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PwC has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 10 May 2019.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BDO has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 22 January 2019.
Grant Thornton has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 5 June 2018.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
Periodic inspections are the main tool which the AOA uses to assess audit quality.
Inspections of recognized auditors will occur generally every three years. More frequent inspections may occur as part of remedial action taken by the AOA to address significant audit quality deficiencies.
The size of inspection teams will vary, but all will include relevant industry experts. The Institute of Chartered Accountants in England and Wales (“ICAEW”) has been contracted to assist the AOA with inspections. However, all inspections will be conducted under the direction of the AOA’s Managing Director and the AOA will control all aspects of timing, selecting firms and files for inspection, and reporting.
The AOA has sole discretion with regard to what, if any, sanctions or other remedial actions are required as a result of inspection findings.
Details of the inspection process can be found here [inspection process]
Section 400 of the Rules deals with inspections; section 600 with disciplinary actions. Information about and a copy of the Rules can be found here: [Rules].
An order for an investigation may be issued by the AOA when it considers that a violation event may have occurred. A violation event is defined in the Rules:
“Violation Event” means (i) an act or practice, or omission to act, in violation of the Rules or professional standards that may have an adverse effect on the provision of audit services, (ii) a failure to supervise appropriately a person with a view to preventing violations of the Rules or professional standards, and such person has committed an act or omitted to act in violation of the Rules or professional standards that may have an adverse effect on the provision of audit services, (iii) a failure to cooperate with the terms of an Inspection or Investigation; or (iv) a failure to comply with the terms of any requirement, restriction or sanction imposed by the Authority.
A copy of the investigation order will be provided to the recognized auditor, who will also be advised in writing of the AOA’s reasons for issuing the order.
The Rules set out the options available to a recognized auditor in receipt of an investigation order, which include making representations to the AOA and petitioning for a review of the decision to issue an order.
Section 500 of the Rules deals with investigations; section 600 with disciplinary actions. Information about and a copy of the Rules can be found here: [Rules].
