Cayman Islands Company Audit

In the Cayman Islands only companies that are regulated by the Cayman Islands Monetary Authority (CIMA) are required to prepare, publish, and file financial statements. CIMA-regulated companies are those which are established under the Banks and Trust Companies Law, the Insurance Law, Mutual Funds Law, Securities Investment Business Law, and the Companies Management Law. These laws refer to generally accepted accounting principles without specifying accounting standards to be applied. In practice, however, the standards applied depends on the client due to the international nature of business in the Cayman Islands and the majority of financial statements are prepared under U.S. GAAP or IFRS.

Other Cayman Island entities which have been established under the Companies Law (2016 Revision) are required to keep proper books of accounts but do not need to publish or file financial statements as they are not subject to oversight by CIMA or any other government body. Cayman Island entities which have been established under the Companies Law are not subject to annual audit

Regulations prescribe that the audit must be conducted in accordance with ISA, US GAAS or a standard assessed as equivalent with those by the CIIPA or the IAASB and in practice, the overwhelming majority of audits are conducted using US GAAS or ISA

https://www.ifac.org/about-ifac/membership/country/cayman-islands (assessed on 27 April 2022)