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FSC Issues Guidelines for Auditor Selection and Independence
The Financial Services Commission (FSC) has issued guidelines to ensure that auditors of regulated entities in Jamaica meet certain criteria, including independence, objectivity, and impartiality.
Criteria for Auditor Selection
To qualify as an external auditor, a firm must:
- Be properly licensed and in good standing with the Public Accountancy Board and the Institute of Chartered Accountants of Jamaica (ICAJ)
- Have relevant professional experience and competence
- Have a program for continuing professional education
- Be subject to a quality assurance review
Independence Requirements
Auditors are required to maintain independence, both in fact and appearance. They cannot carry out an audit if there is any financial, business, employment or other relationship with the audited entity that might compromise their independence.
Objectivity and Impartiality
Auditors must be fair, intellectually honest, and free of conflicts of interest.
“We are committed to ensuring that our regulated entities have access to high-quality audits that provide stakeholders with reliable financial information,” said [Name], Chairman of the FSC. “These guidelines are designed to ensure that auditors meet certain standards of professionalism and integrity.”
Specific Requirements for Auditors
The guidelines outline specific requirements for auditors, including:
- Senior staff must have the required skills and resources commensurate with the scale, nature, and complexity of an entity’s operations
- Partners or members of the firm signing off on audit engagements must possess an internationally recognized accounting qualification
- Auditors must establish a system of quality control designed to provide reasonable assurance of compliance with professional standards and regulatory requirements
Public Review and Comment
The guidelines are available for public review and comment. The FSC invites comments from stakeholders on the guidelines, which can be submitted through its website or email address.
Contact Information
- Registration, Corporate & Trust Services Division
- Financial Services Commission
- 39-43 Barbados Avenue
- Kingston 5
- Telephone: (876) 906-3010
- Facsimile: (876) 906-3018
- Email: Registration@fscjamaica.org