Browne Craine director Lynsey Smith has been awarded Responsible Individual (RI) status from the Institute of Chartered Accountants of England and Wales (ICAEW).

Lynsey, who leads the audit department at the Burleigh Manor, Peel Road, Douglas, company, said: ’I’m delighted.’

’In recent years, achieving RI status has become more difficult for local auditors due to the requirement to demonstrate detailed relevant UK statutory audit experience.

’Obtaining the coveted RI status means that I can now sign off UK audit reports as well as the Isle of Man equivalent.

’Browne Craine has traditionally offered audit services to UK registered clients in the past and I am delighted that my approval means that we are able to continue to deliver this valuable service to our existing and prospective client-base.’

To qualify for the RI status, Lynsey was first required to obtain the ICAEW’s audit qualification which requires having to be an ICAEW member and have gained sufficient work experience within an ICAEW authorised training employer and audit registered firm.

qualification

The qualification requires a minimum of three years general training and work experience (obtained with an ICAEW authorised training employer) and of those three years, at least two years must be completed within a firm of registered auditors.

Lynsey was awarded the RI status as she was able to demonstrate that she had recent, relevant and sufficient audit experience to be competent to conduct audit work.

David Craine, director atBrowne Craine, based at Burleigh Manor, Peel Road,Douglas, said: ’Congratulations to Lynsey on gaining the RI status.

’The difficulty for Isle of Man accountants is to achieve the required 240 days of appropriate audit experience, with 120 of those days working on UK statutory audit work.

’It isn’t an easy thing to obtain and requires a lot of hard work and dedication to the person’s job.

’Well done Lynsey.’

Obtaining such a status will allow Browne Craine to continue to grow the firm’s UK statutory audit portfolio and ensure that the firm can continue to provide audit services to current UK audit clients.

Browne Craine & Co is a multi-disciplined and long-established practice with more than 60 years ’ experience providing accountancy, taxation and business advice services.

Browne Craine & Co is the trading name of Browne Craine & Co Limited.