After almost three years in the pipeline, legislation has been passed that establishes Cayman's accounting association as the official regulators for their own industry. The Cayman Islands Society of Professional Accountants (CISPA) will be the first private-sector organisation to take responsibility for monitoring, licensing and disciplining its own members and those practicing public accounting.
The Public Accountants Law 2004 was initially enacted in April 2004, but it was not until earlier this year, on 2 January, that it was finally implemented. The new legislation identifies "New" CISPA as the official representative body for the accounting profession here in the Cayman Islands. This means the CISPA will be responsible for the monitoring and regulating of the Cayman Islands" accounting industry.This is the first time in the Cayman Islands that a private-sector body has been allowed to regulate itself. Incoming CISPA president, Mike Mannisto, feels this presents both an opportunity and responsibility to prove it can be done effectively and sensibly. He described it as "an important milestone for enlightened and responsible regulation in the Cayman Islands."Speaking at the 2007 AGM, Mr Mannisto told of the outstanding job the previous president, Charles Bolland, had done. He said CI SPA had come a long way in just 12 months under Mr Bolland's leadership.2007 looks set to be an equally involving year for "New" CISPA, with several key objectives highlighted by Mr Mannisto. In 2005, CISPA applied for membership to the International Federation of Accountants (IFAC) but this application was deferred until "New" CISPA was functional. With the introduction of the Public Accounts Law 2004, the organisation intends to follow up on their previous application for IFAC membership. Mr Mannisto also expressed his intentions to work closely with the University College of the Cayman Islands (UCCI), along with local schools, to draw the very best students to accounting. CISPA is one of the official UCCI 'Partners in Education,' an initiative the accounting association is very proud to be a part of, according to the new president.Mr Mannisto also told members to expect more media visibility for New CISPA and pledged to continue fostering and maintaining high standards for the accounting profession. CISPA has actually been around since the early 70s and over the years has helped support and develop the accounting industry in Cayman. Prior to becoming the official regulating body for accounting, CISPA was already involved in providing education and information to its members.The organisation is the largest professional association in Cayman with 850 members, 15 of which were elected to form a governing council. This council consists of four officers and 11 members from various companies such as PricewaterhouseCoopers, Ernst & Young and Deloitte. In addition, there will be working committees established by the elected members of the council to perform the necessary tasks of the organisation. Past initiatives have included the Recruitment and Retention Project, which was commissioned to investigate the factors governing entry and exit to the accounting profession. From this research recommendations were made as to how to enhance recruitment and retention rates. Following the implementation of the Public Accounts Law, the CISPA members elected their council members at the organisation's Annual General Meeting (AGM). The event took place on 26 January at the Ritz-Carlton with Ernst & Young partner Mike Mannisto being elected president and John Ferrari of KPMG taking the position of vice president. Charles Bolland of PricewaterhouseCoopers and Rohan Small of Ernst & Young were elected Treasurer and Secretary respectively.