The Cayman Islands Society of Professional Accountants (CISPA) announced this week it will change its name to the Cayman Islands Institute of Professional Accountants (CIIPA), to more accurately illustrate the organisation’s critical role in Cayman as a regulator of Cayman’s accountancy profession, and as an educator. The name was officially changed during a recently held Extraordinary General Meeting where the special motion passed unanimously.

CIIPA is launching a communications campaign this month to support the name change as well as to raise awareness about the accountancy industry in Cayman focusing on: the excellent career and scholarship opportunities that are available to Caymanians; and the importance of the accountancy profession to the growth and success of Cayman’s economy as a whole and the international reputational credibility for the jurisdiction’s financial services sector.

CIIPA chief executive, Sheree Ebanks, explains: “CIIPA, is much more than just an industry body or training organisation. We carry out a crucial regulatory role in the Cayman Islands, which is critical to the success, reputation and credibility of Cayman as a global financial services centre.”

Ebanks continues: “Part of CIIPA’s role is to ensure Cayman as a jurisdiction remains at the forefront of global finance and transactional activity, because as the self-regulatory body, we shoulder the responsibility that underpins this. Our name change is part of a process of ensuring that accountants are equipped to face the current challenges in the market place effectively.”

CIIPA President, Serge Berube, added: “As an organisation, we have been working hard behind the scenes to ensure that Cayman’s accountancy profession is equipped to deal with, and respond to, changing demands in our core business. “This business is increasingly global and mobile in nature, and we are competing more heavily against other jurisdictions, both onshore and offshore. Good quality financial infrastructure and effective financial oversight is essential for Cayman to continue attracting this business.

“The accounting profession continues to enhance its role as the cornerstone of financial services, as underscored by this name change. Accounting plays a critical role in inspiring trust in the capital markets, and working with governments and business to foster sustainable, long-term growth, that strengthens the lives of communities, including right here in Cayman.”

Media enquiries: Emma Drysdale at Fountainhead on +1 345 945 8188 or email [email protected].

Notes to editors: CISPA was formed in the Cayman Islands in 1970 and has evolved into one of the largest professional societies in the Cayman Islands with just over 1000 members. The organisation’s mission is to further the public interest through the regulation of the accounting profession, promoting the highest standards of professional and ethical conduct in line with the values of transparency, proportionality, and accountability. In 2013 CISPA became a full member of the International Federation of Accountants (IFAC), the worldwide organisation representing the profession.

The current law in the Cayman Islands states that no person may hold themselves out as a public accountant or engage in public practice in the Cayman Islands, 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 CISPA.