FEEDBACK ON CONSULTATION PAPER NO. 2 2010 – REGISTER OF RECOGNIZED AUDITORS: PROPOSED FEES – Proposed fees under Part 16 of the Companies (Jersey) Law 1991
Consultation Paper No. 2 2010: “Register of Recognized Auditors: Proposed Fees” (the “Consultation Paper”) sought respondents’ views on proposed fees that the Commission would levy in connection with a register to be known as the “Register of Recognized Auditors”.
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 companies whose securities are admitted to trading on a regulated market in the EU3 (“market traded companies”).
Regulation 4 of the Regulations, which came into force on 5 April 2010, inserted into the Companies (Jersey) Law 1991 a revised Part 16 (Accounts and Audit) (the “revised Part 16”).
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 Commission received one response to the Consultation Paper. This was from the Jersey Society of Chartered and Certified Accountants (the “JSCCA”).
The JSCCA advised that it had no comments to make on the level of fees proposed by the Commission. It welcomed the Commission’s commitment to a review (which would not be an “upwards-only” review) of the fee levels in 2011.
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