2. REGISTRATION
2.1. Registration of Auditors
2.1.1. Form of application
A Person may apply to the:
- (a) AFSA for a Licence as an Ancillary Service Provider for the provision of Audit Services; and
- (b) the Registrar of Companies to be registered as an auditor, in each case by,
- (c) completing the form prescribed in Schedule 1 and filing the form with the AFSA accompanied by such documents as are specified in the form;
- (d) providing such further information as the AFSA or the Registrar of Companies may require; and
- (e) paying the fee prescribed in the Fees Rules
2.1.2. Application for registration
In assessing an application by an applicant to be granted a Licence by the AFSA and to be registered as an Auditor by the Registrar of Companies, the AFSA may:
- (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant; and
- (b) take into account any information which the AFSA considers to be relevant.
2.1.3. Criteria for application for registration
An applicant to be granted a Licence by the AFSA and to be registered as an auditor by the Registrar of Companies must be able to demonstrate to the satisfaction of the AFSA that it:
- (a) is fit and proper;
- (b) has obtained adequate and appropriate professional indemnity insurance as required under AUD 8.1.1;
- (c) has adequate systems, procedures and controls to ensure due compliance with the:
- (i) International Standards on Auditing;
- (ii) International Standards on Quality Control; and
- (iii) Code of Ethics for Professional Accountants;
- (d) has identified at least one appropriate individual, to be registered as, and to undertake the responsibilities of, an Audit Principal; and
- (e) has complied with any other requirement specified by the AFSA.
2.1.4. Fit and proper considerations
For the purposes of assessing whether an applicant meets the fit and proper requirement under AUD 2.1.3(a), the AFSA may consider:
- (a) the applicant’s standing with any relevant regulatory body;
- (b) the applicant’s disciplinary record;
- (c) the applicant’s procedures for monitoring and preventing Financial Crime;
- (d) the risk posed to the AIFC by the applicant’s activities; and
- (e) any other matter as the AFSA considers relevant.
2.2. Registration of Audit Principals
An individual applying for registration as an Audit Principal must be able to demonstrate to the satisfaction of the AFSA that the individual:
- (a) holds a qualification conferred by a full member of the International Federation of Accountants;
- (b) is a member in good standing of a full member of the International Federation of Accountants;
- (c) has at least 5 years of relevant post qualification audit experience in the past 7 years, including at least one year of experience in a managerial role supervising and finalising audits; and
- (d) is fit and proper to conduct audit work.
2.3. Notification by AFSA to the Registrar of Companies
If the AFSA grants a Licence to an Ancillary Service Provider for Audit Services, it will require the Companies Registrar to register:
- (a) the holder of such Licence as an Auditor in the register of auditors maintained by the Registrar of Companies together with any conditions or restrictions on the scope of the Licence; and
- (b) any Audit Principals in the register of Audit Principals maintained by the Registrar of Companies.