ICAEW.com works better with JavaScript enabled.

Audit Qualification regulations

The conditions imposed by the Companies Act 2006 for an individual to be granted the Audit Qualification.

 Effective from 1st January, 2010.

1. Regulations 4 and 5 shall apply to members admitted on or after 1 January 1990 who started approved training as provisional members:
  • before 1 January 1990 but who had not been admitted to membership by 1 January 1996; or
  • on or after 1 January 1990.
2. Regulations 4 and 5 shall also apply to members admitted before 1 January 1990 who were not members immediately before 1 January 1990 and immediately before 1 October 1991.
3. Members to whom regulations 4 and 5 apply who wish to undertake audit work as qualified or responsible individuals within firm of registered auditors, shall obtain prior confirmation from ICAEW that they hold an appropriate qualification as defined in the Companies Act 2006. Other members shall be deemed to hold such appropriate qualification.
4. In order to obtain the confirmation referred to in regulation 3, the members concerned must:
  • have completed a minimum of 144 weeks of general training and work experience from an ICAEW Authorised Training Employer, of which at least 96 weeks shall have been completed with a firm of statutory auditors under the supervision of appropriately qualified individuals; and
  • have completed a minimum of 48 weeks of audit work experience from an ICAEW Authorised Training Employer, of which at least 24 weeks shall have been in statutory audit work as defined in the Companies Act 2006, and the rest either in statutory audit work or in other audit work similar to statutory audit work where the nature of such work conforms with the definition agreed by ICAEW and the Professional Oversight Board;  and
  • have passed the appropriate ACA examinations as defined by the Committee.
5. The Committee may, to the extent permitted by the provisions of the Companies Act 2006 and the Financial Reporting Council, vary or waive the requirements of regulation 4 in respect of members who are unable to meet them in whole or in part, if the Committee in its absolute discretion is satisfied that, in all the circumstances of the case, such relaxation is justified.
6. Subject where relevant to compliance with the Companies Act 2006 and appropriate consultation with the Financial Reporting Council, the Committee shall have the power to vary or waive the above regulations.