A broad range of skills and expertise, and ongoing professional development are critical to the formation and maintenance of an effective internal audit activity. Increasingly internal audit activities are performed by multi­ disciplinary teams that include engineers, accountants, management graduates, and even environmental specialists who reflect a broad range of today's assurance needs. Also, information technology audit experts are a core component of modem-day internal audit activities. Internal auditors should also possess the following attributes: • Strong interpersonal skills. • Effective oral and written communications skills. • Good coaching and group leadership skills. • The ability to influence at all levels

Automatic exchange of information is the systematic and periodic transmission of “bulk” taxpayer information by the source country to the residence country (i.e. where the taxpayer is resident for tax purposes).  The information generally exchanged on an automatic basis relates to financial information.   However, automatic exchange of information can also be used to transmit other types of useful information such as change of residence. 

Presently the Government of the British Virgin Islands has an obligation to exchange information automatically under the following Agreements:

•  The European Union Council Directive 2003/48/EC (brought into force in 2005)
•  The Convention on Mutual Administrative Assistance in Tax Matters (extended to the Government of the British Virgin Islands by the Government of the United Kingdom and brought into force as of March, 2014)
• The Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom of Great Britain and Northern Ireland to improve International Tax Compliance – UK FATCA  (signed in November, 2013)
• The Agreement between the Government of the British Virgin Islands and the Government of the United States to improve Tax Compliance and to implement the Foreign Account Tax Compliance Act – US FATCA (signed in June, 2014)

In accordance with each Agreement, all eligible Financial Institutions or paying agents would be required to submit the relevant information to the Government of the Virgin Islands on an annual basis and in turn the Government of the Virgin Islands would exchange the information with the specific partner jurisdiction.

Internal auditors support management's efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization's assessment of fraud risk, and are involved in any fraud investigations. Although it is management's responsibility to design internal controls to prevent, detect, and mitigate fraud, the internal auditors are the appropriate resource for assessing the effectiveness of what management has implemented. Prevention: As a part of their assurance activities, internal auditors watch for potential fraud risks, assess the adequacy of related controls, and make recommendations for improvement. Detection: Because the internal auditors are exposes to key processes throughout the organization and have open lines of communication with the executive board and staff, they are able to play an important role in fraud detection. In many organizations, the chief audit executive (CAE) is responsible for responding to issues raised on the ethics hotline or through another process that may lead to detection of fraud. Investigation: Internal auditors may either have a direct role in investigating fraud incidents, or act as a resource to those responsible, they generally are not expected to have the expertise of those whose primary responsibility is detecting and investigating fraud.

• United States:  4-7 days
• United Kingdom:  10-25 days
• Caribbean Region:  3-7 days

Please note the length of time given is only an approximation, and does not account for any possible custom clearance delays or airline transshipment delays.