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ARTICLE · 16 AUGUST 2022

Amendments Will Improve The Accountants Act

Cayman Islands Government
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Ensuring clarity in legal definitions, and allowing additional licensing conditions for public accountants, are two of three key provisions of the Accountants Bill, 2022.

Cayman IslandsFinance and Banking
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Grand Cayman, 15 August 2022 – Ensuring clarity in legal definitions, and allowing additional licensing conditions for public accountants, are two of three key provisions of the Accountants (Amendment) Bill, 2022.

The third provision expands the membership categories for the Cayman Islands Institute of Professional Accountants (CIIPA), which regulates the accounting profession in our jurisdiction.

Clarity

  • Limited Liability Partnerships (LLP) in the Cayman Islands can be used to structure professional businesses, including accounting firms. Accordingly, the Accountants (Amendment) Bill, 2022 takes the step to include LLPs in its definition of "firms of public accountants".

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