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Jersey Hikes Recognized Auditor Fees

by Amanda Banks, Lowtax.net, London
24 October, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, is proceeding with proposed inflationary fee increases for auditors registered under the island's recognized auditor regime.

The annual fee for recognized auditors is to rise to GBP880 (USD1158), up from GBP750, and the application fee for registration as a recognized auditor is to increase to GBP1,170, up from GBP1,000.

A new discrete fee of GBP100 is imposed for adding an additional "designated responsible individual" to an audit firm's entry on the Register of Recognized Auditors. This new fee was the subject of consultation in Consultation Paper No. 10 - "Funding Review." No objections were raised.

The fee rises take effect from January 1, 2018, and are the first since the recognized auditor regime was introduced in April 2010.

The Commission says recognized auditors will be sent an invoice for the revised annual fee approximately four weeks before the next due date of June 1, 2018. Late payment may incur fees as detailed in the fees notice.

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