Who needs to apply for registration

Any auditor who audits the financial statements of a market traded  or designated company must apply for registration unless the entity is an exempted entity.  An auditor who audits the financial statements of an Authority specified company may apply for registration.

See this web page for more information [about us/who we oversee]

The Auditors Oversight Law (the "AOL") prohibits a person describing themselves as engaged in the audit of market traded or designated companies or holding themselves out to be so qualified unless they are a recognized auditor.

Eligibility for registration

Under the AOL, an auditor is eligible to be entered on the register if -

• all responsible individuals of the auditor are licensed under section 11 or 12 of the Public Accountants Law;
• the auditor and all responsible individuals of the auditor are bound by and required to comply with the Rules when auditing the accounts of market traded, designated or Authority specified companies or have undertaken to do so; and
• all responsible individuals of the auditor have been designated by the auditor as competent to audit the accounts of a market traded, designated or Authority specified company.

The preceding two sections are informational summaries only and auditors should read the Auditors Oversight Law (2017 Revision). 

Registration process

Auditors applying for entry on the register of recognized auditors should complete and submit the application form and fee.

The application form can be found here [forms].  It is a Word document with editable fields to facilitate data entry. Section 7 of the form should list all persons that you want to be registered as "Responsible Individuals" regardless of whether or not those persons presently sign audit reports for audits under the remit of the Authority.

The AOA will deal with an application within 20 business days of receipt.  After reviewing the application, the AOA may:

• accept the application and enter the applicant’s name on the Register as a recognized auditor;
• accept the application and enter the applicant’s name on the Register as a recognized auditor subject to such conditions as the Authority at its absolute discretion may elect to impose on the applicant;
• request more information from the applicant; or
• refuse to accept the application.

If the AOA refuses an application or imposes conditions upon an entry on the register, the Rules provide that the auditor may petition for a review of the AOA’s decision.  The AOL also provides for an appeal to the Grand Court of the Cayman Islands in certain circumstances.

Section 200 of the Rules deals with registration, withdrawal from registration and suspension of registration.   Information about and a copy of the Rules can be found here: [Rules]

Questions regarding the application process should be directed to the AOA’s Managing Director whose contact information can be found here [contact information]