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Practitioner members
No person may hold themselves out as a public accountant or engage in public practice, either as a partner, director or person holding an equivalent position in a firm of public accountants, or as a sole practitioner from within the islands unless he is the holder of a valid licence issued by CIIPA under section 11 or 12 of the Act.
Public Practice is defined by the Act as the performance of public accounting services for profit or reward which means signing, affixing or associating one’s name or the name of the firm of public accountants of which one is a partner, director or the holder of an equivalent public position to any report or certificate expressing or disclosing an opinion on a financial statement based on an audit or examination of that financial statement or expressing assurance on a financial statement.
Minimum criteria for grant of a licence are:
- Membership of CIIPA and good standing with Approved Institute
- Committed to and accessible in the Cayman Islands
- Competent and Capable for public practice in the position of engagement partner or equivalent
The qualification and conditions for licensing are necessary so that CIIPA may pursue its objects set out in the Act and its Articles of Association, and to meet its obligations as a member of the International Federations of Accountants to regulate its members for the benefit of the profession as a whole.
A Practitioner Member is a Regular Member who has been granted a licence pursuant to section 11 or 12 of the Act.
Application forms and helpsheets:
- Form 5 License Application
- Form 5A (to be completed for section 2 D, if not providing a written competency reference)
- Helpsheet: Applying for a Licence
- Helpsheet: Acting as Reference for Licence Application
Please read carefully and submit the application form together with the required supporting documentation to admin@ciipa.ky.
All licence applications are submitted to the Membership and Licensing Committee for review and recommendation to Council for approval. All applications must be received at least two weeks prior to the meeting date to be presented to Council.
Please note the following meeting dates (subject to change) for 2026:
- Tuesday, 13 Jan.
- Tuesday, 10 Feb.
- Tuesday, 3 March
- Tuesday, 21 April
- Wednesday, 20 May
- Wednesday, 17 June
- Tuesday, 14 July
- Tuesday, 15 Sept.
- Tuesday, 13 Oct.
- Tuesday, 1 Dec.
Resources for LPs
New and revised audit reporting standards
The Accountants (Quality Assurance) Regulations (2020 Revision), prescribe that the standards of auditing to be followed are:
- A public practice firm, a practitioner member and any designated professional providing assurance services shall comply with —
- the professional standards referred to in the public practice firm’s assurance report;
- any related quality control standards; and
- any procedures established by the public practice firm.
- An assurance engagement provided by a person or firm referred to in paragraph (1) shall be conducted in accordance with standards issued by —
- the International Auditing and Assurance Standards Board; or
- the Generally Accepted Auditing Standards promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants, or with any standards assessed as equivalent to those standards by the Institute or the International Auditing and Assurance Standards Board.
- Where a public practice firm uses professional standards expressed in a language other than English, the firm shall provide translations of the standards used, approved by the International Federation of Accountants.
Supplements
Statement of Principle Standards of Auditing
In 2016, the Accountants Law and the Accountants (Quality Assurance) Regulations were enacted, formalising the quality assurance review system. An initial Statement of Principle on Auditing Standards was issued in February 2017 and updated in November 2017.
The purpose of this supplement is to provide audit firms with guidance when there is a change of auditor and assist members of the accounting profession in the Cayman Islands. It is not intended to be prescriptive but rather to indicate what would generally be regarded by the accounting profession in the Cayman Islands as best practice.
The purpose of this supplement is to assist members of the accounting profession in the Cayman Islands. It is not intended to be prescriptive but rather to indicate what would generally be regarded by the accounting profession in the Cayman Islands as best practice.
The purpose of this supplement is to suggest wording for inclusion in audit reports in relation to managing the risk of liability, as a result of relying on an audit opinion, to third parties to whom the report is not expressly addressed or intended.
This Supplement seeks to assist audit firms in the Cayman Islands by suggesting wording for inclusion in engagement contracts for attest and non-attest engagements.
This Supplement is in the form of Frequently Asked Questions regarding the obligation to report to CIMA and FRA prescribed primarily in the regulatory laws and the Proceeds of Crime Law and how this relates to professional obligations prescribed in auditing and ethical standards.
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