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Jersey's Audit Competency Recognized By EU

by Jason Gorringe, Lowtax.net, London
24 August, 2016

Jersey has secured the maximum recognition from the European Union (EU) for a 'third country' for its oversight regime for auditors, the Jersey Financial Services Commission said.

In an "Adequacy Decision," the European Commission confirmed it is satisfied with the island's information confidentiality provisions in relation to auditors. It also recognized that the JFSC's ability to cooperate with EU audit oversight bodies is equivalent to that required under the EU's Statutory Audit Directive.

The Decision follows earlier recognition of Jersey's "equivalence" status under Article 46 of the Statutory Audit Directive in 2013.

John Harris, Director General of the Jersey Financial Services Commission, commented: "The European Commission's Adequacy Decision is a welcome external endorsement of the quality of Jersey's auditor oversight regime. "

"As a consequence of the Adequacy Decision, audit supervisors in EU member states are now permitted to enter into bilateral co-operation agreements with the Jersey Financial Services Commission to allow the exchange of audit working papers and other audit-related documents, falling within the scope of the Statutory Audit Directive, in appropriate circumstances. This will assist in the cross-border supervision of auditors."

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