CISPA Tackles Challenges

The new CISPA Council: back row from left Charles Bolland, James George, Simon Whicker, John Lewis, Jeff Short, and Rohan Small. Front row, Frazer Lindsay, and John Ferrari. Missing from photo: Norm McGregor, Terry Carson, Grant Thornton; Mike Mannisto, Graeme Sunley, Roy McTaggart, Anthony DeAngelis, Ken Krys.

A team of accounting professionals has stepped into new leadership roles at the Cayman Islands Society of Professional Accountants (CISPA).

During its recent Annual General Meeting, the society named new council leaders, appointing PwC Partner Frazer Lindsay as their new President. Norm McGregor of Deloitte, Charles Bolland of PwC and Rohan Small of Ernst & Young were appointed as Vice-President, Treasurer and Secretary, respectively.

Outgoing CISPA President John Ferrari welcomed the new leadership, offering his full support and best wishes. “We face many challenges this year, with much to accomplish globally and locally. But there’s no doubt that our organisation will be in very good hands going forward,” he said. “In light of the global market turmoil and increased regulatory scrutiny, we must respond swiftly and act responsibly. And I’m very pleased to have Frazer Lindsay and his new leadership team at the helm. They’re more than qualified to take on the challenging road ahead.”

Serving as CISPA’s Vice-President in 2008, Frazer Lindsay is pleased to step into his new role. “I’m excited and honoured to undertake the role of President,” he said. “And I look forward to working closely with our new Vice President Norm McGregor, our Treasurer Charles Bolland, and our Secretary Rohan Small.”

Mr Lindsay said that the new leadership team is ready to address local and international challenges immediately, allowing for a smooth transition of responsibility. “As a top priority, I intend to tackle the ongoing international accounting regulatory initiatives,” he says. “ CISPA will interact and respond to these with discipline and swiftness. We will be working in conjunction with CIMA [Cayman Islands Monetary Authority] and the Cayman Islands Government to consider the cost/benefit of implementing a new oversight body for the audit profession in the Cayman Islands.” The new body aims to broadly follow the model of the PCAOB (Public Company Accounting Oversight Board), a non-profit US organisation that oversees the auditors of public companies in order to protect the interest of investors with informative, fair and independent audit reports.

He adds, “Secondly, we’ll continue to improve the excellent foundations that have been laid locally over the last few years, for example, the value we’ve added to educational aspects of Caymanian student life with our interaction and relationships with the UCCI, ICCI and the local secondary schools.”

New Leadership and Council Members for 2009 are: President and Chairman of CISPA Disciplinary Tribunal, Frazer Lindsay; Vice-President, Norm McGregor; Treasurer and Chairman of CISPA Membership Development Committee, Charles Bolland; Secretary and Chairman of CISPA Membership and Licensing Committee, Rohan Small; Council Member, John Ferrari; Council Member and Chairman of CISPA Training Committee, Terry Carson; Council Member and Chairman of CISPA Insolvency Committee, Simon Whicker; council Member, Mike Mannisto; Council Member, John Lewis; Council Member, James George; Council member, Graeme Sunley; Council Member and Chairman of Public Practice Committee, Jeff Short; Council Member and Chairman of Investigation Committee, Roy McTaggart; Council member and Chairman of CISPA Social Committee, Anthony DeAngelis; and Council Member and Chairman of CISPA compliance Committee Ken Krys.

CISPA’s founding organisation was established in 1970. The current association was formed under the Public Accountants Law, which was passed in 2004 and came into effect on January 2, 2007. Its objectives are to regulate, and promote the interests of, the public accounting profession in the Cayman Islands. There are currently over 850 members and over 60 public practitioners issued with a licence.

NB: This article was reproduced with the kind consent of Cayman Net News.