Consultation Paper No. 2 2010 – Register Of Recognized Auditors: Proposed Fees – Proposed Fees under part 16 of the Companies (Jersey) Law 1991 – issued 5 February 2010. The Companies (Amendment No. 4) (Jersey) Regulations 2009 (the “Regulations”)2 were made by the States on 3 December 2009. The primary reason for the Regulations is to respond to the impact of European Union (“EU”) Directive 2006/43/EC (commonly known as the “Statutory Audit Directive”) on local auditors of Jersey companies3 whose securities are admitted to trading on a regulated market in the EU (“market traded companies”). Regulation 4 of the Regulations will insert into the Companies (Jersey) Law 1991 (the “Companies Law”) a revised Part 16 (Accounts and Audit) (the “revised Part 16”).

Subject to the approval of the States, Regulation 4 is expected to be brought into force on 5 April 2010.

The revised Part 16 provides for the establishment of a registration and oversight regime for auditors of market traded companies. These auditors are referred to as “recognized auditors”. The revised Part 16 provides for the Commission to maintain a Register of Recognized Auditors (the “Register”).
Once Regulation 4 of the Regulations is in force, auditors that wish to audit market traded companies, and who meet the qualification criteria set out in Part 16 to be a recognized auditor, will need to apply to the Commission to be entered on the Register.

This consultation paper seeks views on the proposed fees to be levied in connection with the Register of Recognized Auditors (the “Register”). Proposed fees have been set in the expectation that only Big 4 audit firms4 will apply to be entered on the Register.

read more

http://www.jerseyfsc.org/pdf/Consultation_Paper_No_2_2010_Register_of_Recognized_Auditors_Fees.pdf