Knowledge Base

Audit Waiver Resolutions

The Companies (Guernsey) Law, 2008 requires that a company’s accounts for a financial year must be audited unless the company is exempt from audit under section 256 of the law.

The members of certain companies may pass a waiver resolution exempting the company from the requirement to have its accounts audited.

Waiver resolutions to exempt a company from audit must be passed in the financial before the year to which it relates or, in the case of a newly incorporated company, in the first financial year of the company.

Amendments to the Companies (Guernsey) Law, 2008 were made in 2013 to enable those companies to pass an indefinite audit waiver rather than annually for a specific financial year.

Each year in January a company is required to make its annual validation submission. With effect from January 2014 part of this submission will include a pre-populated data field which will indicate whether the company has submitted an audit waiver resolution (indefinite or not) between 1 October 2012 and 31 December 2014.

If, when completing your annual validation submission you believe that this pre-populated data filed is incorrect please contact the Registry.