The Register of Recognized Auditors was updated on 6 March 2025.
The AOA starts the registration of auditors.
Michael Austin, who has served as the AOA's Chairman since its inception, retired effective 3 May 2022. Alister Mason, the present Deputy Chairman, will act as chairman.
Glen Wigney has been appointed as a director effective 22 November 2021 to serve through 3 May 2022.
Michael Austin has been reappointed as the Chairman and Alister Mason has been reappointed as a director, also assuming the role as Deputy Chairman.
Don Cockburn, who has served as the AOA's Managing Director since December 2013, has retired. From 1 October 2019, Paul Anderton assumed the role of acting Managing Director effective 1 October 2019.
PwC has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 10 May 2019.
Ernst & Young Ltd. was admitted to the Register of Recognized Auditors effective 15 March 2019.
BDO has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 22 January 2019.
Grant Thornton has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 5 June 2018.
The Rules effective 31 October 2017 replace those in effect from 1 December 2014 which have been amended to make provision for “designated companies” and “Authority specified companies” as defined in the Auditors Oversight Law (2017 Revision).
AOA becomes one of 22 signatories to the International Forum of Independent Audit Regulators' Multilateral Memorandum of Understanding for co-operation in the exchange of information between audit regulators around the world.
In March 2017, IFIAR released its fifth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks.
The Auditors Oversight Law, 2011 ("AOL") established the AOA and the scope of its operations. The Auditors Oversight (Amendment) Law, 2016 was gazetted on 5 December 2016, making some changes to the AOL.
On 25 July 2016, the EC extended the transitional period granted to the Cayman Islands oversight system for financial years starting from 1 August 2016 to 31 July 2018.
Sue Winspear replaces Garnet Harrison on the AOA Board in July 2016.
European Commission's process of assessing "equivalency" of the AOA oversight regime has begun
AOA completes first inspection
The AOA has gazetted the listing of EU "regulated" markets under Section 2 of the Auditors Oversight Law, 2011.
Regulations to the AOL and Rules have been published
The AOL requires the AOA to make and publish Rules to ensure “that a recognized auditor, when auditing a market traded, designated or Authority specified company, is subject in the Islands to a system of oversight, quality assurance and investigation.”
The Rules set standards that recognized auditors must follow and are a key part of the AOA’s system of oversight and quality assurance. The Rules also govern certain aspects of the interaction between the AOA and those under its regulation and supervision, including establishing appeals and dispute resolution procedures.
The Rules should be read in conjunction with the AOL. Nothing in the Rules is intended to nor shall it limit the powers of the Authority under the AOL.
The Rules contain the following sections:
The AOA can create Rules or amend existing Rules as it considers appropriate.
Before doing so it will expose proposed new or amended Rules on this website for not less than 20 business days to allow for public comment.
Recognized auditors and other interested parties may request us to notify them by email when a draft of a proposed new or amended Rule has been exposed on the website.
Recognized auditors must comply with the Rules. In certain instances the Rules continue to apply notwithstanding that registration has ceased.
The AOA will monitor the compliance of auditors with the Rules and may take disciplinary action against an auditor when a breach of the Rules occurs.
The Rules provide the AOA with a wide range of sanctions or other remedial actions which it may impose when it considers it appropriate to do so. Ultimately, subject to an appeal to the courts, the AOA has the power to revoke a recognized auditor’s registration to audit market traded, designated or Authority specified companies.
The Rules require that recognized auditors make periodic returns and provide certain notifications to the AOA, as does the AOL. A summary can be found here [obligations of recognized auditors]
Questions regarding the Rules should be directed to the AOA’s Managing Director whose contact information can be found here [contact information]
