International

Audit Compliance in Gibraltar

INTRODUCTION

A company incorporated in Gibraltar requires an audit unless it qualifies as a small company, and either is not required to file a tax return in Gibraltar, or it is required to file a tax return in Gibraltar and has turnover less than the threshold specified in section 30(1)(c) of the Income Tax Act 2010 (Companies Act 2014, section 259(1)). This is currently £1,250,000. Audits of companies are required to be performed in accordance with International Standards on Auditing, and the financial statements of companies may follow any “recognised” GAAP.

Services provided to you are tailored to your needs, based on the specific requirements for the audit of companies in Gibraltar. A package is offered which combines audit manuals, technical support, and an on-site visit to perform cold file reviews for an all-inclusive annual fee, or alternatively, our services can be taken on an ad-hoc basis. Please contact us for further details of the option that interests you.

Membership of Our Gibraltar General Practitioner Scheme

For an annual fee of £2,085 payable monthly by standing order you will be entitled to the following services:

• The HAT Corporate Audit and Non-Audit Methodologies, HAT Audit Regulatory and ISQM Procedures and HAT Anti-Money Laundering Procedures Packs all of which are tailored for legislative requirements in Gibraltar, free of charge with free updates;
• Two quality control audit file reviews undertaken at your office in Gibraltar, with detailed report, per year;
• Technical help line (by telephone from our London office) which covers how to use the manual, financial reporting and audit issues;
• A bi-monthly technical digest ;
• One specialist technical digest per year, covering matters specific to Gibraltar.

Note that the minimum period of membership is twelve months from the date of commencement.

For a further £300 per annum firms can access four ninety minute on-demand CPD updates covering topical practice procedures, financial reporting and audit issues. NB: These courses cover UK topics and are not specific to Gibraltar.

Quality control audit file reviews are performed in your office on the same day, with travelling and subsistence costs, including that of the reviewer’s time spent travelling from the United Kingdom, being included within the above price, and hence, not additionally chargeable. All reviews include a “debrief” by the file reviewer with the partner. The reviews will be performed on a date convenient with HAT, but having agreed the date of the review with you, in advance. It is likely that dates will be established at least three months in advance.

Additional cold file reviews can be carried out at the rate of £565 per file plus any follow up time after the review pro-rated at £225 per hour (charged to the nearest 0.25 hour).

Any client where a review is required both of the Companies Act audit, and a separate report by the auditor to that client’s regulator (such as in respect of client money requirements), this is treated as two file reviews.
Any correspondence required directly with regulators will be charged at our hourly rate noted above, pro-rata, and any listed company file review is not included within this package, and is chargeable separately.

Services available to non-members:

Any firm not wishing to take a membership package may have cold file reviews undertaken at a rate of £700 per file, with supplementary charges at £280 per hour, subject to two files being reviewed during a visit. HAT’s travelling and subsistence costs will additionally be chargeable in full, and are unlikely to be less than £300 per day.

Additionally, any firm not wishing to take a membership package may purchase any of the HAT Methodologies which have been specifically tailored for use in Gibraltar; prices are available upon request.