All persons wishing to engage in Public Practice (as defined below) are required to obtain a licence from CISPA.
Public Practice is defined under the Public Accountants Law as the performance of Public Accounting Services for profit or reward.
As part of this licensing process, CISPA regulates all individual practitioners that are currently engaged in Public Practice in each of the audit firms or who are sole practitioners operating in the Cayman Islands.
From 2013 CISPA will be monitoring the observance of the International Standard of Quality Control ("ISQC1") within the firms of licensed practitioners. See the Guide to Audit Monitoring Visits on the right.
Proceeds of Crime Law Certification
In January each year, firms are required (by the Public Accountants Law) to submit a Certificate of compliance with the Proceeds of Crime Law ("POCL") to the Cayman Islands Monetary Authority. See template certificate.