Auditor Requirements for Isle of Man Companies
The Isle of Man Financial Services Authority (‘the Authority’) wishes to remind all corporate service providers of the statutory qualification requirements for the appointment of auditors to all Isle of Man-incorporated companies (not only those subject to regulation). The Auditors webpages of the Authority’s website have recently been updated to clarify the Authority’s role in relation to those requirements:
https://www.iomfsa.im/auditors/overview/
In order to be eligible for appointment as auditor of any Isle of Man-incorporated company, an auditor must satisfy the qualification requirements under sections 14-14H of the Companies Act 1982, which includes reference to membership of one of the six ‘recognised accountancy bodies’ specified in section 14F.
The qualification requirements apply to ALL companies incorporated under either the Companies Act 1931 or the Companies Act 2006, irrespective of where they are located, where they conduct business, what business they conduct or whether they are public or private companies.
In addition to the above, any Isle of Man-incorporated company that is admitted to trade on a European Union ‘regulated market’ (including FTSE main market) must be audited by a firm that is listed on the Register of Recognised Auditors.
In case of any query about the Authority’s role in relation to the above, please contact the Authority’s Policy and Authorisations Division.