Withdrawal process

A recognized auditor may withdraw for the Register by filing a Notice of Withdrawal with the AOA and paying the prescribed fee.

The Notice of Withdrawal form can be found here [withdrawal form].

The form requires the auditor to provide the following information and undertakings required by the Rules:

• provide the Authority with a written explanation for the withdrawal from registration;
• confirm that as of the date of such Notice the auditor has resigned as auditor to all its market traded and designated company clients and has given written notice to such clients of such resignation;
• undertake that from the date of such Notice the auditor will not:

i. describe themselves as engaged in the audit of market traded companies or designated companies or hold themselves out to be qualified to do so;

ii. describe themselves as being a recognized auditor in relation to any Authority specified companies

    without having first been reinstated as a recognized auditor.

Effective date of withdrawal

Normally, the effective date of withdrawal will be the date of receipt of a Notice of Withdrawal which will be the later of (a) the date on which the Notice of Withdrawal was served on the AOA and (b) the date on which the AOA determines that all other conditions of withdrawal (as summarized above and set out in the Rules) have been complied with.

However the AOA does have the power to specify a different effective date.

Consequences of withdrawal

The following is a summary of the consequences of withdrawal from the Register and the continuing obligations for the auditor:

Register:  The auditors name and those of its responsible individuals will be removed from the Register.  As the auditor will no longer be a recognized auditor, it must not audit or hold itself out as being qualified to audit the financial statements of market traded or designated companies, nor should it hold itself out as being under the AOA's oversight in respect of audits of the financial statements of Authority specified companies with regard to which it had previously been registered with the AOA.

Fees: the auditor will not be liable for any further registration fees and will not be entitled to any refund of previously paid fees.  The auditor will still be liable for any unpaid fees including the costs of the oversight.

Enquiries from the AOA: the auditor must still respond to enquiries made by the AOA in connection with any circumstance that relates to the Rules during the time the auditor was registered.

Disciplinary actions: the AOA may still take action against the auditor for any failure to comply with:

• the Rules during the time it was registered; or
• any Rule continuing to have effect notwithstanding that registration has ceased.

Section 200 of the Rules deals with registration, withdrawal from registration and suspension of registration.   Information about and a copy of the Rules can be found here: [Rules]

Questions regarding the withdrawal process should be directed to the AOA’s Managing Director whose contact information can be found here [contact information]