{"id":1854,"date":"2020-10-07T11:40:03","date_gmt":"2020-10-07T11:40:03","guid":{"rendered":"https:\/\/goc2020.govmu.org\/24032021_frc\/?page_id=1854"},"modified":"2020-10-07T11:45:13","modified_gmt":"2020-10-07T11:45:13","slug":"licensing-procedures","status":"publish","type":"page","link":"https:\/\/frc.govmu.org\/frc\/?page_id=1854","title":{"rendered":"Licensing Procedures"},"content":{"rendered":"\t\t
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Licensing Procedures<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Licensing of Auditors Procedures<\/div>
1.0 Status of Procedures<\/strong><\/div>
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These procedures are constrained by the requirements of the Financial Reporting Act 2004, the Licensing of Auditors Charter and the Policies adopted by the FRC in respect of licensing of Auditors. They are not intended to be all encompassing and highlight particular issues only. In case of any inconsistency, the abovementioned documents prevail. These procedures may be amended by the FRC and the FRC CEO.<\/div>
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2.0 General Basis for Procedures<\/strong><\/div>
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The FRC is expected to ensure issues related to auditing practices in Mauritius are communicated fully, in particular to professional accountants and public interest entities and other regulators. The FRC will seek input from affected stakeholder groups when developing the licensing of auditors procedures, which will require explanatory information, forms, consideration of and timing of communications to and from the FRC with the applicants, the audit firms and with the MIPA.<\/div>
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3.0 Information<\/strong><\/div>
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As part of the licensing of auditors process, the FRC need to determine and assess the capacity of the applicant to perform the audit functions which deals with education, practical experience and to be a fit and proper person. Furthermore, it may be necessary for the FRC to seek confirmation of personal data, qualifications, work experience, periods of employment and\/or references with the MIPA, the Accountancy body with which the applicant qualify, offices \/ firms and referees named in the application as well as further information concerning experience in audit work, audit procedures and relevant CPD undertaken\/planned.<\/div>
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As a minimum, the following shall be required.<\/div>
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3.1\u00a0General Information<\/strong><\/div>
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General information sheet for application to be Licensed Auditor
General information sheet for application for Approval of a Firm Name
General information sheet for Transition Applicants
Audit Licence eligibility information (Audit qualification)<\/div>
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3.2 Applicant Information \u2013 Licencee<\/strong><\/div>
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Information required for initial application to be a licensed auditor<\/div>
Form for initial application
Form for Renewal
Define where original documents are required
Clarify what documents need to be certified and by whom<\/div>
Technical issues relating to the issue of a licence, requiring details<\/div>
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  • Explanation of applicant\u2019s role in forming an audit opinion;<\/li>
  • Identification of complex issues the applicant has dealt with;<\/li>
  • Explanation how applicant meets any required competency standard<\/li>
  • Example of how applicant has demonstrated competency (information \/ log book)<\/li>
  • Applicant\u2019s non-statutory audit experience.<\/li><\/ul>
    Information linked to the successful application – re continued obligations<\/div>
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    3.3 Applicant Information \u2013 Transition Licencee<\/strong><\/div>
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    Form\/s for application during transition period
    Form to gather information on firm practice management and the licensed auditors\u2019 practices to achieve audit quality and independence
    Information linked to the successful application – re continued obligations
    Transition provisions expiry date \u2013 (20 January 2007)<\/div>
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    3.4 Applicant Information \u2013 Approval of Audit Firm Name<\/strong><\/div>
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    Define where original documents are required
    Clarify what documents need to be certified and by whom
    Information required for application for approval of Firm Name
    Form for application for approval of firm name
    Form for changing or updating information
    Process for checking firm names
    Registration of foreign firms
    Information linked to the successful application<\/div>
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    4.0 Who may not be a Licensed Auditor<\/strong><\/div>
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    As detailed in the FRC policies relating to licensing of auditors, where the Council refuses to issue a licence to an applicant under section 33 or 35, it shall, by notice in writing, inform the applicant of its refusal as soon as practicable. The FRC will give reasons for the refusal of a licence.<\/div>
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    The circumstances that will lead to a refusal of a licence include:<\/div>
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    1. Conviction of an offence involving dishonesty or fraud;<\/li>
    2. Removal from a trust role;<\/li>
    3. Incapacity by mental illness;<\/li>
    4. Disciplinary action taken against the applicant.<\/li><\/ol>
      4.1 Conviction of an offence involving dishonesty or fraud;<\/div>
      4.2 Removal from a trust role<\/div>
      4.3 Incapacity by mental illness;<\/div>
      4.4 Disciplinary action taken against the applicant<\/div>
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      5.0 Lodgements, Notifications and Provision of Information<\/strong><\/div>
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      5.1 Definition of \u2018lodged\u2019<\/div>
      5.2 Lodging the annual statement<\/div>
      5.3 Definition of \u2018notification\u2019<\/div>
      5.4 Notifying FRC about contraventions under the Act<\/div>
      5.5 Co-operation with the FRC and its Panels regarding provision of information and assisting investigations and inspections.<\/div>
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      6.0 Resignations, Cessations, Cancellations of Licence, Refusal to Grant a Licence, Reinstatements<\/strong><\/div>
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      6.1 Notifications timing and process to FRC for resignation of a licensed auditor, cessation of audit firm name, and \/or cancellation \/ suspension of a licence<\/div>
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      6.2 Removal from register timing and publication (as soon as possible)<\/div>
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      6.3 Refusal procedure, notification, appeal process (if possible)<\/div>
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      6.4 Establish reinstatement criteria and process according to initial new application process<\/div>
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      7.0 Form Matters and Definitions<\/strong><\/div>
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      7.1 Explanation of what is \u2018correct and complete\u2019
      7.2 Explanation of what is required from a referee (eg can the referee verify all the competences required and in what form and time frame (3 months)
      7.3 Explanation of what is considered adequate practical experience
      7.4 Explanation of what is considered continuing professional development
      7.5 Explanation of what is adequate professional indemnity insurance
      7.6 Explanation of \u201cFit and Proper\u201d
      7.7 Explanation of \u201cResponsible person\u201d<\/div>
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      8.0 Disciplinary Matters<\/strong><\/div>
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      8.1 Consideration for cancellation or suspension of a licence<\/div>
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      8.2 Complaints procedures<\/div>
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      9.0 Other Matters<\/strong><\/div>
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      9.1 FRC acceptance of externally developed competency standards<\/em><\/div>
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      9.2 FRC Process Matters<\/em><\/div>
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      What the FRC will do with the information and in what time frame
      Notification if more information is required
      Protocols for treatment of proprietary information
      Process for review overseas applications
      Process for handling matters referred to FRC by other regulators
      Time and response to request for registration and licence<\/div>
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      9.3 Register Procedures<\/em><\/div>
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      Process for keeping the register current \u2013 incorporating additions, resignations and removals, especially changes due to removal of practising certificate, actions impairing the \u2018fit and proper\u2019 status and \/ or inability to meet the specified requirements of the FRC or its delegated authority.
      Determine what information will be made public on the Register such as Auditor or Firm QA procedures; those under investigation or sanction; latest review general results; audit client history.
      Online access for checking register
      Register will be kept and open for public scrutiny<\/div>
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      9.4 Relationships<\/em><\/div>
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      Reporting from APMP
      Relations with the MIPA
      Relations with the FSC
      Relations with the ROC
      Relations with the BOM
      Relations with the SEM
      Relations with the IASB
      Relations with IFAC \/ IAASB<\/div>
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      9.5 Fees<\/em><\/div>
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      Fee schedule and fee approval process
      Fees for online application and renewal (hard copy to be sent)
      Fees for hard copy application and renewal
      Billing and payment procedures<\/div>
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      9.6 Warrants and legal position of FRC re information<\/em><\/div>
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      Explain legal position if information in information sheets is not accurate.<\/div>
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      Licensing Procedures \u00a0Licensing of Auditors Procedures1.0 Status of Procedures\u00a0These procedures are constrained by the requirements of the Financial Reporting Act 2004, the Licensing of Auditors Charter and the Policies adopted by the FRC in respect of licensing of Auditors. They are not intended to be all encompassing and highlight particular issues only. In case of …<\/p>\n

      Licensing Procedures<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1854","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/pages\/1854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1854"}],"version-history":[{"count":3,"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/pages\/1854\/revisions"}],"predecessor-version":[{"id":1857,"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=\/wp\/v2\/pages\/1854\/revisions\/1857"}],"wp:attachment":[{"href":"https:\/\/frc.govmu.org\/frc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}