Technical Committee chairperson

Andy Isham
Deloitte
66-68 The Esplanade
St. Helier
Jersey
JE4 8WA

T: + 44 (0) 1534 824200
F: + 44 (0) 1534 734037
E: aisham@deloitte.co.uk

The technical sub-committee is chaired by Andrew Isham.  The work of the committee includes:

• Advising members of current issues and best practices from applications of changes to accounting and auditing standards and a forum to discuss the impact of these to Jersey entities.
• Responding on behalf of the JSCCA to public consultation.
• Liaising with the training sub-committee on the provision of relevant training for members.
• Dealing with queries from members of an accounting or auditing nature.

The continual changes in accounting standards, notably with the phasing out of UK GAAP and introduction of new and amended International Financial Reporting Standards for financial instruments, alongside changes to company law including the oversight of auditors has kept the technical sub-committee extremely busy.  As the JSCCA membership covers a range of industry sectors, we are not focussed on any particular sector but take account of the impact of proposed changes across all areas.

News on technical matters and links to related websites can be found in E-news

Any queries should be directed to Andrew at aisham@deloitte.co.uk

Auditor Oversight Change in Legislation

In anticipation of the planned 5 April 2010 start date for the oversight regime for auditors of market traded companies ("Recognized Auditors") the JFSC have put information on the regime on their website.

Direct links and the information covered in each of these are shown below.

We would also remind all members that are acting as auditors to jersey companies that once the new Article 113A [Auditor's report] of the Companies Law is in force (expected to be 5 April, subject to States approval to bring Regulation 4 of the Companies (Amendment No.4) (Jersey) Regulations 2009 into force) the audit report for ALL companies (not just market traded companies) will need to be signed in the name of the individual in the firm who was responsible for the audit, for and on behalf of the firm.

If you have any questions please contact Andrew Isham, chair of the Technical Cmt or Andrew Le Brun at the JFSC,

1. "General Information"
http://www.jerseyfsc.org/the_commission/recognized_auditors/general_information.asp
This page contains summary information about the oversight regime, including the qualification criteria to be a Recognized Auditor and transitional provisions.

2. "Guide to Applications and Fees"
http://www.jerseyfsc.org/the_commission/recognized_auditors/guide_to_applications_and_fees.asp
This page contains the draft application forms. The JFSC would welcome any comments on these from audit firms before the oversight regime goes live.

This page also contains a link to the consultation paper issued on proposed fees for Recognized Auditors.

3. "Register of Recognized Auditors"
http://www.jerseyfsc.org/the_commission/recognized_auditors/register_of_recognized_auditors.asp
This page will contain the Register, once live. For now, it contains an example.

4. "Audit Rules"
http://www.jerseyfsc.org/the_commission/recognized_auditors/audit_rules.asp
This page contains the final draft version of the Audit Rules that Recognized Auditors will have to comply with when auditing market traded companies.

5. "Legislation"
http://www.jerseyfsc.org/the_commission/recognized_auditors/legislation.asp
This page contains links to relevant pieces of legislation (or consultation on proposed legislation)

Companies Amendment No.4 Presentation to Members

Below are the slides used at the presentation provided to members on 11 March 2010 by Andrew Le Brun and Andrew Isham with respect to Amendment No 4 to the Jersey Companies Law expected to be introduced with effect from 5 April 2010.

Companies Amendment No.4

The Jersey Society of Chartered and Certified Accountants
Gemini Cottage
La Rue du Douet de Rue
St Lawrence
JE3 1GY
T: +44 (0) 1534 734188
E: secretary@jscca.org

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