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Frontpage / News / Statutory Audit Directive: European Commission confirms Guernsey and Jersey competent authorities meet adequacy requirements

Statutory Audit Directive: European Commission confirms Guernsey and Jersey competent authorities meet adequacy requirements

By virtue of Commission Implementing Decision of 2013 (2013/288/EU), Guernsey and Jersey’s system of quality assurance was assessed and deemed ‘equivalent’ under the EU’s statutory audit directive (Directive 2006/43/EC). This meant that auditors from Guernsey and Jersey no longer needed be registered in the Member State where the audit was being presented.

On 23 June 2016 the Commission adopted a further Implementing Decision ((EU) 2016/1010) which confirmed that the public oversight, quality assurance, investigation and penalty systems for auditors and audit entities of the Guernsey and Jersey are considered equivalent to the public oversight, quality assurance, investigation and penalty systems for auditors and audit firms of the EU Member States in relation to audit activities concerning annual or consolidated accounts. Therefore Member States competent authorities may now transfer audit working papers or other documents to the competent authorities in Guernsey and Jersey, which are respectively the Guernsey Registry and the Jersey Financial Services Commission (JFSC).