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Accounting legislation passed to meet international standards

Ms Sheree Ebanks
Ms Sheree Ebanks

The Cayman Islands Institute of Professional Accountants (CIIPA) has collectively expressed its support of The Accountants Law, 2016 which was recently passed. Updating the law has been a priority for the CIIPA so that current legislation could better meet leading international standards.

The new legislation, which came into effect on 28 November, will replace The Public Accountants Law, 2009.

According to CIIPA’s chief executive officer Sheree Ebanks, “CIIPA needed these changes to better perform its regulatory role in accordance with leading global standards established by the International Federation of Accountants (IFAC). Now CIIPA is better able to prescribe and comply with international standards of quality control, including applying sanctions for non-compliance with quality assurance principles and we have now improved the Cayman Islands investigation and discipline procedures.”

The new legislation, she said, will help prevent and enforce 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 centre.”

With more than 1,000 members and over 85 licensed practitioners in the CIIPA, the Cayman Islands benefits from one of the highest numbers of accountants per capita in the world.

“CIIPA is working hard to strengthen and position our industry to ensure we continue to form a robust cornerstone of Cayman’s financial services sector,” said Serge Berube, CIIPA president. “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.”

In 1970, The Cayman Islands Society of Professional Accountants (CISPA) was originally formed, and has evolved into the largest professional body in the Cayman Islands. In 2013, CISPA became a full member of IFAC. Earlier this year, CISPA changed its name to CIIPA in an effort to better reflect the organisation’s role as both regulator and educator.

CIIPA’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.

 

 

 

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