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Audit exemption in the Crown Dependencies and British Overseas Territories

Small and medium-sized companies and limited liability partnerships in the Crown Dependencies or British Overseas Territories may qualify for audit exemption under local regulations. On this page you can access a range of articles, books and online resources providing quick links to practical guides, legislation and reports.

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. Published in August 2011.

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 authors (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. Published in April 2015.

British Overseas Territories

Gibraltar

Circular No 25: EU 4th and 7th Directive on Company Accounts
Information, last updated in December 2016, from Companies House Gibraltar setting out the audit exemption thresholds in for small companies.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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