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APPENDIX E
INCOME AND EXPENDI TURE
STATEMENT OF RESPONS IBI L I T I ES IN RESPECT OF
THE CHI EF EXECUT IVE ’ S REPORT AND THE ACCOUNTS
The Chief Executive is responsible for preparing the Chief Executive’s Report and the Accounts
in accordance with applicable law and regulations.
The Audit Act 2006 requires the Isle of Man Financial Services Authority (“the Authority”) to
prepare accounts for each financial period, which meet the requirements of the Accounts and
Audit Regulations 2013 made under the Audit Act 2006. In addition, the Authority has elected
to prepare the accounts in accordance with UK Accounting Standards including FRS 102 the
Financial Reporting Standard applicable in the UK and Republic of Ireland, as applicable to
the Authority.
The Accounts are required by law to give a true and fair view of the state of affairs of the
Authority and of the profit or loss of the Authority for that period.
In preparing these accounts, the Authority is required to:
•
select suitable accounting policies and then apply them consistently;
•
make judgements and estimates that are reasonable and prudent;
•
state whether they have been prepared in accordance with UK Accounting Standards
including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland, as applicable to the Authority; and
•
prepare the accounts on the going concern basis unless it is inappropriate to presume
that the Authority will continue in operation.
The Authority is responsible for keeping proper accounting records that are sufficient to show
and explain the Authority’s transactions and disclose with reasonable accuracy at any time the
financial position of the Authority and to enable them to ensure that the accounts comply with
the Accounts and Audit Regulations 2013 made under the Audit Act 2006. The Authority has
general responsibility for taking such steps as are reasonably open to them to safeguard the
assets of the Authority and to prevent and detect fraud and other irregularities.
52 • Isle of Man Financial Services Authority Annual Report 2016/17