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Since 2013, CIIPA has been monitoring the observance of auditing standards and the International Standard of Quality Management (ISQM1), within public practice firms. Each firm is visited at least once every three years.
In 2016, the Accountants Law — now the Accountants Act (2024) Revision and Accountants (Quality Assurance) Regulations (2023 Amendments) — were enacted, formalising the quality assurance review system. Click here to see more on legislation relevant to the accounting profession in the Cayman Islands.
A Statement of Principle- Auditing Standards was issued in February 2017 and was updated November 2017.
A help sheet, Guide to Audit Monitoring Visits is available. The Pre-visit Information Form and Declaration referenced in the help sheet can be found here.
As a Member of the International Federation of Accountants (IFAC), CIIPA is committed to compliance with IFAC's Statement of Membership Obligations, including having a mandatory quality assurance review program in place for members performing audits of financial statements of public interest entities.
Revised Quality Management Standards
The International Auditing and Assurance Standards Board (IAASB) issued three new and revised quality management standards in 2020, which came into effect 15 December 2022. The IAASB has published a number of resources including fact sheets, implementation plans and informational videos. To learn more and access these resources, visit the IAASB Quality Management page.
ICAEW Brief: Monitoring Visit Cycles
The ICAEW presentation regarding the monitoring visit cycles can be found here.
QARS Stakeholder (Summary) Reports
Fourth Cycle (2023-2025)
The 2025 Summary Report will be available in the second quarter of 2026.
2023 Summary Report
Third Cycle (2020-2022)
Second Cycle (2017-2019)
2013-2015*
*All CIIPA licensed practitioners are subject to review by means of the Quality Assurance Review System (QARS). The first cycle took place in 2013 – 2015.
Quality Assurance Review System Thematic Reviews
Due to a number of challenges and new circumstance brought about in 2020, CIIPA conducted its first Thematic Review of Public Practice Firms. The report from that exercise can be found here.
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