The Cayman Islands Government has published a bill that will advance the formal dissolution of the Auditors Oversight Authority (AOA).
Premier André Ebanks is expected to present the Auditors Oversight (Amendment, Validation and Repeal) Bill, 2026 at the upcoming meeting of parliament scheduled for April.
The AOA was established in 2012 to support international regulatory equivalency objectives within a defined segment of audit oversight.
However, the need for this function has diminished due to shifts in the global regulatory environment, according to a government press release said on 26 March.
Limited activity in its oversight of in-scope auditors and market-traded entities, and the absence of equivalency recognition from international partners also played a part, it said.
Ebanks said the “measured dissolution” of the AOA is a “prudent step” given that the AOA has served its primary purpose and its role is no longer required in the modern regulatory framework.
“I’d like to take this opportunity to convey sincere gratitude to the chair, deputy chair and prior chairs and staff, especially Alister Mason, Mike Austin and Paul Anderton, who served for many dedicated years, for their stellar service to the Cayman Islands,” he added.
The bill also includes provisions to validate prior decisions of the AOA board, providing clarity and confirmation of prior regulatory actions.
It further provides for the eventual repeal of the Auditors Oversight Authority Act.
This repeal will take effect at a later date, following the completion of all necessary dissolution arrangements, the press release said.
Ebanks said the AOA’s allocated budget resources will likely transition to the Cayman Islands Institute of Professional Accountants (CIIPA).
