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  1. Point in time
    2006-04-28

SIFA 17.3 Auditors

SIFA 17.3.1G

Small personal investment firms are exempt from the requirement to appoint an auditor (SUP 3.1), but nonetheless where such a firm is a limited company or limited liability partnership it must produce audited accounts for statutory purposes. Sole traders and partnerships do not need to produce statutory audited accounts. An authorised firm cannot take advantage of the small company's audit exemption.

SIFA 17.3.2G

Financial data included in the Retail Mediation Activities Reports does not have to be audited. The requirement to report within 30 business days of the period end will not usually allow sufficient time to complete an audit.

SIFA 17.3.3G

A firm should consider whether it should notify us under Principle 11 if:

  • the firm expects or knows its auditor will qualify their report on the audited annual financial statements or add an explanatory paragraph (SUP 3.7); or
  • the firm receives a written communication from its auditors commenting on internal controls (SUP 3.7).

The following section of the Guide is also relevant:

Further information Chapter 19

If you do mortgage or general insurance business you should also refer to MIGI 12 and MIGI 15.