Feedback on consultation paper No. 1 2010 companies (Audit) (Jersey) Order 201-Companies (GAAP) (Jersey) Order 201- Orders to be made under the revised Part 16 of the Companies (Jersey)Law 1991 – issued April 2010
Consultation Paper No. 1 2010: Companies (Audit) (Jersey) Order 201- and the Companies (GAAP) (Jersey) Order 201- (the “Consultation Paper”) sought respondents’ views on drafts of two proposed new Orders (which have since been made pursuant to Part 16 of the Companies (Jersey) Law 1991, as revised by the Companies (Amendment No. 4) (Jersey) Regulations 2009 (the “Regulations”)).
the first Order, the Companies (Audit) (Jersey) Order 2010 (the “Audit Order”), sets out what information a register to be known as the “Register of Recognized Auditors” must contain. In addition, the Audit Order sets out what the rules governing the conduct of the audit of Jersey companies whose securities are admitted to trading on a regulated market in the European Union2 (each, a “market traded company”) must contain. Finally, the Audit Order sets out certain independence requirements that auditors of Jersey companies must satisfy. (These independence requirements are not new, having previously been contained within the Companies Law itself. However,
the revised Part 16 provides for independence requirements to be set by secondary legislation instead.)
The second Order, the Companies (GAAP) (Jersey) Order 2010 (the “GAAP Order”), prescribes which ‘generally accepted accounting principles’ (“GAAP”) a market traded company shall use when preparing its accounts.
The Commission received three responses to the Consultation Paper.
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