The Cayman Islands Institute of Professional Accountants (CIIPA) has launched the CIIPA Code of Ethics (the Code), a significant milestone aimed at reinforcing the highest standards of ethical conduct amongst its members.
The Code was adopted and became effective 21 Nov 2024 and further enhances Cayman’s globally respected financial services regime.
The Code is based on the International Code of Ethics for Professional Accountants (including International Independence Standards) established by the International Ethics Standards Board for Accountants (IESBA) with tailored and additional provisions included by CIIPA for areas unique to the regulatory and cultural context of the Cayman Islands.
“The introduction of the CIIPA Code of Ethics is a result of the keen efforts by CIIPA staff, members of CIIPA’s Ethics Committee and relevant stakeholders. We thank each of them for their contributions and hard work,” said Alfred Tweneboah, CIIPA’s Director of Regulatory Affairs and Policy. “The Code demonstrates CIIPA’s commitment to adhere to international standards whilst protecting the welfare and interests of the accounting profession in Cayman.”
The Code sets clear expectations for professional accountants and public practice firms, whose work directly impacts the public interest. By fostering ethical behaviour, it strengthens public trust and safeguards the reputation of the accounting profession, a critical pillar of Cayman’s thriving financial services sector.
“CIIPA’s mission is to ensure that the Cayman Islands accounting profession operates to the highest ethical and professional standards,” CIIPA Chief Executive Officer Sheree Ebanks said. “This Code underscores our commitment to fostering public trust and maintaining Cayman’s reputation as a leading global financial centre. By adopting and adapting the IESBA Code, we are reinforcing the critical role that accountants play in upholding integrity and transparency in our financial services sector.”
Key updates include the adoption of a refined definition of “Public Interest Entity” (PIE), specifying a broader list of PIE categories that better align with the specific needs and dynamics of Cayman.
Rosa Nolan, CIIPA President, added: “Ethics are the foundation of our profession and the bedrock of public trust. The new CIIPA Code of Ethics not only reflects our commitment to international best practices but also strengthens our ability to meet the evolving demands of Cayman’s financial services industry. This is an important step in ensuring the profession continues to serve the public interest effectively.”
For more information about the CIIPA Code of Ethics, please visit the CIIPA website.
