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 £1,500,000. 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 £2,350 payable monthly by standing order, you will be entitled to the following:

  • HAT Corporate Audit and Non-Audit Methodologies,
  • HAT Audit Regulatory and ISQM Procedures and
  • HAT Anti-Money Laundering Procedures Packs
    Tailored for legislative requirements in Gibraltar, and including any updates (without additional charges)
  • Two quality control audit file reviews undertaken at your office in Gibraltar, with detailed report
    The quality control audit file reviews are performed in your office on the same day, with travelling and subsistence costs, included within your membership. All reviews include a “debrief” by the file reviewer with the partner. The reviews will be performed on a date convenient with HAT, agreed at least three months in advance.
  • Technical help line – included in the cost of membership
    Covering financial reporting and audit issues and how to use the manuals. The helpline is operated from our London office
  • Bi-monthly technical digest
  • Annual specialist technical digest, covering matters specific to Gibraltar.

For a further £300 (£2,650 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.

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

Additional information:

Additional cold file reviews can be carried out at our current rates (available on request) plus any follow up time after the review pro-rated at £245 per hour (charged to the nearest 0.25 hour). Where a parent company is preparing consolidated financial statements, a supplement will be charged (whether or not the file review is “included” in the membership package) of an additional one hour at HAT’s standard charge-out rates.

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 a client money assignment), 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 £865 per file, with supplementary charges at £315 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.

All amounts quoted exclude VAT (where applicable) at the current rate.