New Isle of Man company law requirement for auditors

With effect from 1 November 2023 the Audit Working Papers Regulations 2023 require the predecessor auditor of a company’s financial statements to: (a) allow the successor auditor access to audit working papers and other relevant information; and (b) provide those papers to the successor auditor on a timely basis. The Regulations apply to audits of financial statements for periods ending on or after 31 December 2022.


Any information obtained by the successor auditor under these Regulations may only be used for the purposes of the successor’s audit of the company concerned and must not be disclosed to another person unless required by legal or professional obligation.


The Authority has published the Audit Working Papers Regulations 2023 – Guidance, which provides further details.