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PwC has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 10 May 2019.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BDO has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 22 January 2019.
Grant Thornton has withdrawn from the Register of Recognized Auditors; the effective date of the withdrawal was 5 June 2018.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 AOA’s function is set out in The Auditors Oversight Law (2020 Revision) (the "AOL").
Our primary mandate is to regulate and supervise auditors who audit the financial statements of market traded, designated or Authority specified companies from or within the Cayman Islands (referred to as “recognized auditors” under the AOL).
The register of recognized auditors can be found here: [register]
“Market traded company” is a defined term under the AOL and essentially is an entity some or all of whose securities are traded on a regulated market.
"Designated company” is a defined term under the AOL and essentially is an entity which is specified in the Regulations to the AOL.
“Authority specified company’ is a defined term under the Law and essentially is an entity which is specified by the Authority in a notice issued under section 17A of the AOL.
“Regulated market” is defined as the Cayman Islands Stock Exchange, a market regulated by a member state of the European Union (there are approximately 30 such markets) specified by the AOA by notice in the Cayman Islands Gazette or any other market specified by the AOA by notice in the Gazette.
For a list of regulated markets see here: [regulated markets]
The AOA has the power to exempt entities from the definition of “market traded company” and, hence, remove the audits and auditors of their financial statements from its regulation.
For a list of exempted entities see here: [exempted entities]
An auditor is only qualified for appointment as auditor of a market traded or designated company if he is also a recognized auditor. A person shall not, unless he is a recognized auditor, describe himself as engaged in the audit of market traded or designated companies or hold himself out to be so qualified.
Auditors of the financial statements of Authority specified companies may apply to the AOA to be entered on the register of recognized auditors (and submit to the AOA’s oversight in respect of such audits) but are not required to do so.
Other jurisdictions may have different laws and regulations relating to which audits and auditors are in-scope of their system of auditor oversight. The AOA anticipates that it will be requested by independent audit regulators in other jurisdictions to carry out oversight activities on behalf of those other regulators to the extent they relate to auditors based in or operating from the Cayman Islands. In many instances, it will beneficial to those auditors to submit to the AOA’s jurisdiction when the AOA has decided that it is appropriate, and that it has the power, to assist the other regulators even though the audits or auditors would not fall within the AOA’s primary mandate.
For more information see here: [International Cooperation]
Auditors Oversight Act (2020 Revision)