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These Regulations may be cited as the Accountants (Quality Assurance) (Amendment) Regulations, 2023. 2. Amendment of regulation 2 of the Accountants (Quality Assurance) Regulations (2020 Revision) - definitions 2. The Accountants (Quality Assurance) Regulations (2020 Revision), in these Regulations referred to as the \u201cprincipal Regulations\u201d, are amended in regulation 2 as follows \u2014 (a) in the definition of the words \u201cauditing standards\u201d, by deleting the words \u201cquality control standards\u201d and substituting the words \u201cquality management standards\u201d; and (b) in the definition of the words \u201cprofessional standards\u201d as follows \u2014 (i) by deleting the words \u201cRegulations 4, 5 and 6\u201d and substituting the words \u201cregulations 5 and 6\u201d; and Regulation 3 Accountants (Quality Assurance) (Amendment) Regulations, 2023 SL 8 of 2023 (ii) by deleting the words \u201cquality control standards\u201d and substituting the words \u201cquality management standards\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of regulation 5 - professional standards and conduct of assurance work 3. The principal Regulations are amended in regulation 5(1)(b) by deleting the words \u201cquality control standards\u201d and substituting the words \u201cquality management standards\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repeal and substitution of regulation 6 - quality control standards 4. The principal Regulations are amended by repealing regulation 6 and substituting the following regulation \u2014 \u201cQuality management standards\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"(1) A public practice firm shall comply with the International Standards on Quality Management issued by the International Auditing and Assurance Standards Board. (2) A public practice firm shall prepare documentation that is \u2014 (a) sufficient to provide evidence of compliance with the standards required under paragraph (1); and (b) sufficient to enable the Institute to understand the nature, timing and extent of the public practice firm\u2019s procedures performed. (3) A public practice firm shall retain documentation required under paragraph (1) for not less than five years. (4) A public practice firm shall provide the documentation required under paragraph (1) as agreed with the Institute prior to the commencement of a quality assurance review of the public practice firm.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of regulation 8 - quality assurance review process 5. The principal Regulations are amended in regulation 8(1) by deleting the words \u201cquality control standards\u201d and substituting the words \u201cquality management standards\u201d. 6. Amendment of regulation 9 - appointment of the quality assurance review team 6. The principal Regulations are amended in regulation 9(2) as follows \u2014 (a) in subparagraph (e), by deleting the word \u201cand\u201d; (b) in subparagraph (f), by deleting the words \u201cprofessional judgement.\u201d and substituting the words \u201cprofessional judgement; and\u201d; and (c) by inserting after subparagraph (f) the following subparagraph \u2014 Accountants (Quality Assurance) (Amendment) Regulations, 2023 Regulation 7 SL 8 of 2023 \u201c(g) understanding of, and experience relevant to, engagements of a similar nature and complexity.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of regulation 11 - review methodology 7. The principal Regulations are amended in regulation 11 as follows \u2014 (a) in paragraph (1) as follows \u2014 (i) in subparagraph (a), by deleting the words \u201cquality control\u201d and substituting the words \u201cquality management\u201d; (ii) by repealing subparagraphs (b) and (c); and (iii) in subparagraph (d), by repealing sub-subparagraph (i) and substituting the following sub-subparagraph \u2014 \u201c(i) the significant judgments made and the conclusions reached in the context of professional standards; and\u201d; and (b) in paragraph (4)(a), by deleting the words \u201cquality controls\u201d and substituting the words \u201csystem of quality management\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of regulation 14 - reporting 8. The principal Regulations are amended in regulation 14(1)(a) and (b) by deleting the words \u201cquality control\u201d and substituting the words \u201cquality management\u201d. Regulation 9 Accountants (Quality Assurance) (Amendment) Regulations, 2023 SL 8 of 2023 9. Amendment of regulation 17 - imposing conditions 9. The principal Regulations are amended in regulation 17 as follows \u2014 (a) in paragraph (2) as follows \u2014 (i) by repealing subparagraph (a); and (ii) by repealing subparagraph (f) and substituting the following subparagraph \u2014 \u201c(f) appropriate actions to respond to identified deficiencies of the system of quality management such that they are remediated on a timely basis;\u201d and (b) in paragraph (6), by deleting the words \u201cquality control standards\u201d and substituting the words \u201cquality management standards\u201d. Made in Cabinet the 31st day of January, 2023. 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definitions ................................................................................................................5\n3.\nAmendment of regulation 5 - professional standards and conduct of assurance work ................6\n4.\nRepeal and substitution of regulation 6 - quality control standards .............................................6\n5.\nAmendment of regulation 8 - quality assurance review process .................................................6\n6.\nAmendment of regulation 9 - appointment of the quality assurance review team........................6\n7.\nAmendment of regulation 11 - review methodology ....................................................................7\n8.\nAmendment of regulation 14 - reporting .....................................................................................7\n9.\nAmendment of regulation 17 - imposing conditions ....................................................................8\n\nAccountants (Quality Assurance) (Amendment) Regulations, 2023\nRegulation 1\n\nc\nSL 8 of 2023\nPage 5\n\nCAYMAN ISLANDS\n\nAccountants Act\n(2020 Revision)\nACCOUNTANTS (QUALITY ASSURANCE)\n(AMENDMENT) REGULATIONS, 2023\n(SL 8 of 2023)\nIn exercise of the powers conferred by section 30 of the Accountants Act (2020 Revision),\nthe Cabinet, in consultation with the Council, makes the following Regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Accountants (Quality Assurance)\n(Amendment) Regulations, 2023.\n2.\nAmendment of regulation 2 of the Accountants (Quality Assurance)\nRegulations (2020 Revision) - definitions\n2.\nThe Accountants (Quality Assurance) Regulations (2020 Revision), in these\nRegulations referred to as the \u201cprincipal Regulations\u201d, are amended in regulation 2\nas follows \u2014\n(a)\nin the definition of the words \u201cauditing standards\u201d, by deleting the words\n\u201cquality control standards\u201d and substituting the words \u201cquality\nmanagement standards\u201d; and\n(b) in the definition of the words \u201cprofessional standards\u201d as follows \u2014\n(i)\nby deleting the words \u201cRegulations 4, 5 and 6\u201d and substituting the\nwords \u201cregulations 5 and 6\u201d; and\n\nRegulation 3\nAccountants (Quality Assurance) (Amendment) Regulations, 2023\n\nPage 6\nSL 8 of 2023\nc\n\n(ii) by deleting the words \u201cquality control standards\u201d and substituting the\nwords \u201cquality management standards\u201d.\n3.\nAmendment of regulation 5 - professional standards and conduct of\nassurance work\n3.\nThe principal Regulations are amended in regulation 5(1)(b) by deleting the words\n\u201cquality control standards\u201d and substituting the words \u201cquality management\nstandards\u201d.\n4.\nRepeal and substitution of regulation 6 - quality control standards\n4.\nThe principal Regulations are amended by repealing regulation 6 and substituting the\nfollowing regulation \u2014\n\u201cQuality management standards\n6.\n(1) A public practice firm shall comply with the International Standards\non Quality Management issued by the International Auditing and\nAssurance Standards Board.\n(2) A public practice firm shall prepare documentation that is \u2014\n(a)\nsufficient to provide evidence of compliance with the standards\nrequired under paragraph (1); and\n(b) sufficient to enable the Institute to understand the nature, timing\nand extent of the public practice firm\u2019s procedures performed.\n(3) A public practice firm shall retain documentation required under\nparagraph (1) for not less than five years.\n(4) A public practice firm shall provide the documentation required\nunder paragraph (1) as agreed with the Institute prior to the\ncommencement of a quality assurance review of the public practice\nfirm.\u201d.\n5.\nAmendment of regulation 8 - quality assurance review process\n5.\nThe principal Regulations are amended in regulation 8(1) by deleting the words\n\u201cquality control standards\u201d and substituting the words \u201cquality management\nstandards\u201d.\n6.\nAmendment of regulation 9 - appointment of the quality assurance review\nteam\n6.\nThe principal Regulations are amended in regulation 9(2) as follows \u2014\n(a)\nin subparagraph (e), by deleting the word \u201cand\u201d;\n(b) in subparagraph (f), by deleting the words \u201cprofessional judgement.\u201d and\nsubstituting the words \u201cprofessional judgement; and\u201d; and\n(c)\nby inserting after subparagraph (f) the following subparagraph \u2014\n\nAccountants (Quality Assurance) (Amendment) Regulations, 2023\nRegulation 7\n\nc\nSL 8 of 2023\nPage 7\n\n\u201c(g) understanding of, and experience relevant to, engagements of a\nsimilar nature and complexity.\u201d.\n7.\nAmendment of regulation 11 - review methodology\n7.\nThe principal Regulations are amended in regulation 11 as follows \u2014\n(a)\nin paragraph (1) as follows \u2014\n(i)\nin subparagraph (a), by deleting the words \u201cquality control\u201d and\nsubstituting the words \u201cquality management\u201d;\n(ii) by repealing subparagraphs (b) and (c); and\n(iii) in subparagraph (d), by repealing sub-subparagraph (i) and\nsubstituting the following sub-subparagraph \u2014\n\u201c(i) the significant judgments made and the conclusions\nreached in the context of professional standards; and\u201d; and\n(b) in paragraph (4)(a), by deleting the words \u201cquality controls\u201d and\nsubstituting the words \u201csystem of quality management\u201d.\n8.\nAmendment of regulation 14 - reporting\n8.\nThe principal Regulations are amended in regulation 14(1)(a) and (b) by deleting the\nwords \u201cquality control\u201d and substituting the words \u201cquality management\u201d.\n\nRegulation 9\nAccountants (Quality Assurance) (Amendment) Regulations, 2023\n\nPage 8\nSL 8 of 2023\nc\n\n9.\nAmendment of regulation 17 - imposing conditions\n9.\nThe principal Regulations are amended in regulation 17 as follows \u2014\n(a)\nin paragraph (2) as follows \u2014\n(i)\nby repealing subparagraph (a); and\n(ii) by repealing subparagraph (f) and substituting the following\nsubparagraph \u2014\n\u201c(f) appropriate actions to respond to identified deficiencies of the\nsystem of quality management such that they are remediated on\na timely basis;\u201d and\n(b) in paragraph (6), by deleting the words \u201cquality control standards\u201d and\nsubstituting the words \u201cquality management standards\u201d.\n\nMade in Cabinet the 31st day of January, 2023.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:21.003293+00","cms_id":"2023-0008","law_type":"amending","year":"2023","number":"8","title":"Cayman Islands National Attractions Authority Act, 2023","status":"in_force"},"provenance":{"files":[{"file_id":"6808","expr_id":"2027","kind":"akn_xml","filename":"2023-0008.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0008\/2023-0008.akn.xml","content_md5":"9654cbe35c58243aa2a215a41120d5cd","byte_size":"9330","http_last_modified":null,"fetched_at":"2026-06-22 15:41:21.07072+00"},{"file_id":"4053","expr_id":"2027","kind":"pristine_pdf","filename":"2023-0008.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0008\/2023-0008.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2023\/2023-0008\/2023-0008.pdf","content_md5":"901bddf5354adb4d17f34e52b752f273","byte_size":"662170","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.171129+00"},{"file_id":"4054","expr_id":"2027","kind":"working_pdf","filename":"2023-0008.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0008\/2023-0008.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0008\/2023-0008.pdf","content_md5":"901bddf5354adb4d17f34e52b752f273","byte_size":"662170","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.171129+00"}],"paragraph_count":12,"latest_history":null},"quality":{"expr_id":"2027","doc_id":"2027","quality_state":"known_issue","quality_score":"47","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; accountants act x3; 2020 revision x3","assessed_at":"2026-06-22 15:29:46.270409+00","updated_at":"2026-06-22 15:29:46.270409+00"}}