Audit exemption in the Crown Dependencies and British Overseas Territories

Crown dependencies

Audit and Assurance Faculty
The faculty provides technical expertise in the field of audit and assurance within the ICAEW and is a leading UK authority on external audit, other assurance services and internal audit. It offers a range of publications (including technical releases), events and guidance.

Audit requirements in the Crown Dependencies
Information on audit arrangements in the Isle of Man, Jersey and Guernsey, including audit rules, initial returns and fee scales.

Guernsey

The Companies (Audit Exemption) Regulations, 2008
Full text of the regulations which came into effect on 22 July 2008, as published by the Guernsey Legal Resources website.

The Companies (Audit Exemption) (Amendment) Regulations, 2014
Full text of the regulations which came into effect on 7 November 2014, as published by the Guernsey Legal Resources. The regulations amend the Companies (Audit Exemption) Regulations 2008 to specify another category of company which can be exempted from the requirement to have an audit.

Audit Exemption Waiver Resolutions
Guidance document published by the Guernsey Registry. Includes a template audit waiver resolution.

Audit requirements in the Crown Dependencies of Jersey, Guernsey and the Isle of Man
ICAEW note on the audit requirements in each Crown Dependency, valid from 5 April 2010.

Doing business in Guernsey
Publication from PKF that provides an overview of the legislative environment in Guernsey. Includes a section on audit requirements and the role of an auditor in Guernesey.

Isle of Man

Companies (Audit Exemption) Regulations 2007
Full text of the regulations (SD 107/07) which came into force in the Isle of Man on 6 April 2007. The regulations set the audit exemption threshold in the Isle of Man.

The regulations were amended by the Companies (Audit Exemption) (Amendment) Regulations 2008 (SD 286/08) which took affect on 21 May 2008, the day they were approved by the Tynwald. The amendment specified that dormant or non trading companies or companies with a turnover of less than £250,000 should not be considered to be part of a group for the purposes of the 2007 regulations.

Jersey

Recognized auditors (Jersey Financial Services Commission)
Information on the requirement for a company to appoint an auditor in Jersey which became valid on 5 April 2010 when Regulation 4 of the Companies (Amendment No.4) (Jersey) Regulations 2009 came into force and inserted a revised Part 16 [Accounts and Audits] into the Companies (Jersey) Law 1991.

Audit requirements in the Crown Dependencies of Jersey, Guernsey and the Isle of Man
ICAEW note on the audit requirements in each Crown Dependency, valid from 5 April 2010.

The Companies (Amendment No.4) (Jersey) Regulations 2010 and the amendment of the accounts and audit rules applicable to Jersey companies
Briefing from Mourant Ozannes which provides an overview of the principal accounts and audit rules contained in the regulations. Published in April 2013.

Jersey companies law: A guide
Briefing from Mourant Ozannes which includes a short overview of the accounting and audit requirements in Jersey. Reviewed in January 2017.

British Overseas Territories

Gibraltar

Guidance note 25 - Filing of accounts
Information last updated in January 2022 from Companies House Gibraltar setting out the audit exemption thresholds.

Online articles

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Articles and books in the Library collection

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