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   Home > The Commission > General Information > Press Releases > 10 May 2007

PRESS RELEASE 10 May 2007

CONSULTATION PAPER: APPROVAL OF AUDITORS

The Jersey Financial Services Commission (the “Commission”) has issued a consultation paper on a proposed uniform statutory framework for the prior approval of auditors of businesses that it regulates.

The Commission is proposing that uniform statutory provisions be introduced which will, in summary, provide that a business regulated by the Commission shall not appoint an auditor unless the Commission has notified the business that the Commission has no objection to the auditor’s appointment. The proposals will also give the Commission a clear power to object to the continued appointment of an existing auditor in certain circumstances.

The Commission’s power to object to the appointment (or continued appointment) of an auditor will be used where it considers that the auditor does not have the level of skill, resources or experience necessary.

John Harris, the Director General of the Commission said, “Auditors play an increasingly important role in supporting the Commission’s objectives. The proposals set out in the consultation paper should help to ensure that businesses regulated by the Commission only appoint auditors who have the skill, resources and experience necessary to audit within the regulated financial sector. This will complement existing professional standards that apply to auditors and by which they determine whether or not to accept appointment as an auditor.”

The consultation paper can be viewed on the Commission’s website www.jerseyfsc.org and paper copies obtained from the Commission’s reception area or the Jersey Library.

The Commission would welcome input from interested parties. Responses should be submitted by 10 August 2007.

- Ends -


For further information please contact: -

Andrew Le Brun,
Director, International & Policy Division
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001
Email: a.lebrun@jerseyfsc.org

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