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PwC has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 10 May 2019.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BDO has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 22 January 2019.
Grant Thornton has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 5 June 2018.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 Auditors Oversight Law ("AOL") empowers the AOA to designate any entity as an “exempted entity”.
Exemption removes the audits of the exempted entity’s financial statements from the scope of the AOA’s oversight as otherwise set out in the AOL.
Generally speaking, entities will only be designated as “exempted” when to do so would avoid unnecessary regulation but not adversely affect effective performance of the AOA’s mandate.
Individual entities could be designated as “exempted” but it would be more usual that particular types or classes of entity will be specified.
In deciding whether to specify an entity/entities as “exempted” the AOA will consider precedent in other jurisdictions (for example, the European Union).
Exempted entities must be specified as such in the Regulations to the AOL.
The AOA will also advise registered auditors of any changes made or proposed to previously exempted entities and include details on this website.
Subject to publication of the initial Regulations to the AOL, the AOA expects the following categories of entity to be specified as exempted:
a company, partnership, unit trust or other entity, whether or not incorporated or established in the Islands that is an issuer exclusively of debt securities admitted to trading on a regulated market in a Member State of the European Union within the meaning of Article 2(1)(b) of Directive 2004/109/EC, the denomination per unit of which is at least Euro 50,000 or, in the case of debt securities denominated in another currency, the equivalent, at the date of issue, to at least Euro 50,000.
a market traded company whose transferable securities are not, in the determination of the Authority, freely negotiable on the regulated market upon which such securities are listed or admitted, provided that such determination is published by the Authority in the Gazette.
AOL Regulations (Nov 2014)