Annual Return - Financial Services (Auditors) Act 2009

Annual Return - Financial Services (Auditors) Act 2009

Annual Return - Financial Services (Auditors) Act 2009

Annual Return

Name of Firm:

For the Period

From :

To :

Submit this Annual Return to:

Financial Services Commission

PO Box 940

Suite 3, Ground Floor

Atlantic Suites

Europort Avenue

Gibraltar

To be returned no later than two months after the financial year end.

For Financial Services Commission use:

Date Received:

Checked By :

Follow up required :

Date of Revision: 15 June 2012

Version 1.03

NOTES FOR COMPLETION

1.For the purposes of this form, the term ‘firm’ refers to Audit Firms and Statutory Auditors. An Audit Firm is permitted to submit this form on behalf of all its Statutory Auditors.

  1. Audit firms are required to submit the Annual Return on an annual basis at the firms financialyear end.
  2. The Annual Return should be submitted to the FSC within two months of the firms financial year end.

Who should the FSC contact in relation to this firm?
Name
E-mail Address
Compliance Manager
Name
E-mail Address

Structure of Firm

1.1 Detail the statutory auditors that form part of the approved firm

Name of Statutory Auditor / Approval Number / % of voting rights in firm

1.2 Attach a copy of the structure chart showing the current shareholding of the regulated firm. You should include all levels within the structure up to and including the ultimate beneficial ownership.

1.3 On a separate sheet please confirm the current composition of the board of the audit firm, indicating for each individual whether they are an executive director, a non-executive director an alternate director or other.

1.4Personnel

i / Total number of partners/directors/Practitioners
ii / Total number of audit staff (excluding those in i)
iii / Total number of other staff (excluding those in i and ii)
iv / Total number of staff (total of i+ii+iii)
v / Other subcontracted or temporary personnel not included above

1.5Services

Does the firm provide;

i / Audit and assurance services / NoYes
ii / Accounting Services / NoYes
iii / Tax Services / NoYes
iv / Liquidations / NoYes
v / Financial Advisor / NoYes
vi / List other services that the firm undertakes

1.6Summary financial details

As at the last day of the Firm’s financialyear end.

Last financial period

i / From: / To:

Firm’s Total income

ii / £

Income for:

Audit and assurance services

iii / £

Accounting services

iv / £

Tax services

v / £

Other services

vi / £

1.7 Largest fees

Details should be provided for audit clients who maybe closely connectedto other clients and who represent 10% or more of the total firm’s income in either statutory audits, professional engagements, or both,as a client in themselves or as a group of clients.

Client (or Unique reference number) / State whether Statutory Audit\ Professional Engagement\
Both / Fees for Statutory Audit\ Professional Engagements\ Both
(A) / State what other servicesyou provide / Fees for other services
(B) / Total fees
(A+B=C) / (A) as a %of firm’s total audit income / (C) as a %of firm’s total
Income
i / £ / £ / £ / % / %
ii / £ / £ / £ / % / %
iii / £ / £ / £ / % / %
iv / £ / £ / £ / % / %
v / £ / £ / £ / % / %
vi / £ / £ / £ / % / %
vii / £ / £ / £ / % / %
viii / £ / £ / £ / % / %
ix / £ / £ / £ / % / %
x / £ / £ / £ / % / %

1.8 Safeguards

Where more than 10% of a firms income is derived from one source, please state what safeguards are in place to address over reliance and to ensure your independence.

N/A

1.9Subsidiary/Associated/Parent entities including Networks.

Does the firm have subsidiary and/or associated entities that provide services to audit clients?

NoYes

(If YES please provide the entities name, the services it provides and its turnover below)

Name / Services Provided / Turnover (£)

Audit Client Information

As at the last day of the Firm’s financial year end.

2.1

i / Number of listed companies[1]
ii / Number of credit institutions (excluding listed companies)
iii / Number of insurance companies (excluding listed companies)
iv / Number of companies licensed by the Financial Services Commission(other than those included in 2.1 (i) to 2.1 (iii) above)
v / Number of other audit clients.
vi / Grand total [sum of 2.1 (i) to 2.1 (v)]

Dismissal and resignation of a partner/director from an audit firm

3.1Has the firm for the period covered by this return informed and explained to the competent authority of any dismissal or resignation of a partner/director during the reporting period?

NoYes N/A

If NO please provide details below.

Auditing Standards

4.1 Has the firm implemented and followed systems and procedures to ensure that statutory audits are carried out in compliance with clarified International Standards of Auditing?

NoYes

If NO please supply details of the remediation conducted in order to comply with them.

4.2Does the firm use an audit manual which is commercially available and is it regularly updated?

NoYes

If NO please supply details of how your firm ensures that its procedures are fully compliant with the clarified International Standards on Auditing and how they are regularly updated.

If YES please supply the name of the programme and the date of last update.

4.3Has the firm documented their quality control policies and procedures as required by ISQC1?

NoYes

If NO please supply details of the remediation conducted in order to comply with ISQC1.

4.4Has the firm ensured that all partners/directors and employees conducting audit work are competent to carry out the audit work for which they are responsible?

NoYes

If NO please supply details of how partners/directors and employees are considered competent to carry out the audit work for which they are responsible?

What action has been taken where there are issues or doubts over competence?

Professional ethics, Independence, Objectivity, Confidentiality and Professional Secrecy

5.1 Has the firm ensured it has complied with the requirements of Section 21 to 25, of the Financial Services (Auditors) Act and followed the Code of Ethics for Professional Accountants published by the International Ethics Standards Board for Accountants[2]?

Section 21:Professional Ethics

Section 22: Independence and objectivity

Section 23: Confidentiality and professional secrecy

Section 24: Independence and objectivity of the statutory auditors carrying out the statutory audit on behalf of audit firms.

Section 25: Audit fees

NoYes

If NO please supply details of the remediation conducted in order to comply with them.

5.2Have all staff and directors/partners signed annual declarations covering professional ethics, independence, objectivity, confidentiality and professional secrecy?

NoYes

If NO please supply details of the remediation conducted in order to comply with them.

If YES please supply details of the date that the last declarations were signed.

AML/CFT

6.1Please describe the manner in which the firm has implemented systems of control to prevent the financial system from being used for money laundering or terrorist financing activities,as is required under the Supplementary Guidance provided for Audit Firms and Statutory Auditors.

Professional Indemnity Insurance

7.1Is the firm covered by professional indemnity insurance “PII”?

NoYes

Amount & Currency
Excess
Name of Insurer
Expiry Date

7.2When did the firm last review the adequacy of its PII?

Date of last review:

7.3Does the firm’s PII cover any entities listed in 1.9above?

NoYes

Continuing Education

8.1Have all statutory auditors employed by the firm undertaken appropriate programmes of continuing education during the period covered by this return and appropriate evidence exists.

NoYes

If NO please supply details of the remediation conducted in order to comply with the requirements under Part II Section 13 of the Financial Services (Auditors) Act.

8.2In order for a learning activity to count as structured hours it must be relevant to your role, and you must be able to provide evidence that the learning took place.

Unstructured relates to general reading and research.

Statutory Auditor / Structured Hours / Unstructured Hours / Total

Quality Assurance Reviews

9.1Is the firm part of a network?

NoYes

9.2If YES to 9.1, have you been subject to an assurance review by a member of your network in the period under consideration?

NoYes

If YES please supply details of the date that the review was conducted and provide a summary of the findings, outcome and details of the actions being taken to address the matters raised. If NO, please supply reasons as to why this is the case.

9.3If NO to 9.1, have you been subject to an independent assurance review in the period under consideration?

NoYes

If YES please supply details of the date that the review was conducted and provide a summary of the findings, outcome and details of the actions being taken to address the matters raised. If NO, please supply reasons as to why this is the case.

Good Repute

10.1During the period in question have you orany of the directors/partners of the audit firm been;

i / convicted by a court of any criminal offence? / NoYes
ii / refused the right or been restricted in the right to carry on any trade, business or professional, for which a specific licence, registration or other authority is required? / NoYes
iii / refused entry to or excluded from membership of any professional or vocation? / NoYes
iv / reprimanded, excluded, disciplined or publicly criticised by any professional body to which you belong or have belonged? / NoYes
v / the subject of disciplinary procedures by a professional body or employer resulting in a finding against you? / NoYes
vi / made the subject of a court order at the instigation of any professional or regulatory body? / NoYes
vii / dismissed from any office (other than as auditor) or employment or requested to resign from any office, employment or partnership? / NoYes
viii / reprimanded, warned about future conduct, disciplined or publicly criticised by any regulatory body, or any officially appointed enquiry concerned with the regulation of a financial professional or other business activity? / NoYes
ix / the subject of a court order at the instigation of any regulatory body, or any officially appointed enquiry concerned with the regulation of a financial, professional or other business activity? / NoYes
x / investigated on allegations of misconduct or malpractice in connection with its professional or business activities which resulted in a formal complaint being proved but no disciplinary order being made? / NoYes
xi / involved in any litigation as either claimant, or defendant, or have you become aware of such proceedings being commenced? / NoYes

10.2Explanations:

If the answer to any of the questions contained in 10.1is YES and the FSC has not been notified you must, give a full explanation of the events in question on a separate sheet of paper.

Make sure you include:

  • the question number the event refers to;
  • the date of events
  • any amounts involved
  • the outcome; and
  • an explanation of the circumstances.

IMPORTANT: If at any time subsequent to the submission of this return if you, or any of the directors/partners of the audit firm, are subject to any action stipulated in 10.1 you should inform the FSC immediately. Failing to do in a timely manner may result in disciplinary action taken against you.

Registration with other authorities

11.1Details of any other country in which the firm has an audit registration.

Country / Audit Registration Board / Registration Number / Date of Registration / Date Registration Ceased

Information contained in the public register

12.1Has the firm reviewed the public register online[3]and can it confirm that the details contained therein are correct.

NoYes

12.2Are there any changes to the information contained in the public register?

NoYes

12.3If the firm has answered YES to 12.2 please provide details of any relevant changes.

Please note that it is anoffencefor an audit firm not to notify the FSC of any change of information contained in the public register. The FSC should be notified of the changes as and when they happen.

Transparency Reports

13.1 Does the firm audit public interest entitiesthat are listed?

NoYes

If YES has the firm provided an annual transparency report?

NoYes

If NO, why not?

If YES, provide the website address where such transparency report can be found.

I herby confirm

(i) that I have truthfully and fully answered the relevant questions in this annual return and disclosed any other information which might reasonably be considered relevant by the FSC in the carrying out of its statutory duties in respect of the firm;

(ii) To reflect that responsibility for compliance with the Financial Services Auditors Act 2009 is primarily that of the regulated firm’s management, the contents of this return have been approved by the firm’s board; and

(iii) that, if requested, I will disclose to the FSC any other information in support of answers given in this return;

Dated / dd/mm/yy

Signed

Position

For and on behalf of (name of the firm);

1

[1] For the definition of ‘listed’ see the code of ethics which is available online at;

[2] The code of ethics are available online at;

[3]