The Audit Qualification (AQ) is a requirement under legislation, should you ultimately wish to secure auditing rights as a Statutory Auditor (Responsible Individual (RI)) or be counted amongst the audit qualified majority of owners necessary for a statutory audit firm. The Audit Qualification will:

(a) Be one of the required elements of your application for audit registration (RI status)

Under the provisions of the Companies Act 2014 and the Companies Act 2006, members are not entitled to work in audit practice unless they have first met the Educational Requirements for the Audit Qualification. Confirmation that a member meets the Educational Requirements for the Audit Qualification however does not mean that individuals are registered by the Institute to undertake audit work. Such a member must subsequently apply formally for audit registration (RI status), and be registered, if he or she is to undertake audit work. This involves a separate application which is dealt with by the Professional Standards Department of the Institute.

(b) Qualify you to be counted amongst the qualified majority of owners and management board members required to control an audit registered firm

Irish and UK company law require that a firm can only be eligible for audit registration where the majority of the owners and management board members of the firm are AQ holders (regardless of whether or not those AQ holders are doing audit work).  Therefore, the AQ enables you to contribute to meeting the eligibility criteria for audit registration at a firm where you are an owner and management board member.

Where members are planning on working abroad and envisage working in practice (particularly audit) it may be advisable to gain the AQ prior to leaving Ireland/UK.  In some jurisdictions membership under our Mutual Recognition Agreements (MRA) automatically gives access to local audit rights and hence the expectation is that these rights have been obtained in Ireland/UK prior to accessing membership with our MRA partner.  Obtaining the AQ prior to travel may ease any potential difficulties overseas.