The Crown Dependencies, under the guidance of the Institute of Chartered Accountants of England and Wales and the Professional Oversight Board of the UK Financial Reporting Council, have announced proposed legislation that will ensure that there are systems of regulation and oversight in place within the three jurisdictions to satisfy the terms of the EU’s Statutory Audit Directive.
The objective is to ensure that the Crown Dependencies are granted the status of equivalence in relation to the full EU member states, which will enable auditors who currently audit companies that will be caught under the Directive to continue to do so.
In the case of the Isle of Man, the Companies (Amendment) Bill 2008, currently awaiting royal assent, contains several permissive provisions which enable the FSC to make regulations. The following draft regulations are intended to facilitate compliance with the Directive:
The Isle of Man Financial Services Commission (FSC) has asked that any comments on the legislative amendments be submitted by May 8, 2009.
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