8.5.1. Notification of changes in core information

An Auditor must provide the AFSA and the Registrar of Companies with reasonable advance notice of any change in:

• (a) its name or any business or trading name under which it carries on its business;
• (b) its legal nature;
• (c) its Audit Principals;
• (d) the address of its principal place of business in the AIFC, where applicable; and
• (e) in the case of a Branch, its registered office or head office address.

8.5.2. Notification of key events

An Auditor must notify the AFSA and the Registrar of Companies immediately if it becomes aware, or has reasonable grounds to believe, that any of the following matters may have occurred or may be about to occur:

• (a) the Auditor fails to satisfy the fit and proper requirements in AUD 2.1.3(a) or the continuing obligations in AUD 3;
• (b) any one of its Audit Principals no longer meets the registration criteria in AUD 2.2;
• (c) the Auditor or any of its Audit Principals fails to comply with their obligations under AIFC legislation;
• (d) any claim is made against the Auditor relating to the provision of Audit Services, including but not limited to, a claim lodged against the Auditor’s professional indemnity insurance policy;
• (e) the Auditor or any of its Employees including the Audit Principals breaches any requirement imposed by any applicable law relating to the provision of Audit Services; or
• (f) a significant failure in the Auditor’s systems or controls.

8.5.3. Notification of actions by other regulators

An Auditor must notify the AFSA and the Registrar of Companies immediately of:

(a) the grant or refusal of any application for, or revocation of, authorisation of the Auditor to carry on audit services in any jurisdiction outside the AIFC;

(b) the Auditor becoming aware that a government or other regulatory authority exercising powers and performing functions related to the regulation of auditors has started an investigation into the conduct of the Auditor or of any of its Audit Principals;

(c) the appointment of inspectors, howsoever named, by a governmental or other regulatory body, including a self-regulatory body or organisation exercising powers and performing functions related to the regulation of auditors, to investigate the affairs of the Auditor or any of its Audit Principals; or

(d) the imposition of disciplinary measures or disciplinary sanctions on the Auditor or any of its Audit Principals in relation to its conduct of audit work by a government or other regulatory authority exercising powers and performing functions related to the regulations of auditors.