Industry body welcomes new law governing accounting

The Cayman Islands Institute of Professional Accountants welcomes a new law governing the profession, which updates the regulatory regime to better meet international standards.

CIIPA Chief Executive Officer Sheree Ebanks said the organization needed the changes to better perform its regulatory role in accordance with global standards established by the International Federation of Accountants.

“Now CIIPA is better able to prescribe and comply with international standards of quality control, including applying sanctions for noncompliance with quality assurance principles, and we have now improved the Cayman Islands investigation and discipline procedures,” she said.

“The new law gives us more teeth in terms of preventing and enforcing non-compliance.

This is important as we are now better able to demonstrate the leading high standards that we have here in the Cayman Islands. This in turn reinforces the trust our international clients have in Cayman as a leading and robust international finance center.”

The Cayman Islands Society of Professional Accountants, formed in 1970, has just over 1,000 members.

In 2013, CISPA became a full member of IFAC, and in April 2016, CISPA changed its name to CIIPA to better reflect the broad role it plays as a regulator and educator.

The organization’s mission is to further the public interest through the regulation of the accounting profession, promoting the highest standards of professional and ethical conduct in line with values of transparency, proportionality, and accountability.

The Cayman Islands has one of the highest number of accountants per capita in the world. CIIPA has more than 85 licensed practitioners. There are also 38 audit firms.

Serge Berube, president of CIIPA, said the organization is working to strengthen and position the accounting industry to ensure it forms a robust cornerstone of Cayman’s financial services sector.

“To do this we must continually evolve and ensure we adhere to best-practice and international standards. Only by doing so, will this industry continue to generate jobs, economic growth, education and training opportunities and social and community improvement to better the lives of all Caymanians,” he said.

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