The Cayman Islands is one of the top financial centres in the world, therefore you will find some of the top international accounting and auditing firms on Grand Cayman. Most are full service firms.
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Accounting and auditing firms in the Cayman Islands provide a broad range of advisory, administrative, risk management, auditing and consulting services that are specifically tailored to Cayman’s well-regulated business environment. Each year more than 60 professional accountants move to Cayman and begin a two year contract, many working in the audit industry. Every major audit firm is represented here in Cayman, including ‘the Big Four’ but we also have an incredible inventory of second tier accounting firms, each of which offer a unique environment with its own specialty areas and culture.
In the Cayman Islands, accountants serve three main financial services industries which are inter-linked: banking, funds, and insurance. Banks conduct the transactions for funds and insurance companies, and provide administration and custody services for funds. Funds provide fees and deposits to banks and offer investments for insurance.
Insurance provides investments in funds, as well as fees and deposits to banks. The public practice accountants – or auditors ensure all transactions are being carried out to the highest quality and ethical standards, and the appropriate accounting principles are followed. These interlinked financial services industries, along with other industry sectors, employ more than 1,200 professionally qualified accountants. Cayman attracts accountants with professional accounting designations (CA, ACCA or CPA) and fluent English language skills.
Outside of the Accounting firms there is an ongoing need for qualified Accountants to perform the internal functions associated with the running of any licensed business, both in the private and public sectors. Due to ever changing regulations and ever expanding businesses, accounting teams are often made up of a collection of Client Accountants, Financial Controllers and Finance Managers. These positions offer both guidance and structure when looking at annual cost allocations and budgets in addition to working alongside other operational departments to ensure the smooth running of the company. These roles tend to be allocated to those who have a proven record of on-island experience and form a pathway to career progression in any given sector.
The Cayman Islands Institute of Professional Accountants (CIIPA) was formed in 1970. The organisation’s mission is to further the public interest through the regulation of the accounting profession, promoting the highest standards of professional and ethical conduct. CIIPA is now a full member of the International Federation of Accountants, the worldwide organisation representing the profession. A not-for-profit, it prides itself on its role as both an educator and regulator in the financial services industry. See contact information below.