Here is the rewritten article in markdown format:
British Virgin Islands Financial Services Commission Issues Guidance on Audited Financial Statements for Regulated Companies
The British Virgin Islands Financial Services Commission (FSC) has recently issued guidance on the form and content of audited financial statements to be prepared and filed by certain regulated companies in the territory.
Background
Private and professional funds recognized under the Securities and Investment Business Act 2010 are required to appoint an auditor and file their audited financial statements with the FSC within six months after the end of each financial year. However, industry concerns have been raised regarding specific provisions in the Mutual Funds Regulations 2010 regarding the form and content of these statements.
Industry Circular
To address these concerns and avoid disrupting the 2011 reporting season, the FSC issued an Industry Circular on December 22, 2011. The circular advised that all existing auditors of private and professional funds will be treated as qualified to act as auditors for and in respect of these funds, allowing financial statements to be prepared using any accounting and auditing standards elected by the auditor, even if they do not strictly comply with regulatory requirements.
Future Guidance
The FSC intends to issue further guidance later this year regarding requirements for future financial periods. A copy of the Industry Circular is available on its website.
Certificate Requirements
Legislation applicable to various licensees, including:
- Banks
- Trust companies
- Insurers
- Licensees under the Securities and Investment Business Act 2010 and the Financing and Money Services Act 2009
- Public funds registered under the Securities and Investment Business Act 2010
requires audited financial statements filed with the FSC to be accompanied by a certificate from a director in a form approved by the Commission. The form of this certificate has been approved by the FSC and must be signed by a director of the licensee or public fund when filing financial statements with the FSC.
Downloadable Resources
The form of the certificate is available for download in PDF and Microsoft Word formats.