. “I think the executives have done a terrific job … but I do also think there is a logical next step for CISPA to move to the next level. And part of that is making the decision to move forward with a CEO.”
The CEO, Sheree Ebanks, said CISPA “has huge potential to really drive the discussion on the sustainability of the financial services sector in Cayman.”
Mrs. Ebanks noted four core areas of activity for CISPA: strengthen and promote the highest etiquette and ethical standards among members; complete a memorandum of understanding with the Auditors Oversight Authority and CIMA, and update protocols to make them relevant; attract and develop the next generation of Caymanian professionals and support those accountants who have to maintain their home jurisdiction professional memberships; and be a recognized participant in ensuring the credibility and sustainability of the industry, while enhancing the reputation and relevance of financial services and the profession.
“It is time for CISPA to speak out on issues not only affecting the profession, but also financial services,” Mrs. Ebanks said.
The new CISPA board includes: President Sheenah Hislop, Vice President Baron Jacob, Secretary Mike Mannisto, Treasurer Norm McGregor, immediate past pPresident Graeme Sunley, and councilors Serge Berube, Joel Dodson, Chris Gauk, James George, Ben Leung, Ian Lomas, Colin Nicholson, Michael Penner, Peter Small and David Walker.
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