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Auditors - Dear CEO Letters

2013 Systems of Controls to prevent financial crime
With the bringing into effect of the Crimes Act 2011 a number of new and revised financial crimes were introduced into the statute books. This letter aims to provide regulated firms with guidance on our expectations of the systems of control that we expect to see in regulated firms in this respect.

Auditors - Forms and Returns

Approval of Statutory Auditors and Audit Firms

All approved Audit Firms, sole practioners and other audit partnerships are required to operate from within Gibraltar and have some form of physical presence. Therefore, there at least needs to be an office that the FSC can visit in order to carry out their regulatory duties.

Approval of Statutory Auditors in Gibraltar

All Statutory Auditors who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The applicant will be required to submit an Individual Questionnaire. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.

Approval of Statutory Auditors Approved in an EEA Member State

All Statutory Auditors approved in an EEA Member State who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The applicant will be required to submit an Individual Questionnaire. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.
On submission of the above, applicants will be contacted directly and a date and time arranged to complete an aptitude test. The test will be administered in Gibraltar by the FSC and will test the adequate knowledge of the laws and regulations of Gibraltar in so far as relevant to statutory audits.

Approval of Audit Firms in Gibraltar

All Audit Firms who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The FSC has introduced a streamlined application process for all types of applications for authorisations under any one or more of the Supervisory Acts including the use of universal application forms. Further details regarding the process can be viewed here. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.

Initial Assessment Questionnaire
This document should be submitted to the FSC no later than the 30th April 2012.
Royal Gibraltar Police Vetting Application Form

 

Please note that once an 'Individual Questionnaire' or 'Notifiable Document' has been received from an applicant/firm, the GFSC will complete and submit a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015. This vetting process is conducted internally by the GFSC and bears no cost to the applicant/firm.

Any applicant that has not been ordinarily resident in Gibraltar for the last ten years should provide the GFSC with a report or their criminal record from the relevant authority in the jurisdiction(s) where the applicant has spent a considerable amount of time.

If this report cannot be provided in English, it should  be accompanied by a translation from a certified translator. 

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

 

 

1 2018 Body Corporate Questionnaire Warranty

Auditors - Guidance Notes

2007 Outsourcing

Auditors - Legislation

Act 1 2010 Counter Terrorism Act
ACT 29 2019 Financial Services Act 2019
2020 Financial Services (Fees) Regulations 2020
2020 Financial Services (Specified Regulatory Decisions) Regulations 2020
2020 Core Rules 2020
LN 22 2020 Financial Services (GFSC Complaints) Regulations 2020

Auditors - Newsletters

FSC 1 2012 Completion of the Accountants Report Form
FSC 11 2012 Enhancing the confirmations provided by Statutory Auditors and Audit firms for the Capitalisation of Licenced Companies
FSC 3 2012 Annual Fees Update 2012
FSC 8 2012 Audit Monitoring - Initial Assessment Findings
2 2013 Frequency of Director's Board meetings held for Regulated Firms
FSC 5 2013 Financial Services (Information Gathering and Co-operation) Act
FSC 8 2013 Country Risk Update
FSC 2 2015 Country Risk Update
FSC 1 2016 Country Risk Update 01/16
Improving Global AML/CFT Compliance: on-going process.
FSC 2 2016 Country Risk Update 02/16
Improving Global AML/CFT Compliance: on-going process.
FSC 3 2016 Country Risk Update 03/16
Improving Global AML/CFT Compliance: on-going process.
FSC 4 2016 Country Risk Update 04/16
Improving Global AML/CFT Compliance: on-going process
GFSC 1 2017 Country Risk Updates 01/17
GFSC 1 2017 Annual Report on Audit Supervision 2017
GFSC 2 2017 Country Risk Updates 02/17
GFSC 2018 GFSC Fees Newsletter 2018-2019
GFSC 1 2018 Country Risk Updates 01/18
GFSC 1 2018 Annual Report on Audit Supervision 2018
GFSC 2019 GFSC Fees Newsletter 2019-2020
GFSC 1 2019 Annual Report on Audit Supervision 2019
GFSC 2020 GFSC Fees Newsletter 2020-2021
GFSC 1 2020 Fee Income of Audit Firms with Public-Interest Entity Audit Clients 2019 Year-ends

Auditors - Presentations

3 2012 Public Oversight Responsibilities of the FSC over auditors in Gibraltar
Presentations, forms and explanatory handouts.
2019 GACO Conduct Seminar