The Cayman Islands Society of Professional Accountants has announced that it will change its name to the Cayman Islands Institute of Professional Accountants to more accurately reflect its role as an educator and regulator of Cayman’s accountancy profession.
The name was officially changed during an extraordinary general meeting where the special motion passed unanimously.
CIIPA said it will launch a communications campaign this month to support the name change and to raise awareness about the accountancy industry in Cayman. The campaign will focus on the career and scholarship opportunities that are available to Caymanians; the importance of the accountancy profession to the growth and success of Cayman’s economy as a whole; and the international reputational credibility for the jurisdiction’s financial services sector.
Chief executive Sheree Ebanks said CIIPA is much more than just an industry body or training organization. “We carry out a crucial regulatory role in the Cayman Islands, which is critical to the success, reputation and credibility of Cayman as a global financial services center.”
Part of CIIPA’s role as a self-regulatory body is to ensure Cayman as a jurisdiction remains at the forefront of global finance and transactional activity, she added. “Our name change is part of a process of ensuring that accountants are equipped to face the current challenges in the marketplace effectively.”
CIIPA President Serge Berube said the organization has worked hard behind the scenes to ensure that Cayman’s accountancy profession is equipped to respond to changing demands in an increasingly global, mobile and competitive business.
“Good quality financial infrastructure and effective financial oversight is essential for Cayman to continue attracting this business.
“Accounting plays a critical role in inspiring trust in the capital markets, and working with governments and business to foster sustainable, long-term growth, that strengthens the lives of communities, including right here in Cayman,” Mr. Berube added.