Update briefing for audit / accountancy service providers - Designated Businesses (Registration and Oversight) Bill

The Financial Supervision Commission is writing to representative bodies of all audit and accountancy service providers to inform them that it is hosting a briefing session in relation to progress being made on the Designated Businesses (Registration and Oversight) Bill (“the Bill”) which is due to come into effect in 2015.

The presentation will take place on Tuesday 21st January 2014 from 12.00-13.00 with registration commencing from 11.30. It will be held at the Cushag Suite of the Palace Hotel, Douglas. Representative bodies are requested to inform their members of this.

The session objectives are to:

  • Provide an update to the audit / accountancy sector in relation to the progress of the Bill.

  • Give an overview of how it is envisaged the registration and oversight regime will operate.

  • Provide an opportunity for attendees to comment and raise questions on the content of the presentation.

Please note, this session is relevant to audit and accountancy sectors (please see below for further details regarding who this includes). There will be a presentation aimed at other sectors of “designated businesses” in the near future.

Please indicate whether you will attend to Beverley.williams@fsc.gov.im by 16 January 2014 at the very latest.

Due to space limitations, we would be grateful if firms could nominate one delegate to attend the meeting. In your response please provide the name of the firm / business, the name of the delegate attending and details of which professional body the firm / sole practitioner is associated with. There is no fee being charged for this event.

If you have any specific questions about the session please contact Ashley Whyte on ashley.whyte@fsc.gov.im or 689377.

Accountancy service providers – who does this cover?

The business of an “external accountant” is defined in the Money Laundering and Terrorist Financing Code 2013 as “any person who, by way of business, provides accountancy services to third parties and does not include accountants employed by-

i) Public authorities, or

ii) Undertakings which do not by way of business provide accountancy services to third parties,

And, for the avoidance of doubt does not include an employed person whose duties relate solely to the provision of accountancy services to his or her employer.

Accountancy services are to be interpreted as those defined in UK Consultative Committee of Accountancy Bodies (CCAB) Guidelines; where an External accountant “is someone who provides accountancy services by way of business to other persons….. and for the purpose of Guidance includes, any service provided under a contract for services (i.e. not a contract of employment) which pertains to the recording, review, analysis, calculation or reporting of financial information.