FOR IMMEDIATE RELEASE

Media Contact: Kevin Morales, Operations and Production Manager
345-325-4281
345-749-3362
kevin.morales@ciipa.ky

In brief:
• CIMA, CIIPA ink MOU for exchange of information for cooperation and consultation.
• Aimed at creating greater oversight of approved audit firms.
• Click here to view the MOU. CIMA, CIIPA sign MOU to strengthen information exchange

George Town, Cayman Islands, 28 July 2023

The Cayman Islands Monetary Authority (CIMA) and the Cayman Islands Institute of Professional Accountants (CIIPA) recently signed a Memorandum of Understanding (MOU) aimed at helping both organisations strengthen their oversight and regulatory regimes through enhanced information exchange.

The MOU outlines the intent to establish a framework through which to exchange information to create greater oversight and regulation of those performing public accounting services.

“As one of the pillars to the success of the financial services industry, and the gatekeeper, CIMA welcomes this partnership with CIIPA, which will allow both institutions to achieve their statutory obligations,” said CIMA Managing Director Cindy Scotland, OBE. “We look forward to building on an already strong continued relationship with CIIPA.”

The MOU calls for the sharing of information to enable the enforcement of laws, regulations, policies and professional standards relating to approved audit firms. It is meant to ensure firms meet the required standards of both CIMA and CIIPA and sets out a schedule of correspondence with regards to:

• The registration or approval of firms and licensed practitioners
• Quality assurance reviews
• Removal, limitations and disciplinary action
• Financial crime supervision CIIPA will also provide information in relation to quality assurance reviews

“Transparency and ethics are of paramount importance in the accounting profession,” CIIPA Chief Executive Officer Sheree Ebanks said. “This MOU will allow both CIIPA and CIMA to more easily meet regulatory requirements, which in turn will help strengthen Cayman’s already robust and mature regulatory framework.”

Click here to view the MOU.

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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.