Grand Cayman, 31 January 2023 – The Accountants (Amendment) Act, 2022, and two regulations that support its provisions; and The Accountants (Quality Assurance) (Amendment) Regulations, 2023, will come into effect tomorrow (Wednesday, 1 February 2023).
The Accountants (Amendment) Act is supported by The Accountants (Application for Membership) (Amendment) Regulations, 2023; and The Accountants (Disciplinary) (Amendment) Regulations, 2023. Collectively, they allow the Cayman Islands Institute of Professional Accountants (CIIPA) to continue their effective oversight functions of the local practice of accounting.
The Accountants (Quality Assurance) (Amendment) Regulations, 2023 support the local adoption and practice of new international standards for quality management regarding audits, reviews of financial statement, or other assurance or related services engagements and engagement quality reviews.
“These four amendments, which originated from CIIPA proposals, are in line with Government’s strategic broad outcome of improving our financial services as an industry product and economic driver for our Islands,” said the Minister of Financial Services and Commerce, the Hon. André Ebanks.
“Our Ministry continues to work with CIIPA and other stakeholders to ensure that the accounting regulatory regime remains clear, sensible and fair in its oversight of practitioners.”