The Institute of Professional Accountants of the Cayman Islands said they welcome the provisions contained in the Accountants (Amendment) Bill, 2022, which updates certain legislative references and definitions, improving the administration of the legislation.
According to CIIPA, 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 to work together on necessary changes in the future,” said CIIPA chief executive Sheree Ebanks. “CIIPA’s input came from the vast experience and knowledge of its members. CIIPA is also excited to formally recognize our retired members who have contributed significantly to the development of the profession and financial services in general. We look forward to the passage of the Bill as it will allow CIIPA to operate more effectively, efficiently and equitably in its role as the industry regulator for the Cayman Islands.”
CIIPA is keen to become more inclusive in its membership offerings. In addition to recognizing retired members, student membership will now be open to anyone legally resident in Cayman pursuing a professional accountancy qualification.
The Ministry of Financial Services announced the bill through a press release on Monday, August 15. In it, the Ministry highlighted the main provisions of the draft law, which include clarity about the definition of public accounting firms, the expansion of the scope of licensing and the categories and members of the CIIPA.
