Applying for a permission

Audit & Insolvency

About

The purpose of this page is to ensure the application process is fully understood.

This section sets out:

  • What a Statutory Auditor/Audit Firm/Insolvency Practitioner is, and what this regulated activity would allow you to do
  • Authorisation Process
  • Additional Information

What is Statutory Auditor and what would this authorisation allow you to do?

A Statutory Auditor can carry out statutory audits. This authorisation will allow the applicant to conduct statutory audits from or within Gibraltar. The authorisation and regulation of auditors falls within the scope of Part 24 of the Financial Services Act 2019 (the Act). 

What is an Audit firm and what would this authorisation allow you to do?

An Audit firm can carry out statutory audits. This authorisation will allow the applicant to conduct statutory audits from or within Gibraltar. The authorisation and regulation of auditors falls within the scope of Part 24 of the Act. 

What is an Insolvency Practitioner and what would the authorisation allow you to do?

An Insolvency Practitioner is an individual who can act in respect of insolvency matters in relation to an individual, partnership, estate or company’s assets. The authorisation and regulation of insolvency practitioners falls within the scope of Part 25 of the Act.

An Insolvency Practitioner licence permits an eligible individual to act in relation to the affairs of an individual, partnership, estate or company with respect to;

  • Liquidations, either solvent or insolvent;
  • Administrations;
  • Receiverships;
  • Arrangements; and
  • Bankruptcy proceedings;

Eligible individuals may apply for its licence to be restricted to act in cases of voluntary liquidations only, as provisioned for under the Companies Act 2014.

 

 

Statutory Auditor -Authorisation Process

Applicants should submit an application form and additional documentation with all relevant documents. We will not consider an application complete if there are any outstanding documents.

Audit & Insolvency Application Form

Please submit this form via E-mail to authorisations@gfsc.gi with the following information in the subject field: ‘Name of Statutory Auditor’. Paper copies are not required unless indicated by the Authorisation team. 

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the applicant’s domain.  

In addition to the Application Form and Application Fee, we require the following documentation for Statutory Auditors: 

  • Details of qualifications;
  • Details of knowledge of auditing and/or accounting;
  • Details of experience conducting audits, including experience post qualification; and 
  • Any other document the applicant considers the GFSC should take into consideration as part of the application.

Additional Information

Individuals requesting authorisation to conduct audit activities may be required to complete an aptitude test provided by the GFSC. The exam tests the knowledge of the laws and regulations of Gibraltar in so far as relevant to statutory audits.

Applicants can take three sittings to pass the exam. If the individual fails, he/she will be required to wait one month before he/she can re-sit the exam.

On submission of the relevant application, we will contact individuals to arrange a date and time to complete an aptitude test.

 

Audit firm - Authorisation Process

Applicants should submit an application form and additional documentation with all relevant documents. We will not consider an application complete if there are any outstanding documents.

 Audit & Insolvency Application Form

Please submit this form via E-mail to authorisations@gfsc.gi with the following information in the subject field: ‘Name of Audit Firm’. Paper copies are not required unless indicated by the Authorisation team. 

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the applicant’s domain.  

In addition to the Application Form and Application Fee, we require the following documentation for Audit Firms: 

  • Financial Projections for the next 3 years;
  • Stress Test on Financial Projections;
  • Profit and Loss account;
  • Balance Sheet;
  • Regulated Individual Form (for each Regulated Individual);
  • Controller Form (for each Controller);
  • Business Plan;
  • Risk methodology and/or threat assessment matrix; 
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act); and
  • Any other document the applicant considers the GFSC should take into consideration as part of the application.

Additional Information

The business plan should clearly and comprehensively set out:

  • Background to the proposed business, including, if the applicant has identified a particular business opportunity or identified a specific customer base and what experience the principals of the applicant have;
  • Long term strategy and potential expansion plans for the business;
  • How the firm will comply with the anti-money laundering requirements;
  • Target market and how clients will be sourced;
  • Risk management function;
  • The firm’s risk appetite i.e. what the main business risks are for the applicant and how they intend to manage those risks.
  • Corporate Governance arrangements;
  • Compliance arrangements;
  • Details of outsourcing arrangements and how the firm will monitor and oversee these, including the controls implemented by the firm on these arrangements;
  • How the firm complies with the legislative requirements;

We will seek evidence that the firm has considered the risk, compliance and operational issues associated with the proposed activities, as well as evidence that these have been documented and implemented.

 

Insolvency Practitioner - Authorisation process

Applicants should submit an application form and additional documentation with all relevant documents. We will not consider an application complete if there are any outstanding documents.

 Audit & Insolvency Application Form 

Please submit this form via E-mail to authorisations@gfsc.gi  with the following information in the subject field: ‘Name of Insolvency Practitioner. Paper copies are not required unless indicated by the Authorisation team.

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the applicant’s domain.  

In addition to the Application Form and Application Fee, we require the following documentation for Insolvency Practitioners: 

  • Evidence that the applicant is resident in Gibraltar;
  • Written confirmation from the firm or employer of the applicant that the firm or employer complies with the minimum security requirements, including insurance cover, specified in the Insolvency Practitioner Regulations 2019. In the case of a self-employed individual, written confirmation from his insurance provider; and
  • Any other document that the applicant considers would be useful for the consideration of the application.

Additional Information

The GFSC will not grant permissions unless it is satisfied that an applicant:

1. Holds appropriate professional qualifications;

2. Has sufficient and a sufficiently high level, insolvency experience to undertake the intended insolvency practice, taking into account the effect of any conditions that the GFSC intends to impose on the licence. i.e. where a licence is restricted to Voluntary Liquidations only; and

3. Meets the Fit and Proper criteria.