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The Accountants (Application for Membership) Regulations, 2016 made 23rd November, 2016 as amended by the Citation of Acts of Parliament Act, 2020 [Act 56 of 2020]. Consolidated with \u2014 Accountants (Application for Membership) (Amendment) Regulations, 2023 made 31st January, 2023. Consolidated and revised this 31st day of December, 2023. Accountants (Application for Membership) Regulations (2024 Revision) Arrangement of Regulations Accountants Act (2024 Revision) ACCOUNTANTS (APPLICATION FOR MEMBERSHIP) REGULATIONS (2024 Revision) Arrangement of Regulations Regulation 1. 2. 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"4A. 5. 6. 7. 8. 9. 10. 11.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"SCHEDULE 1 FEES SCHEDULE 2 CONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENT Arrangement of Regulations ENDNOTES Accountants (Application for Membership) Regulations (2024 Revision) Regulation 1 Accountants Act (2024 Revision) ACCOUNTANTS (APPLICATION FOR MEMBERSHIP) REGULATIONS (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Accountants (Application for Membership) Regulations (2024 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In these Regulations \u2014 \u201capplicant\u201d means a person applying to register as a member or renew an existing membership; \u201ccontinuing professional development\u201d is the ongoing professional development and education of members; \u201cgood character\u201d means a status resulting from carrying out professional duties while consistently adhering to accepted moral and ethical principles; \u201cgood standing\u201d means the status assigned by a member\u2019s overseas professional accountancy institute, which may be based upon the timely payment of fees and the absence of disciplinary orders against the member; \u201clegal status\u201d means the status of an applicant according to the Immigration (Transition) Act (2022 Revision); Regulation 2 Accountants (Application for Membership) Regulations (2024 Revision) \u201cmanaging partner\u201d means the senior person in charge of a public practice firm\u2019s overall practice, management and day-to-day operations; \u201cpractitioner member\u201d means a regular member who has been granted a licence pursuant to section 11 or 12 of the principal Act; \u201cprincipal Act\u201d means the Accountants Act (2024 Revision); \u201cprofessional person\u201d means a person who holds an accounting designation or an equivalent professional designation who is subject to requirements similar to those imposed by the Institute ( including ethical requirements) and to disciplinary proceedings for failure to comply with those requirements and includes persons approved or regulated by a regulatory body that applies good character requirements; \u201cprofessional status\u201d means information describing and confirming professional capacity, competence and good character, including but not limited to \u2014 (a) professional designations and qualifications; (b) name of overseas professional accountancy institute; (c) overseas professional accountancy institute membership identification number; (d) date of first qualifying or becoming a member of the overseas professional accountancy institute; (e) amount in time and type of professional experience; (f) current job title; and (g) character references; \u201cpublic practice firm\u201d means a firm of public accountants and includes a registered firm and a person registered as a relevant sole practitioner under section 38 of the principal Act; \u201cregistered firm\u201d means a public practice firm registered under section 38 of the principal Act; \u201cregular member\u201d means a member other than an associate member, student member or registered firm; \u201cstudent member\u201d means student as defined in the principal Act; and \u201cverifiable continuing professional development\u201d means continuing professional development that can be applied in the work of the member, is relevant to the member\u2019s career and which the member can prove was undertaken. Accountants (Application for Membership) Regulations (2024 Revision) Regulation 3\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Form of application 3. All applications and renewals referred to in these Regulations shall be submitted in such manner as the Institute may from time to time direct, which may include submission in electronic form. 4. Application for registration and renewal as a regular member 4. (1) An applicant for registration as a regular member shall submit an application pursuant to section 8 of the principal Act in the form determined by the Institute, which shall include but not be limited to the following information \u2014 (a) full name (b) nationality; (c) date of birth; (d) business contact details; (e) personal contact details; (f) legal status; and (g) professional status. (2) The Institute may require an applicant to submit evidence to verify the information in the application or to satisfy the Institute that the applicant meets the professional status requirements and requirements of section 8 of the principal Act. (3) The application shall be accompanied with \u2014 (a) the prescribed application fee; (b) the name and contact details of a professional person who has worked with the applicant for two years or more and is able to confirm the good character of the applicant; (c) a declaration that \u2014 (i) the application is accurate and complete; (ii) the ethics and continuing professional development requirements of the Institute and the overseas professional accountancy institute have been met; (iii) the applicant is not subject to previous disciplinary action, exclusion from a professional body or bankruptcy and has not been convicted of a criminal offence; and (iv) the applicant is in good standing with the applicant\u2019s overseas professional accounting institute; and (d) a waiver and indemnity necessary to enable the Institute to effectively and efficiently discharge its obligations under the principal Act. Regulation 4A Accountants (Application for Membership) Regulations (2024 Revision) (4) An application for renewal of registration as a regular member pursuant to section 8 of the principal Act shall \u2014 (a) confirm or notify any changes to the information submitted in the application or last renewal; (b) include an updated declaration that meets the requirements of paragraph (3)(c); and (c) be submitted with the prescribed annual renewal fee by December 31st each year. (5) The Institute may require an applicant to provide supplementary information or clarification of the information provided in an application for registration or for renewal and evidence to support that information or clarification. 4A. Application for registration and renewal as a retired member 4A. (1) An applicant for registration as a retired member shall submit an application pursuant to section 8A of the principal Act in the form determined by the Institute, which shall include the following information in relation to the applicant \u2014 (a)  full name; (b)  nationality; (c)  date of birth; (d)  business contact details; (e)  personal contact details; (f)  legal status; and (g)  professional status. (2)  The Institute may require an applicant to submit evidence to verify the information in the application or to satisfy the Institute that the applicant meets the professional status requirements and requirements of section 8A of the principal Act. (3)  The application under paragraph (1) shall be accompanied by \u2014 (a)  a declaration that \u2014 (i)  the application is accurate and complete; (ii)  the ethics and continuing professional development requirements of the Institute and the overseas professional accountancy institute have been met; (iii)  the applicant is not subject to previous disciplinary action, exclusion from a professional body or bankruptcy and has not been convicted of a criminal offence; and Accountants (Application for Membership) Regulations (2024 Revision) Regulation 5 (iv)  the applicant is in good standing with the applicant\u2019s overseas professional accounting institute; and (b)  a waiver and indemnity necessary to enable the Institute to effectively and efficiently discharge its obligations under the principal Act. (4)  An application for renewal of registration as a retired member pursuant to section 8A of the principal Act shall \u2014 (a)  confirm or notify any changes to the information submitted in the original application or last renewal; (b)  include an updated declaration that meets the requirements of paragraph (3)(a); and (c)  be submitted with the prescribed annual renewal fee by December 31st each year. (5)  The Institute may require an applicant to provide supplementary information or clarification of the information provided in an application for registration or for renewal and evidence to support that information or clarification.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Application for registration and renewal as an associate member 5. (1) An applicant for registration as an associate member shall submit an application pursuant to section 9 of the principal Act in the form determined by the Institute, which shall include the following information \u2014 (a) full name; (b) nationality; (c) date of birth; (d) business contact details; and (e) personal contact details. (2) The Institute may require the applicant to submit evidence to verify the information in the application. (3) The application shall be accompanied with \u2014 (a) the prescribed application fee; (b) the name and contact details of a professional person who has worked with the applicant for two years or more, or a person who has been a regular member of the Institute for 5 years or more and is able to confirm the good character of the applicant; (c) a declaration that \u2014 (i) the application is accurate and complete; and (ii) the applicant is not subject to previous disciplinary action, exclusion from a professional body or bankruptcy and has not been convicted of a criminal offence; and Regulation 6 Accountants (Application for Membership) Regulations (2024 Revision) (d) a waiver and indemnity necessary to enable the Institute to effectively and efficiently discharge its obligations under the principal Act. (4) An application for renewal of registration as an associate member pursuant to section 9 of the principal Act shall \u2014 (a) confirm or notify any changes to the information submitted in the application or last renewal; (b) include an updated declaration that meets the requirements of paragraph (3)(c); and (c) be submitted with the prescribed annual renewal fee by December 31st each year. (5) The Institute may require an applicant to provide supplementary information or clarification of the information provided in an application for registration or for renewal and evidence to support that information or clarification.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Application for registration and renewal as a student member 6. (1) An applicant for registration as a student member shall submit an application for registration pursuant to section 10 of the principal Act in the form determined by the Institute, which shall include the following information \u2014 (a) full name; (b) date of birth; (c) personal contact details; and (d) name of training institute and details of education programme for which enrolled. (2) The Institute may require the applicant to submit evidence to verify information in the application or to satisfy the Institute that the applicant meets the requirements of section 10 of the principal Act. (3) The application shall be accompanied with \u2014 (a) a declaration that \u2014 (i) the application is accurate and complete; and (ii) the applicant is not subject to previous disciplinary action, exclusion from a professional body or bankruptcy and has not been convicted of a criminal offence; and (b) a waiver and indemnity necessary to enable the Institute to effectively and efficiently discharge its obligations under the principal Act. (4) An application for renewal of registration as a student member pursuant to section 10(4) of the principal Act shall \u2014 (a) confirm or notify any changes to the information submitted in the application or last renewal; Accountants (Application for Membership) Regulations (2024 Revision) Regulation 7 (b) include an updated declaration that meets the requirements of paragraph (3)(a); and (c) be submitted by December 31st each year. (5) The Institute may require an applicant to provide supplementary information or clarification of the information provided in an application for registration or for renewal and evidence to support that information or clarification.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Application for licensing and renewal as a practitioner member 7. (1) An applicant for a licence or registration as a practitioner member shall submit an application pursuant to section 11 or 12 of the principal Act in a form determined by the Institute, which shall include the following information \u2014 (a) full name; (b) list of all audit firms for which the practitioner member shall perform public practice services; (c) job title and main responsibilities; (d) legal status; and (e) professional status. (2) The Institute may require evidence to be submitted to verify the information in the application or to satisfy the Institute that the applicant meets the professional status requirements and requirements of section 11 or 12 of the principal Act. (3) The application shall be accompanied with \u2014 (a) the prescribed application fee; (b) a declaration that \u2014 (i) the application is accurate and complete; (ii) the ethics and continuing professional development requirements of the Institute and overseas professional accountancy institute have been met; (iii) the applicant is not subject to previous disciplinary action, exclusion from a professional body or bankruptcy and has not been convicted of a criminal offence; (iv) the applicant is in good standing with the applicant\u2019s overseas professional accountancy institute; and (v) the applicant agrees to participate in the Institute\u2019s quality assurance review process; and (c) a waiver and indemnity necessary to enable the Institute to effectively and efficiently discharge its obligations under the principal Act. Regulation 8 Accountants (Application for Membership) Regulations (2024 Revision) (4) The Institute may require an applicant to provide supplementary information or a clarification of the information provided in the application for a licence or for renewal and evidence to support that information or clarification. (5) An application for renewal of a licence or registration as a practitioner member shall \u2014 (a) confirm or notify any changes to the information submitted in the application or last renewal; (b) include an updated declaration that meets the requirements of paragraph (3)(b); and (c) be submitted with the prescribed annual renewal fee by December 31st each year. (6) The Institute shall consider the application for a licence or renewal and only approve it if satisfied that the applicant is \u2014 (a) sufficiently qualified, competent and capable of carrying on public practice both at the time of the application and for the period of the licence; (b) of good character; and (c) acts in a professional manner and with integrity in the performance of the applicant\u2019s duties as a practitioner member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Continuing obligations of regular, practitioner and retired members 8. (1) Regular members, practitioner members and retired members shall act diligently and in accordance with applicable technical, professional and ethical standards when providing professional services. (2) Regular members, practitioner members and retired members shall maintain their professional knowledge and skill at the level required to ensure that their clients and employers receive competent professional service based on legislative requirements and current techniques and developments in practice. (3) Regular, practitioner members and retired members shall determine what is sufficient and relevant professional knowledge and skill and shall comply with the minimum continuing professional development requirements set out in Schedule 2. (4) The Institute may issue rules to clarify the requirements set out in Schedule 2.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Application for registration and renewal as a public practice firm 9. (1) An applicant for registration as a public practice firm shall submit an application pursuant to section 38 of the principal Act in the form determined by the Institute, which shall include the following information \u2014 (a) name and address of the firm; (b) name of the managing partner; and Accountants (Application for Membership) Regulations (2024 Revision) Regulation 9 (c) names and licence numbers of all practitioner members. (2) The Institute may require the applicant to submit evidence to verify the information in the application. (3) The application shall be accompanied with \u2014 (a) the prescribed application fee; and (b) a declaration \u2014 (i) of compliance with the principal Act and these Regulations; (ii) that all partners, directors and those holding an equivalent position and engaged in public practice are registered as practitioner members; (iii) that the firm requires persons employed in audit or other assurance engagements to maintain competence, complete continuing professional development and comply with ethics, professional conduct and all applicable technical standards; and (iv) confirming participation in the Institute\u2019s quality assurance review program. (4) An application for renewal of registration as a public practice firm pursuant to section 38(5) of the principal Act shall \u2014 (a) confirm or notify any changes to the information submitted in the application or last renewal; (b) include an updated declaration that meets the requirements of paragraph (3)(b); and (c) be submitted with the prescribed annual renewal fee by November 30th each year. (5) The Institute may require an applicant firm to provide supplementary information or clarification of the information provided in an application for registration or for renewal and evidence to support that information or clarification. (6) A firm shall not be registered unless the firm has satisfied the Institute that \u2014 (a) the firm is able to comply with the provisions of the principal Act, these Regulations and other applicable laws; (b) the firm will implement controls to comply with the requirements of the Proceeds of Crime Act (2024 Revision) and the Anti-Money Laundering Regulations (2023 Revision) where applicable; and (c) it is not against the public interest for the application or renewal to be approved. (7) The Institute may register the firm either unconditionally or subject to such conditions as the Institute considers appropriate, including \u2014 Regulation 10 Accountants (Application for Membership) Regulations (2024 Revision) (a) limiting the nature and scope of the public practice services which may be carried on by the public practice firm; and (b) specifying the number and type of clients that the firm may service. (8) The Institute may, by notice in writing to a public practice firm, revoke any condition attached to the registration. (9) The Institute shall maintain a register of public practice firms including \u2014 (a) ) the business address of the firm; (b) details of any restrictions imposed; (c) the names of practitioner members authorised to provide public practice services on the firm\u2019s behalf; and (d) such other information as the Institute may determine.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Continuing obligations of registered firms 10. (1) A registered firm shall maintain in force and comply with the conditions of cover of professional indemnity insurance. (2) A registered firm shall comply with the International Standard of Quality Control issued by the International Audit and Assurance Standards Board. (3) A registered firm shall implement and maintain adequate business continuity arrangements.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Notification of changes 11. A registered firm shall notify the Institute of the occurrence of any of the following events within thirty days of the event \u2014 (a) resignation or removal of the managing partner; or (b) any change to information provided in the firm\u2019s application or renewal application that may adversely affect the obligations of the firm referred to in regulation 10. 11A. Cancellation or variation of registration 11A. The Institute may cancel the registration of a firm or vary or impose conditions on registration that it determines appropriate as follows \u2014 (a)  in the event of suspension, revocation or cancellation of all the firm\u2019s licensed practitioners licences; (b)  in the exercise of its powers as the assigned Supervisory Authority under section 4(9) of the Proceeds of Crime Act (2024 Revision) with the responsibility of monitoring compliance with money laundering regulations for firms of accountants; or (c)  in response to a request by the firm if there are no active licensed practitioners acting as a partner. Accountants (Application for Membership) Regulations (2024 Revision) Regulation 12 12. Fees 12. The fees payable under the principal Act, subject to any waiver, reduction or deferral of fee payments that the Institute may grant according to section 37 of the principal Act are specified in Schedule 1. Accountants (Application for Membership) Regulations (2024 Revision) SCHEDULE 1 SCHEDULE 1 FEES (Regulation 12) Category Application fee$ Fee payable on first grant of registration$ Annual Renewal fee $ Regular Member (regulation 4) nil Associate Member (regulation 5) nil Practitioner Member (regulation 7) 5,000 Replacement licence nil nil Public practice firm (regulation 9) 1,500 Retired Member (regulation 4A) nil nil nil Student Member \u2013 Caymanian\/Permanent Resident (regulation 6) nil nil nil Student Member \u2013 Non Caymanian\/Non Permanent Resident (regulation 6) nil SCHEDULE 2 Accountants (Application for Membership) Regulations (2024 Revision) SCHEDULE 2 (Regulation 8) CONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENT 1. Regular members The continuing professional development requirement applicable to a regular member shall be the continuing professional development requirement set by that regular member\u2019s overseas professional accountancy institute. The following continuing professional development requirement shall apply where \u2014 (a) the overseas professional accountancy institute\u2019s continuing professional development requirement does not apply to a regular member; or (b) ) the  regular  member  knows  that  the  overseas professional accountancy institute\u2019s continuing professional development requirement is not in compliance with international education standard 7 as issued by the International Accounting Education Standards Board: 120 hours in each three year period ending December 31st 60 of the 120 hours shall be verifiable; and A minimum of 20 hours per year ending December 31st 2. Practitioner members The continuing professional development shall \u2014 (a) include an appropriate proportion of continuing professional development in a chosen specialty, (b) result in the maintenance of competence in audit (even if no audit work is currently being undertaken); and (c) be in compliance with international education standard 8 as issued and amended by the International Accounting Education Standards Board. The continuing professional development requirement is: 120 hours in each three year period ending December 31st 60 of the 120 hours shall be verifiable; and A minimum of 20 hours per year ending December 31st Accountants (Application for Membership) Regulations (2024 Revision) SCHEDULE 2 3. Retired members The continuing professional development requirement applicable to a retired member shall be the continuing professional development requirement set by that retired member\u2019s overseas professional accountancy institute. Where there are no continuing professional development requirements which are either set by that retired member\u2019s overseas professional accountancy institute or applicable to the retired member, the retired member shall complete adequate continuing professional development to undertake the retired member\u2019s role competently and in the public interest. Publication in consolidated and revised form authorised by the Cabinet this 30th day of January, 2024. Kim Bullings Clerk of the Cabinet Accountants (Application for Membership) Regulations (2024 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 6\/2023 Accountants (Application for Membership) (Amendment) Regulations, 2023 1-Feb-2023 LG8\/2023\/s2 56 of 2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 62\/2016 30-Nov-2016 GE95\/2016\/s3 ENDNOTES Accountants (Application for Membership) Regulations (2024 Revision) Accountants (Application for Membership) Regulations (2024 Revision) ENDNOTES ENDNOTES Accountants (Application for Membership) Regulations (2024 Revision) (Price: $4.80)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2024_01_01\", \"date\": \"2024-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], 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\"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Accountants (Application for Membership) Regulations\", \"actNumber\": \"62 of 2016\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nAccountants Act\n(2024 Revision)\nACCOUNTANTS (APPLICATION FOR\nMEMBERSHIP) REGULATIONS\n(2024 Revision)\n\nSupplement No. 1 published with Legislation Gazette No. 4 dated 1st February, 2024.\n\nPage 2\nRevised as at 31st December, 2023\nc\n\nPUBLISHING DETAILS\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nThe Accountants (Application for Membership) Regulations, 2016 made 23rd November,\n2016 as amended by the Citation of Acts of Parliament Act, 2020 [Act 56 of 2020].\n\nConsolidated with \u2014\nAccountants (Application for Membership) (Amendment) Regulations, 2023 made\n31st January, 2023.\n\nConsolidated and revised this 31st day of December, 2023.\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2023\nPage 3\n\nCAYMAN ISLANDS\n\nAccountants Act\n(2024 Revision)\nACCOUNTANTS (APPLICATION FOR\nMEMBERSHIP) REGULATIONS\n(2024 Revision)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n3.\nForm of application ....................................................................................................................7\n4.\nApplication for registration and renewal as a regular member ....................................................7\n4A.\nApplication for registration and renewal as a retired member .....................................................8\n5.\nApplication for registration and renewal as an associate member ..............................................9\n6.\nApplication for registration and renewal as a student member ................................................. 10\n7.\nApplication for licensing and renewal as a practitioner member ............................................... 11\n8.\nContinuing obligations of regular, practitioner and retired members ......................................... 12\n9.\nApplication for registration and renewal as a public practice firm.............................................. 12\n10.\nContinuing obligations of registered firms ................................................................................ 14\n11.\nNotification of changes ............................................................................................................ 14\n11A. Cancellation or variation of registration .................................................................................... 14\n12.\nFees ........................................................................................................................................ 15\nSCHEDULE 1\n17\nFEES\n17\nSCHEDULE 2\n18\nCONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENT\n18\n\nArrangement of Regulations\nAccountants (Application for Membership) Regulations\n\nPage 4\nRevised as at 31st December, 2023\nc\n\nENDNOTES\n21\nTable of Legislation history: ............................................................................................................... 21\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 1\n\nc\nRevised as at 31st December, 2023\nPage 5\n\nCAYMAN ISLANDS\n\nAccountants Act\n(2024 Revision)\nACCOUNTANTS (APPLICATION FOR\nMEMBERSHIP) REGULATIONS\n(2024 Revision)\n\n1.\nCitation\n1.\nThese Regulations may be cited as the Accountants (Application for Membership)\nRegulations (2024 Revision).\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201capplicant\u201d means a person applying to register as a member or renew an\nexisting membership;\n\u201ccontinuing professional development\u201d is the ongoing professional\ndevelopment and education of members;\n\u201cgood character\u201d means a status resulting from carrying out professional duties\nwhile consistently adhering to accepted moral and ethical principles;\n\u201cgood standing\u201d means the status assigned by a member\u2019s overseas\nprofessional accountancy institute, which may be based upon the timely\npayment of fees and the absence of disciplinary orders against the member;\n\u201clegal status\u201d means the status of an applicant according to the Immigration\n(Transition) Act (2022 Revision);\n\nRegulation 2\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 6\nRevised as at 31st December, 2023\nc\n\n\u201cmanaging partner\u201d means the senior person in charge of a public practice\nfirm\u2019s overall practice, management and day-to-day operations;\n\u201cpractitioner member\u201d means a regular member who has been granted a\nlicence pursuant to section 11 or 12 of the principal Act;\n\u201cprincipal Act\u201d means the Accountants Act (2024 Revision);\n\u201cprofessional person\u201d means a person who holds an accounting designation or\nan equivalent professional designation who is subject to requirements similar to\nthose imposed by the Institute ( including ethical requirements) and to\ndisciplinary proceedings for failure to comply with those requirements and\nincludes persons approved or regulated by a regulatory body that applies good\ncharacter requirements;\n\u201cprofessional status\u201d means information describing and confirming\nprofessional capacity, competence and good character, including but not limited\nto \u2014\n(a)\nprofessional designations and qualifications;\n(b) name of overseas professional accountancy institute;\n(c)\noverseas professional\naccountancy\ninstitute membership\nidentification number;\n(d) date of first qualifying or becoming a member of the overseas professional\naccountancy institute;\n(e)\namount in time and type of professional experience;\n(f)\ncurrent job title; and\n(g) character references;\n\u201cpublic practice firm\u201d means a firm of public accountants and includes a\nregistered firm and a person registered as a relevant sole practitioner under\nsection 38 of the principal Act;\n\u201cregistered firm\u201d means a public practice firm registered under section 38 of\nthe principal Act;\n\u201cregular member\u201d means a member other than an associate member, student\nmember or registered firm;\n\u201cstudent member\u201d means student as defined in the principal Act; and\n\u201cverifiable continuing professional development\u201d means continuing\nprofessional development that can be applied in the work of the member, is\nrelevant to the member\u2019s career and which the member can prove was\nundertaken.\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 3\n\nc\nRevised as at 31st December, 2023\nPage 7\n\n3.\nForm of application\n3.\nAll applications and renewals referred to in these Regulations shall be submitted in\nsuch manner as the Institute may from time to time direct, which may include\nsubmission in electronic form.\n4.\nApplication for registration and renewal as a regular member\n4.\n(1) An applicant for registration as a regular member shall submit an application\npursuant to section 8 of the principal Act in the form determined by the Institute,\nwhich shall include but not be limited to the following information \u2014\n(a)\nfull name\n(b) nationality;\n(c)\ndate of birth;\n(d) business contact details;\n(e)\npersonal contact details;\n(f)\nlegal status; and\n(g) professional status.\n(2) The Institute may require an applicant to submit evidence to verify the\ninformation in the application or to satisfy the Institute that the applicant meets\nthe professional status requirements and requirements of section 8 of the\nprincipal Act.\n(3) The application shall be accompanied with \u2014\n(a)\nthe prescribed application fee;\n(b) the name and contact details of a professional person who has worked with\nthe applicant for two years or more and is able to confirm the good\ncharacter of the applicant;\n(c)\na declaration that \u2014\n(i)\nthe application is accurate and complete;\n(ii) the ethics and continuing professional development requirements of\nthe Institute and the overseas professional accountancy institute have\nbeen met;\n(iii) the applicant is not subject to previous disciplinary action, exclusion\nfrom a professional body or bankruptcy and has not been convicted\nof a criminal offence; and\n(iv) the applicant is in good standing with the applicant\u2019s overseas\nprofessional accounting institute; and\n(d) a waiver and indemnity necessary to enable the Institute to effectively and\nefficiently discharge its obligations under the principal Act.\n\nRegulation 4A\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 8\nRevised as at 31st December, 2023\nc\n\n(4) An application for renewal of registration as a regular member pursuant to\nsection 8 of the principal Act shall \u2014\n(a)\nconfirm or notify any changes to the information submitted in the\napplication or last renewal;\n(b) include an updated declaration that meets the requirements of paragraph\n(3)(c); and\n(c)\nbe submitted with the prescribed annual renewal fee by December 31st\neach year.\n(5) The Institute may require an applicant to provide supplementary information or\nclarification of the information provided in an application for registration or for\nrenewal and evidence to support that information or clarification.\n4A.\nApplication for registration and renewal as a retired member\n4A. (1) An applicant for registration as a retired member shall submit an application\npursuant to section 8A of the principal Act in the form determined by the\nInstitute, which shall include the following information in relation to the\napplicant \u2014\n(a)  full name;\n(b)  nationality;\n(c)  date of birth;\n(d)  business contact details;\n(e)  personal contact details;\n(f)  legal status; and\n(g)  professional status.\n(2)  The Institute may require an applicant to submit evidence to verify the\ninformation in the application or to satisfy the Institute that the applicant meets\nthe professional status requirements and requirements of section 8A of the\nprincipal Act.\n(3)  The application under paragraph (1) shall be accompanied by \u2014\n(a)  a declaration that \u2014\n(i)  the application is accurate and complete;\n(ii)  the ethics and continuing professional development requirements of\nthe Institute and the overseas professional accountancy institute have\nbeen met;\n(iii)  the applicant is not subject to previous disciplinary action, exclusion\nfrom a professional body or bankruptcy and has not been convicted\nof a criminal offence; and\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 5\n\nc\nRevised as at 31st December, 2023\nPage 9\n\n(iv)  the applicant is in good standing with the applicant\u2019s overseas\nprofessional accounting institute; and\n(b)  a waiver and indemnity necessary to enable the Institute to effectively and\nefficiently discharge its obligations under the principal Act.\n(4)  An application for renewal of registration as a retired member pursuant to\nsection 8A of the principal Act shall \u2014\n(a)  confirm or notify any changes to the information submitted in the original\napplication or last renewal;\n(b)  include an updated declaration that meets the requirements of paragraph\n(3)(a); and\n(c)  be submitted with the prescribed annual renewal fee by December 31st\neach year.\n(5)  The Institute may require an applicant to provide supplementary information or\nclarification of the information provided in an application for registration or for\nrenewal and evidence to support that information or clarification.\n5.\nApplication for registration and renewal as an associate member\n5.\n(1) An applicant for registration as an associate member shall submit an application\npursuant to section 9 of the principal Act in the form determined by the Institute,\nwhich shall include the following information \u2014\n(a)\nfull name;\n(b) nationality;\n(c)\ndate of birth;\n(d) business contact details; and\n(e)\npersonal contact details.\n(2) The Institute may require the applicant to submit evidence to verify the\ninformation in the application.\n(3) The application shall be accompanied with \u2014\n(a)\nthe prescribed application fee;\n(b) the name and contact details of a professional person who has worked with\nthe applicant for two years or more, or a person who has been a regular\nmember of the Institute for 5 years or more and is able to confirm the good\ncharacter of the applicant;\n(c)\na declaration that \u2014\n(i)\nthe application is accurate and complete; and\n(ii) the applicant is not subject to previous disciplinary action, exclusion\nfrom a professional body or bankruptcy and has not been convicted\nof a criminal offence; and\n\nRegulation 6\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 10\nRevised as at 31st December, 2023\nc\n\n(d) a waiver and indemnity necessary to enable the Institute to effectively and\nefficiently discharge its obligations under the principal Act.\n(4) An application for renewal of registration as an associate member pursuant to\nsection 9 of the principal Act shall \u2014\n(a)\nconfirm or notify any changes to the information submitted in the\napplication or last renewal;\n(b) include an updated declaration that meets the requirements of paragraph\n(3)(c); and\n(c)\nbe submitted with the prescribed annual renewal fee by December 31st\neach year.\n(5) The Institute may require an applicant to provide supplementary information or\nclarification of the information provided in an application for registration or for\nrenewal and evidence to support that information or clarification.\n6.\nApplication for registration and renewal as a student member\n6.\n(1) An applicant for registration as a student member shall submit an application\nfor registration pursuant to section 10 of the principal Act in the form\ndetermined by the Institute, which shall include the following information \u2014\n(a)\nfull name;\n(b) date of birth;\n(c)\npersonal contact details; and\n(d) name of training institute and details of education programme for which\nenrolled.\n(2) The Institute may require the applicant to submit evidence to verify information\nin the application or to satisfy the Institute that the applicant meets the\nrequirements of section 10 of the principal Act.\n(3) The application shall be accompanied with \u2014\n(a)\na declaration that \u2014\n(i)\nthe application is accurate and complete; and\n(ii) the applicant is not subject to previous disciplinary action, exclusion\nfrom a professional body or bankruptcy and has not been convicted\nof a criminal offence; and\n(b) a waiver and indemnity necessary to enable the Institute to effectively and\nefficiently discharge its obligations under the principal Act.\n(4) An application for renewal of registration as a student member pursuant to\nsection 10(4) of the principal Act shall \u2014\n(a)\nconfirm or notify any changes to the information submitted in the\napplication or last renewal;\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 7\n\nc\nRevised as at 31st December, 2023\nPage 11\n\n(b) include an updated declaration that meets the requirements of paragraph\n(3)(a); and\n(c)\nbe submitted by December 31st each year.\n(5) The Institute may require an applicant to provide supplementary information or\nclarification of the information provided in an application for registration or for\nrenewal and evidence to support that information or clarification.\n7.\nApplication for licensing and renewal as a practitioner member\n7.\n(1) An applicant for a licence or registration as a practitioner member shall submit\nan application pursuant to section 11 or 12 of the principal Act in a form\ndetermined by the Institute, which shall include the following information \u2014\n(a)\nfull name;\n(b) list of all audit firms for which the practitioner member shall perform\npublic practice services;\n(c)\njob title and main responsibilities;\n(d) legal status; and\n(e)\nprofessional status.\n(2) The Institute may require evidence to be submitted to verify the information in\nthe application or to satisfy the Institute that the applicant meets the professional\nstatus requirements and requirements of section 11 or 12 of the principal Act.\n(3) The application shall be accompanied with \u2014\n(a)\nthe prescribed application fee;\n(b) a declaration that \u2014\n(i)\nthe application is accurate and complete;\n(ii) the ethics and continuing professional development requirements of\nthe Institute and overseas professional accountancy institute have\nbeen met;\n(iii) the applicant is not subject to previous disciplinary action, exclusion\nfrom a professional body or bankruptcy and has not been convicted\nof a criminal offence;\n(iv) the applicant is in good standing with the applicant\u2019s overseas\nprofessional accountancy institute; and\n(v) the applicant agrees to participate in the Institute\u2019s quality assurance\nreview process; and\n(c)\na waiver and indemnity necessary to enable the Institute to effectively and\nefficiently discharge its obligations under the principal Act.\n\nRegulation 8\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 12\nRevised as at 31st December, 2023\nc\n\n(4) The Institute may require an applicant to provide supplementary information or\na clarification of the information provided in the application for a licence or for\nrenewal and evidence to support that information or clarification.\n(5) An application for renewal of a licence or registration as a practitioner member\nshall \u2014\n(a)\nconfirm or notify any changes to the information submitted in the\napplication or last renewal;\n(b) include an updated declaration that meets the requirements of paragraph\n(3)(b); and\n(c)\nbe submitted with the prescribed annual renewal fee by December 31st\neach year.\n(6) The Institute shall consider the application for a licence or renewal and only\napprove it if satisfied that the applicant is \u2014\n(a)\nsufficiently qualified, competent and capable of carrying on public\npractice both at the time of the application and for the period of the licence;\n(b) of good character; and\n(c)\nacts in a professional manner and with\nintegrity in the performance of\nthe applicant\u2019s duties as a practitioner member.\n8.\nContinuing obligations of regular, practitioner and retired members\n8.\n(1) Regular members, practitioner members and retired members shall act diligently\nand in accordance with applicable technical, professional and ethical standards\nwhen providing professional services.\n(2) Regular members, practitioner members and retired members shall maintain\ntheir professional knowledge and skill at the level required to ensure that their\nclients and employers receive competent professional service based on\nlegislative requirements and current techniques and developments in practice.\n(3) Regular, practitioner members and retired members shall determine what is\nsufficient and relevant professional knowledge and skill and shall comply with\nthe minimum continuing professional development requirements set out in\nSchedule 2.\n(4) The Institute may issue rules to clarify the requirements set out in Schedule 2.\n9.\nApplication for registration and renewal as a public practice firm\n9.\n(1) An applicant for registration as a public practice firm shall submit an application\npursuant to section 38 of the principal Act in the form determined by the\nInstitute, which shall include the following information \u2014\n(a)\nname and address of the firm;\n(b) name of the managing partner; and\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 9\n\nc\nRevised as at 31st December, 2023\nPage 13\n\n(c)\nnames and licence numbers of all practitioner members.\n(2) The Institute may require the applicant to submit evidence to verify the\ninformation in the application.\n(3) The application shall be accompanied with \u2014\n(a)\nthe prescribed application fee; and\n(b) a declaration \u2014\n(i)\nof compliance with the principal Act and these Regulations;\n(ii) that all partners, directors and those holding an equivalent position\nand engaged in public practice are registered as practitioner\nmembers;\n(iii) that the firm requires persons employed in audit or other assurance\nengagements to maintain competence, complete continuing\nprofessional development and comply with ethics, professional\nconduct and all applicable technical standards; and\n(iv) confirming participation in the Institute\u2019s quality assurance review\nprogram.\n(4) An application for renewal of registration as a public practice firm pursuant to\nsection 38(5) of the principal Act shall \u2014\n(a)\nconfirm or notify any changes to the information submitted in the\napplication or last renewal;\n(b) include an updated declaration that meets the requirements of paragraph\n(3)(b); and\n(c)\nbe submitted with the prescribed annual renewal fee by November 30th\neach year.\n(5) The Institute may require an applicant firm to provide supplementary\ninformation or clarification of the information provided in an application for\nregistration or for renewal and evidence to support that information or\nclarification.\n(6) A firm shall not be registered unless the firm has satisfied the Institute that \u2014\n(a)\nthe firm is able to comply with the provisions of the principal Act, these\nRegulations and other applicable laws;\n(b) the firm will implement controls to comply with the requirements of the\nProceeds of Crime Act (2024 Revision) and the Anti-Money Laundering\nRegulations (2023 Revision) where applicable; and\n(c)\nit is not against the public interest for the application or renewal to be\napproved.\n(7) The Institute may register the firm either unconditionally or subject to such\nconditions as the Institute considers appropriate, including \u2014\n\nRegulation 10\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 14\nRevised as at 31st December, 2023\nc\n\n(a)\nlimiting the nature and scope of the public practice services which may be\ncarried on by the public practice firm; and\n(b) specifying the number and type of clients that the firm may service.\n(8) The Institute may, by notice in writing to a public practice firm, revoke any\ncondition attached to the registration.\n(9) The Institute shall maintain a register of public practice firms including \u2014\n(a)\n) the business address of the firm;\n(b) details of any restrictions imposed;\n(c)\nthe names of practitioner members authorised to provide public practice\nservices on the firm\u2019s behalf; and\n(d) such other information as the Institute may determine.\n10.\nContinuing obligations of registered firms\n10. (1) A registered firm shall maintain in force and comply with the conditions of\ncover of professional indemnity insurance.\n(2) A registered firm shall comply with the International Standard of Quality\nControl issued by the International Audit and Assurance Standards Board.\n(3) A registered firm shall implement and maintain adequate business continuity\narrangements.\n11.\nNotification of changes\n11. A registered firm shall notify the Institute of the occurrence of any of the following\nevents within thirty days of the event \u2014\n(a)\nresignation or removal of the managing partner; or\n(b) any change to information provided in the firm\u2019s application or renewal\napplication that may adversely affect the obligations of the firm referred\nto in regulation 10.\n11A. Cancellation or variation of registration\n11A. The Institute may cancel the registration of a firm or vary or impose conditions on\nregistration that it determines appropriate as follows \u2014\n(a)  in the event of suspension, revocation or cancellation of all the firm\u2019s\nlicensed practitioners licences;\n(b)  in the exercise of its powers as the assigned Supervisory Authority under\nsection 4(9) of the Proceeds of Crime Act (2024 Revision) with the\nresponsibility of monitoring compliance with money laundering\nregulations for firms of accountants; or\n(c)  in response to a request by the firm if there are no active licensed\npractitioners acting as a partner.\n\nAccountants (Application for Membership) Regulations (2024 Revision)\nRegulation 12\n\nc\nRevised as at 31st December, 2023\nPage 15\n\n12.\nFees\n12. The fees payable under the principal Act, subject to any waiver, reduction or deferral\nof fee payments that the Institute may grant according to section 37 of the principal\nAct are specified in Schedule 1.\n\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st December, 2023\nPage 17\n\n SCHEDULE 1\nFEES\n(Regulation 12)\nCategory\nApplication\nfee$\nFee payable on first\ngrant of registration$\nAnnual\nRenewal fee $\nRegular Member (regulation 4)\n150\n  nil\n  150\nAssociate Member (regulation 5)\n150\n  nil\n  150\nPractitioner Member (regulation 7)\n250\n4750\n5,000\nReplacement licence\n  50\n  nil\n  nil\nPublic practice firm (regulation 9)\n500\n1000\n1,500\nRetired Member (regulation 4A)\n  nil\n  nil\n  nil\nStudent Member \u2013\nCaymanian\/Permanent Resident\n(regulation 6)\n  nil\n  nil\n  nil\nStudent Member \u2013\nNon Caymanian\/Non Permanent\nResident (regulation 6)\n 75\n  nil\n  75\n\nSCHEDULE 2\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 18\nRevised as at 31st December, 2023\nc\n\nSCHEDULE 2\n(Regulation 8)\nCONTINUING PROFESSIONAL DEVELOPMENT REQUIREMENT\n1.\nRegular members\nThe continuing professional development requirement applicable to a regular\nmember shall be the continuing professional development requirement set by that\nregular member\u2019s overseas professional accountancy institute.\nThe following continuing professional development requirement shall apply\nwhere \u2014\n(a)\nthe overseas professional accountancy institute\u2019s continuing professional\ndevelopment requirement does not apply to a regular member; or\n(b) ) the  regular  member  knows  that  the  overseas professional accountancy\ninstitute\u2019s continuing professional development requirement is not in\ncompliance with international education standard 7 as issued by the\nInternational Accounting Education Standards Board:\n120 hours in each three year period ending December 31st\n60 of the 120 hours shall be verifiable; and\nA minimum of 20 hours per year ending December 31st\n2.\nPractitioner members\nThe continuing professional development shall \u2014\n(a)\ninclude an appropriate proportion of continuing professional development\nin a chosen specialty,\n(b) result in the maintenance of competence in audit (even if no audit work is\ncurrently being undertaken); and\n(c)\nbe in compliance with international education standard 8 as issued and\namended by the International Accounting Education Standards Board.\nThe continuing professional development requirement is:\n120 hours in each three year period ending December 31st\n60 of the 120 hours shall be verifiable; and\nA minimum of 20 hours per year ending December 31st\n\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nSCHEDULE 2\n\nc\nRevised as at 31st December, 2023\nPage 19\n\n3.\nRetired members\n\nThe continuing professional development requirement applicable to a retired member\nshall be the continuing professional development requirement set by that retired\nmember\u2019s overseas professional accountancy institute.\n\nWhere there are no continuing professional development requirements which are\neither set by that retired member\u2019s overseas professional accountancy institute or\napplicable to the retired member, the retired member shall complete adequate\ncontinuing professional development to undertake the retired member\u2019s role\ncompetently and in the public interest.\n\nPublication in consolidated and revised form authorised by the Cabinet this 30th\nday of January, 2024.\nKim Bullings\nClerk of the Cabinet\n\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2023\nPage 21\n\nENDNOTES\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n6\/2023\n\nAccountants (Application for Membership) (Amendment)\nRegulations, 2023\n1-Feb-2023\nLG8\/2023\/s2\n\n56 of 2020\nCitation of Acts of Parliament Act, 2020\n3-Dec-2020 LG89\/2020\/s1\n62\/2016\n\nAccountants (Application for Membership) Regulations,\n2016\n30-Nov-2016 GE95\/2016\/s3\n\nENDNOTES\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 22\nRevised as at 31st December, 2023\nc\n\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2023\nPage 23\n\nENDNOTES\nAccountants (Application for Membership) Regulations (2024 Revision)\n\nPage 24\nRevised as at 31st December, 2023\nc\n\n(Price: $4.80)","akn_extracted_at":"2026-06-22 15:38:04.491289+00","cms_id":"2016-0062","law_type":"subordinate","year":"2016","number":"62","title":"Accountants (Application for Membership) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5579","expr_id":"548","kind":"akn_xml","filename":"2016-0062_2024 Revision .akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2016\/2016-0062\/2016-0062_2024 Revision .akn.xml","content_md5":"c61a5b4aa07e7d0efd9873accca04a2d","byte_size":"28961","http_last_modified":null,"fetched_at":"2026-06-22 15:38:04.618747+00"},{"file_id":"1095","expr_id":"548","kind":"pristine_pdf","filename":"2016-0062_2024 Revision .pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2016\/2016-0062\/2016-0062_2024 Revision .pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2016\/2016-0062\/2016-0062_2024 Revision .pdf","content_md5":"0de4269cd523b01f9f43b4dbd2df5c97","byte_size":"819131","http_last_modified":null,"fetched_at":"2026-06-21 23:09:33.557072+00"},{"file_id":"1096","expr_id":"548","kind":"working_pdf","filename":"2016-0062_2024 Revision .pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2016\/2016-0062\/2016-0062_2024 Revision .pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2016\/2016-0062\/2016-0062_2024 Revision .pdf","content_md5":"0de4269cd523b01f9f43b4dbd2df5c97","byte_size":"819131","http_last_modified":null,"fetched_at":"2026-06-21 23:09:33.557072+00"}],"paragraph_count":4,"latest_history":null},"quality":{"expr_id":"548","doc_id":"548","quality_state":"needs_review","quality_score":"76","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,page_header_footer_noise,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2, \"medium\": 1}","finding_summary":"Sample ends abruptly with an incomplete list and includes extraneous pricing text; 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