Cayman Islands Society of Professional Accountants
Encyclopedia
The Cayman Islands Society of Professional Accountants (CISPA) is a professional association of accountants in the Cayman Islands
, a British Overseas Territory in the Caribbean
. CISPA is responsible for licensing accounting practitioners, supports education of accountants and participates in decisions about the financial industry in the offshore financial centre
.
By 2007 the society had grown to 900 members.
The passage of the Public Accountants Law and its associated regulations in 2007 gave increased regulatory responsibilities to CISPA.
Under the new law, CISPA became responsible for regulating the profession in the Caymans, including members and other accountants.
CISPA has been an associate of the International Federation of Accountants
(IFAC) since 2008.
As of 2008 the Institute of Chartered Accountants of the Caribbean
(ICAC) was continuing membership discussions with CISPA from the previous year.
(UCCI) in defining the college's accounting program, and as of September 2007 to offer Certified Public Accountant
(CPA), Certified General Accountant
(CGA) and Association of Chartered Certified Accountants
(ACCA) review classes.
Reviewing the first year of UCCI's Certified Accounting Technician
program, CISPA considered that it had been successful, although some changes could be made to better prepare students for their first work experience.
CISPA is a member of the Cayman Islands Financial Services Association (CIFSA), formed in November 2003.
In 2005 the Cayman Islands Monetary Authority
(CIMA) requested that a working group be formed to review the recommendations of CIMA's Policy and Research Division, which had been examining regulation of the mutual funds industry.
CISPA was invited to participate, as were the Cayman Islands Fund Administrators Association, the Cayman Islands Law Society and the Cayman Islands Bar Association.
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, a British Overseas Territory in the Caribbean
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
. CISPA is responsible for licensing accounting practitioners, supports education of accountants and participates in decisions about the financial industry in the offshore financial centre
Offshore financial centre
An offshore financial centre , though not precisely defined, is usually a small, low-tax jurisdiction specializing in providing corporate and commercial services to non-resident offshore companies, and for the investment of offshore funds....
.
Authority
CISPA was founded as a professional association in 1970.By 2007 the society had grown to 900 members.
The passage of the Public Accountants Law and its associated regulations in 2007 gave increased regulatory responsibilities to CISPA.
Under the new law, CISPA became responsible for regulating the profession in the Caymans, including members and other accountants.
CISPA has been an associate of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) since 2008.
As of 2008 the Institute of Chartered Accountants of the Caribbean
Institute of Chartered Accountants of the Caribbean
The Institute of Chartered Accountants of the Caribbean is an association of accounting organizations in the Caribbean region that promotes professionalism and standards of best practice in the region.-Purpose:...
(ICAC) was continuing membership discussions with CISPA from the previous year.
Education
CISPA works with the University College of the Cayman IslandsUniversity College of the Cayman Islands
The University College of the Cayman Islands is a tertiary educational institution in the Cayman Islands.-History:The original Community College was established as a part-time institution in 1975, the first government-sponsored tertiary education in the Cayman Islands.The Trade School, the Hotel...
(UCCI) in defining the college's accounting program, and as of September 2007 to offer Certified Public Accountant
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
(CPA), Certified General Accountant
Certified General Accountant
Certified General Accountant is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada and a provincial or territorial CGA association, or a CGA association overseas...
(CGA) and Association of Chartered Certified Accountants
Association of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA) review classes.
Reviewing the first year of UCCI's Certified Accounting Technician
Certified Accounting Technician
The Certified Accounting Technician UK qualification is offered by the Association of Chartered Certified Accountants . Upon completion of the exams and required practical work experience the CAT graduate will be able to apply to use the letters CAT after his or her name...
program, CISPA considered that it had been successful, although some changes could be made to better prepare students for their first work experience.
Financial industry participation
Accounting is an essential activity in the Cayman Islands: in 2006 it was estimated the banking sector contributes about 25 percent of the Cayman Islands GDP.CISPA is a member of the Cayman Islands Financial Services Association (CIFSA), formed in November 2003.
In 2005 the Cayman Islands Monetary Authority
Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority is the primary financial services regulator of the Cayman Islands and supervises its currency board....
(CIMA) requested that a working group be formed to review the recommendations of CIMA's Policy and Research Division, which had been examining regulation of the mutual funds industry.
CISPA was invited to participate, as were the Cayman Islands Fund Administrators Association, the Cayman Islands Law Society and the Cayman Islands Bar Association.