Audit qualification requirements

Regulations for the Audit Qualification

Under the provisions of the Companies Acts (both UK and Ireland) members are not entitled to work in audit practice unless they have met the educational requirements for the Audit Qualification.

Confirmation that members have met the educational requirements for the Audit Qualification, does not mean they are registered with the Institute to undertake audit work.  If a member intends to undertake audit work, they must also subsequently apply for audit registration with the Professional Standards Department at the Institute.

Members should be aware that the 46 week practical statutory audit training required as part of the educational requirements for the Audit Qualification differs in the Republic of Ireland and Northern Ireland jurisdictions and  these are clearly defined under point (2) of the ‘Educational Requirements for the Audit Qualification’ outlined below.  

Educational requirements for the Audit Qualification

A member of the Institute (admitted on or after 1 January 1990) shall be deemed eligible to have met the educational requirements for the Audit Qualification if and only if he/she meets the following criteria:

1. He or she has been admitted to membership following training under a Training Contract (minimum three years) and/or under the Flexible Route (a minimum of three years, applicable from 1 January 2014) in a Recognised Training Firm supervised by a Statutory Auditor or in a firm which is recognised as a Training Firm supervised by a Statutory Auditor by the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland.
   
   
2. He or she has, in the course of his or her period of Training Contract and/or under the Flexible Route (a minimum of three years applicable from 1 January 2014) in a Recognised Training Firm supervised by a Statutory Auditor, or thereafter, received at least forty-six weeks practical audit training:



In the case of the Republic of Ireland:

1. statutory audit. Section 1461 of the Companies Act 2014 contains the definition of “statutory audit” as

   “an audit of entity financial statements or group financial statements in so far as

1. Required by European Union Law; or
2. Required by national law as regards small companies”

OR

In the case of Northern Ireland, either:

2. statutory audit work (as defined under the Companies Act 2006), or
3. other audit work, similar to statutory audit work (as approved by the Secretary of State under Schedule 11 paragraph 9 (1) (b) of the Companies Act 2006) of which at least twenty-three weeks shall have been in statutory audit work as defined in the Companies Act 2006.


3. He or she has met the educational and training requirements outlined under the Acts, inclusive of the Audit Elective option in the Final Admitting Examination where applicable from 2010 onwards.


4. He or she has during the period post admission to membership (if any), complied with regulations on the completion of Continuing Professional Development as adopted from time to time by the Council.

Position 1 January 2021

• Members in N. Ireland/UK meeting the above educational requirements for the award of the Audit Qualification under the Companies Act 2014 will continue to be eligible to apply for audit registration in the Republic of Ireland for the foreseeable future.
• Members in N. Ireland/ UK who meet the educational requirements for the award of the Audit Qualification under the Companies Act 2006 but not under the Companies Act 2014 will be limited to being eligible to apply for audit registration in the UK jurisdiction.
• Members in ROI meeting the educational requirements for the award of the Audit Qualification under the Companies Act 2014 will continue to be eligible to apply for audit registration in the UK for the foreseeable future.

• From 1 January 2021, experience gained on/after 1 January 2021 on the audit of entities incorporated in the UK can no longer be recognised as practical audit training for the award of the Audit Qualification under the Companies Act 2014.

Regulations for the educational requirements for the Audit Qualification are included under Chapter 7 of the Training Regulations.

Guidance on recording Statutory Audit (ROI) are available here 

Guidance on recording Statutory Audit (NI) are available here

For initial queries regarding the process on the Educational requirements for the Audit Qualification, please email auditqualification@charteredaccountants.ie for assistance.