s.2Interpretation
2
Section 2Part 1 — PRELIMINARY

Interpretation

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

In this Act —
includes a public accountant;
means an institute, society, association or other body approved by the Council;
means a person who is registered as an associate member pursuant to section 9;
means the Auditors Oversight Authority established under section 3 of the Auditors Oversight Act (2020 Revision);
means the Cayman Islands Monetary Authority established under section 5 of the Monetary Authority Act (2020 Revision);
means the business law course approved by the Institute;
has the meaning assigned to that expression under the Immigration (Transition) Act (2022 Revision);
means the Council of the Institute continued under section 4;
means the disciplinary tribunal continued under section 21;
means a firm, limited liability partnership or company of public accountants;
has the meaning assigned to that expression under the Proceeds of Crime Act (2024 Revision);
means one of the three Boards continued under section 10 of the Immigration (Transition) Act (2022 Revision);
means the Investigation Committee continued under section 17;
means a licence to engage in public practice issued under section 11 or 12;
means the holder of a licence issued under section 11 or 12;
means a member of the Institute;
means a certificate issued by the Council under section 8(2);
means an institute, society, association or other body, other than the Institute, and whether or not an approved institute, to which a member belongs and which retains primary responsibility for the member's professional career and conduct as an accountant;
has the meaning assigned to that expression under the Monetary Authority Act (2020 Revision);
has the same meaning as that provided for that expression in the Immigration (Transition) Act (2022 Revision);
means a person engaged in public practice;
means signing, affixing or associating one's name or the name of the firm of public accountants of which one is a partner, director or the holder of an equivalent public position to any report or certificate expressing or disclosing an opinion on a financial statement based on an audit or examination of that financial statement or expressing assurance on a financial statement but does not include —
bookkeeping or cost accounting;
installing bookkeeping, accounting, business or cost systems;
preparing trial balances, financial statements or reports provided that the person so preparing does not indicate or in any way imply that the trial balances, financial statements or reports have been examined by a sole practitioner public accountant or a firm of public accountants or that they represent the opinion or certificate of a sole practitioner public accountant or firm of public accountants;
providing compilation and agreed upon procedure services;
reviewing accounts and accounting methods for the purposes of determining the efficiency of these methods provided that the person so reviewing does not indicate or in any way imply that the methods have been reviewed by a sole practitioner public accountant or a firm of public accountants; or
acting as an insolvency practitioner in relation to a company, an individual or a partnership and for this purpose a person acts as an insolvency practitioner by acting —
in relation to a company, as its liquidator, including, an official liquidator and a liquidator in a voluntary winding up, provisional liquidator, receiver, controller or in any capacity similar to any of the foregoing in circumstances where the company is or may become insolvent or unable to pay its debts as they fall due in the ordinary course of business or action is being or has been taken by the Authority in respect of the company; or
in relation to an individual or a partnership, as the person or their trustee in bankruptcy, receiver of that person's or their property, controller, trustee in the sequestration of that person's or their estate, trustee under a deed of arrangement made for the benefit of that person or their creditors, in the case of a deceased individual where the estate is insolvent, administrator of the estate or in any capacity similar to any of the foregoing in circumstances where the individual or partnership is or may become insolvent or unable to pay that person's or their debts as they fall due in the ordinary course of business or action is being or has been taken by the Authority in respect of the individual or partnership;
means the performance of public accounting services for profit or reward;
means the register kept and maintained under section 7;
means the Registrar of the Institute continued under section 7(1);
means a person who is registered as a retired member pursuant to section 8A;
means the Cayman Islands Institute of Professional Accountants continued under section 3;
means the professional standards that the Institute shall require members and licensees to comply with;
means a student of the Institute pursuant to section 10;
means the Trade and Business Licensing Board established under section 4 of the Trade and Business Licensing Act (2019 Revision); and
has the same meaning as that provided for that expression in the Immigration (Transition) Act (2022 Revision).

Defined Terms

accountantapproved instituteassociate memberAuditors Oversight AuthorityAuthorityCayman Islands Business Law CourseCaymanianCouncilDisciplinary Tribunalfirm of public accountantsFinancial Reporting AuthorityImmigration BoardInvestigation Committeelicencelicenseemembermembership certificateoverseas professional accounting instituteoverseas regulatory authoritypermanent residentpublic accountantpublic accounting servicespublic practiceregisterRegistrarretired memberInstituteInstitute's professional standardsstudentTrade and Business Licensing Boardwork permit

Cross References