FSC Issues Guidelines for Appointment of Auditor to Regulated Entities

The Financial Services Commission (FSC) has issued a bulletin outlining the criteria for the appointment of auditors to regulated entities in Jamaica. The guidelines are designed to ensure that auditors appointed to regulated entities meet specific standards and requirements.

Criteria for Appointing Auditors

According to the bulletin, auditors must:

• Be properly licensed and in good standing with the Public Accountancy Board (PAB) and the Institute of Chartered Accountants of Jamaica (ICAJ)
• Have relevant professional experience and competence
• Maintain a program for continuing professional education
• Maintain independence, both in fact and appearance, when carrying out an audit

Independence Requirements

The FSC emphasizes that auditors must maintain independence by:

• Not being involved in management decisions of the audited entity
• Not providing non-audit services that may compromise their independence

Specific Requirements for Audits of Pension Plans

Auditors performing audits of pension plans must have a minimum of two years’ experience working with approved superannuation funds and retirement schemes.

Bulletin for Appointment of Auditor

The FSC has issued the following bulletin to guide its regulated entities in appointing auditors:

Bulletin For Appointment of Auditor – PR-ADVI 17/9-0001

The guidelines are designed to ensure that auditors appointed to regulated entities meet specific standards and requirements. The FSC encourages all regulated entities to review these guidelines carefully and ensure that their appointed auditors meet the required criteria.

Contact Information

For further information or clarification on this guideline, please contact:

• Registration, Corporate & Trust Services Division of the Financial Services Commission at (876) 906-3010
• Registration@fscjamaica.org

By following these guidelines, regulated entities can ensure that their auditors meet the required standards and requirements.