The Cayman Islands Institute of Professional Accountants (CIIPA) and the the Institute of Chartered Accountants of the Caribbean (ICAC), are now working together to formalise their relationship and increase collaboration to support best practices in the accounting and related professions locally and regionally, through the signing of a Memorandum of Understanding (MOU).

In a statement following a recent meeting between the two entities, CIIPA’s CEO Sheree Ebanks said, “We are working toward signing an MOU with ICAC that will include knowledge sharing, public sector education, and awareness,” adding, “Public finance reform is an area the whole region is working through, so we see this is an excellent opportunity to work together to support those efforts.”

CIIPA President Peter Small noted, “ICAC’s visit and meetings were very productive and we look forward to working together to support accounting professionals in the Cayman Islands and the region.”

ICAC CEO Misha Lobban Clarke stated, “The formalization of a MOU for mutual collaboration between ICAC and CIIPA is an important step for both organizations and the ICAC is looking forward to working with CIIPA to finalise an agreement the end of 2017. We anticipate that the implementation of the areas of mutual co-operation for the benefit of the accountancy profession in the region will commence early in the New Year.”

According to ICAC President Anthony Pierre, “The Institute has been seeking to strengthen linkages with key regional stakeholders including CIIPA. Our visit, meeting and agreement have moved us a step closer to establishing stronger ties for advancing the accountancy profession in the Caribbean.”

Hosted by CIIPA, the meeting which was attended by ICAC President Anthony Pierre and CEO Misha Lobban Clarke during a whirlwind visit to the Cayman Islands in October, included discussions with the CIIPA Executive, the Office of the Auditor General, and the Ministry of Finance.

CIIPA’s CEO Sheree Ebanks, President Peter Small, Vice President Joel Dodson, and Quality Committee Chair James George where represented at the meeting at which CIIPA shared its roles and initiatives in the Cayman Islands. The role of the ICAC and its initiatives in the region as well as its international contribution was also highlighted. The group also discussed public finance reform and public-sector accountability in the region.