The Financial Supervision Commission has published a consultation paper regarding regulations to be made under the Companies (Amendment) Bill 2008 (which is awaiting Royal Assent). The purpose of the regulations is to establish a framework which will permit Manx auditors to audit firms listed on regulated markets within the EU in accordance with the EU Statutory Audit Directive (2006/43/EC). This will be achieved by the Isle of Man assuming public oversight of auditors but delegating this to the UK Financial Reporting Council's Professional Oversight Board and the Institute of Chartered Accountants in England and Wales. An identical approach is being adopted by the other Crown Dependencies (i.e., Jersey and Guernsey). Thursday, 9 April 2009
Isle of Man: auditor oversight - consultation on draft rules
The Financial Supervision Commission has published a consultation paper regarding regulations to be made under the Companies (Amendment) Bill 2008 (which is awaiting Royal Assent). The purpose of the regulations is to establish a framework which will permit Manx auditors to audit firms listed on regulated markets within the EU in accordance with the EU Statutory Audit Directive (2006/43/EC). This will be achieved by the Isle of Man assuming public oversight of auditors but delegating this to the UK Financial Reporting Council's Professional Oversight Board and the Institute of Chartered Accountants in England and Wales. An identical approach is being adopted by the other Crown Dependencies (i.e., Jersey and Guernsey).
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