CIMA signs oversight & regulatory oversight MOU

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. “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 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.”