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EC Extends transitional period for Cayman Islands

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EC Extends transitional period for Cayman Islands
Date: 27th Nov 2016

The AOA had submitted to an EC equivalency assessment and had hoped that the EC would recognize the Cayman Islands as a "third country" having an equivalent public oversight system for auditors and audit entities, as covered by the so-called "audit directive".

 

By decision dated 25 July 2016, the EC extended the existing transitional period for audit activities in the Cayman Islands to cover audits of financial statements for financial years starting during the period 1 August 2016 to 31 July 2018.

 

In its letter advising the AOA of the decision, the EC stated that "additional information is needed on the implementation in practice of the oversight system before a final decision can be taken".  No details were provided to the AOA with regard to what further information is required, or how and when the EC will collect it.