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CIIPA welcomes changes to Accountants Act
FOR IMMEDIATE RELEASE
Media Contact: Kevin Morales, Operations and Production Manager
345-325-4281
345-749-3362
In brief:
• CIIPA staff worked closely with the Ministry of Financial Services to develop the Accountants (Amendment) Bill, 2022.
• The Bill updates legislative references and enhances the administration of the Accountants Act.
• These amendments allow CIIPA to more effectively regulate Cayman’s accountancy industry.
George Town, Cayman Islands, 17 August 2022
The Cayman Islands Institute of Professional Accountants welcomes provisions included in the Accountants (Amendment) Bill, 2022, which updates certain legislative references and definitions, enhancing the administration of the legislation.
CIIPA led the effort to initiate the changes and worked together with the Ministry of Financial Services on the legislation.
“We appreciate the opportunity to collaborate with the Ministry of Financial Services on this bill as well as working together on future necessary amendments,” CIIPA Chief Executive Officer Sheree Ebanks said. “CIIPA’s input stemmed from its members’ vast experience and knowledge. CIIPA is also thrilled to formally recognize our retired members who have contributed significantly to the development of the profession and the financial services generally. We look forward to the Bill’s passing as it will allow CIIPA to more effectively, efficiently and equitably act in its role of industry regulator for the Cayman Islands.”
CIIPA is eager to become more inclusive in its membership offerings. In addition to recognising retired members, student membership would now be open to anyone legally residing in Cayman who is pursuing a professional accounting qualification.
The Ministry of Financial Services announced the Bill through a press release on Monday, 15 Aug. In it, the Ministry outlined the key provisions of the Bill, which include clarity around the definition of firms of public accountants, broadening of licensing scope and categories of CIIPA members.
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ABOUT CIIPA
For 50 years, CIIPA has worked to further the public interest by providing oversight to the accounting profession. The organisation is committed to promoting the highest standards of professional and ethical conduct, while supporting the growth of the profession. CIIPA is a full member of the International Federation of Accountants (IFAC), the worldwide organisation representing the profession, and prides itself on its role as both an educator and regulator in the financial services industry.
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