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Auditors - Dear CEO Letters

2013 Systems of Controls to prevent financial crime
With the bringing into effect of the Crimes Act 2011 a number of new and revised financial crimes were introduced into the statute books. This letter aims to provide regulated firms with guidance on our expectations of the systems of control that we expect to see in regulated firms in this respect.

Auditors - Forms and Returns

Royal Gibraltar Police Vetting Application Form

Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015.  The form must be submitted to the Gibraltar Financial Services Commission, who will liaise with the RGP in order to make the relevant enquiries.

For any applicant that is not a Gibraltarian, or has not lived in Gibraltar for the last 10 years, in addition to the RGP vetting form, he/she must also provide the GFSC with a report of their criminal record from the relevant authority in the jurisdiction/s in which they have been ordinarily resident for the last 10 years and/or from any other jurisdiction where the applicant has spent a considerable amount of years resident in the past.  If the report is not in English, this must be accompanied by a translation from a certified Translator.

 

Notes for completion of the Royal Gibraltar Police Vetting Application Form:

1.     The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted. 

Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only. 

2.     All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates. 

Please note that all applications/fit and proper assessments will be kept on hold and not be processed until the original RGP Vetting Form and fee is submitted together with the applicable Individual Questionnaire or Notifiable Document. The same will apply to any incorrect forms submitted.

Should exceptional circumstances apply, please contact authorisations@gfsc.gi 

3.     The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:

a)    Payment of the £10 applicable fee by bank transfer only; and

In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to authorisations@gfsc.gi 

b)    APPLICATION Reference number. 

This reference number MUST be quoted in the payment reference for any bank transfer. Should you have numerous payments to settle due to a large number of applications, or find that you are unable to include all relevant references within the payment details, please ensure that you communicate this to the member of staff at the GFSC who is processing your application. We will require an e-mail confirming the applicable reference numbers that correlate to each individual, notifiable applicant or RGP Vetting Form.

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

 

 

Individual Questionnaire
Approval of Statutory Auditors and Audit Firms

All approved Audit Firms, sole practioners and other audit partnerships are required to operate from within Gibraltar and have some form of physical presence. Therefore, there at least needs to be an office that the FSC can visit in order to carry out their regulatory duties.

Approval of Statutory Auditors in Gibraltar

All Statutory Auditors who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The applicant will be required to submit an Individual Questionnaire. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.

Approval of Statutory Auditors Approved in an EEA Member State

All Statutory Auditors approved in an EEA Member State who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The applicant will be required to submit an Individual Questionnaire. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.
On submission of the above, applicants will be contacted directly and a date and time arranged to complete an aptitude test. The test will be administered in Gibraltar by the FSC and will test the adequate knowledge of the laws and regulations of Gibraltar in so far as relevant to statutory audits.

Approval of Audit Firms in Gibraltar

All Audit Firms who wish to conduct statutory audits in Gibraltar are required to apply directly to the FSC. The FSC has introduced a streamlined application process for all types of applications for authorisations under any one or more of the Supervisory Acts including the use of universal application forms. Further details regarding the process can be viewed here. The applicant will be required to pay the application fee and annual fee as stipulated under the Financial Services (Auditors Fees) Regulations 2012.

Initial Assessment Questionnaire
This document should be submitted to the FSC no later than the 30th April 2012.
1 2018 Individual Questionnaire Warranty
1 2018 Body Corporate Questionnaire Warranty

Auditors - Guidance Notes

Anti Money Laundering and Counter Terrorism Financing Guidance Notes
2007 Outsourcing

Auditors - Legislation

ACT 18 2009 Financial Services (Auditors) Act 2009
Act 1 2010 Counter Terrorism Act
LN 48 2010 Financial Services (Auditors) Regulations 2010
LN 76 2012 Financial Services Commission (Supervisory Acts) Order 2012
ACT 22 2013 Financial Services (Information Gathering and Co-operation) Act 2013
LN 66 2014 Financial Services (Auditors Fees) Regulations 2014
LN 71 2016 Financial Services Commission (Fees) Regulations 2016

Auditors - Newsletters

FSC 1 2012 Completion of the Accountants Report Form
FSC 11 2012 Enhancing the confirmations provided by Statutory Auditors and Audit firms for the Capitalisation of Licenced Companies
FSC 3 2012 Annual Fees Update 2012
FSC 8 2012 Audit Monitoring - Initial Assessment Findings
2 2013 Frequency of Director's Board meetings held for Regulated Firms
FSC 5 2013 Financial Services (Information Gathering and Co-operation) Act
FSC 8 2013 Country Risk Update
FSC 2 2015 Country Risk Update
FSC 1 2016 Country Risk Update 01/16
Improving Global AML/CFT Compliance: on-going process.
FSC 2 2016 Country Risk Update 02/16
Improving Global AML/CFT Compliance: on-going process.
FSC 3 2016 Country Risk Update 03/16
Improving Global AML/CFT Compliance: on-going process.
FSC 4 2016 Country Risk Update 04/16
Improving Global AML/CFT Compliance: on-going process
GFSC 1 2017 Country Risk Updates 01/17
GFSC 1 2017 Annual Report on Audit Supervision 2017
GFSC 2 2017 Country Risk Updates 02/17
GFSC 2018 GFSC Fees Newsletter 2018-2019
GFSC 1 2018 Country Risk Updates 01/18
GFSC 1 2018 Annual Report on Audit Supervision 2018

Auditors - Presentations

3 2012 Public Oversight Responsibilities of the FSC over auditors in Gibraltar
Presentations, forms and explanatory handouts.