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Audit requirements in the Crown Dependencies

Audit arrangements in the Crown Dependencies of Jersey, Guernsey and the Isle of Man.

New Crown Dependencies’ Audit Rules and Guidance effective 15 March 2020.

Since 5 April 2010, special arrangements have applied to firms that audit companies incorporated in one of the Crown Dependencies that have 'transferable securities' admitted to trading on a 'regulated market' in the EU. The arrangements apply even if the firm or company is not operating in a Crown Dependency. Changes to these arrangements were consulted on in 2018/19 and are affective from 15 March 2020 for accounting periods commencing on or after this date.

Crown Dependencies’ Audit Rules and Guidance

These arrangements include a common set of audit rules for firms in the Crown Dependencies that audit these companies. These are based on the ICAEW Audit Regulations and Guidance.

Audit arrangements

ICAEW, in conjunction with the Crown Dependencies, has produced a note on these arrangements. This describes the audit arrangements that already exist for companies incorporated in the Crown Dependencies and the arrangements for those who audit listed companies.

Initial return

New firms registering under these arrangements are asked to complete an initial return.

Fee scale

Each Crown Dependency sets initial and annual fees for registration as a recognised auditor and these fees can be viewed as follows:

ICAEW also has a fee scale, which includes charges for Audit Quality Review and the Financial Reporting Council.