This section explains what constitutes regulated audit work, what is meant by the term 'registered auditor' and how your firm can become a registered auditor. Application forms are also available in this section as well as a guide to which forms your firm will need to complete.
This is work that is reserved by law to a 'registered auditor'. Generally it is audit work in relation to a company, but other work - and in relation to other entities - is also reserved to registered auditors. For a full list of work and other entities, see the definition of 'audit' in ICAEW's Audit Regulations and Guidance.
A registered auditor is a firm that undertakes regulated audit work and that is registered with a recognised supervisory body (RSB) such as the ICAEW.
Under section 1212 of the Companies Act 2006, a firm can only accept appointment as an auditor if it is a registered auditor under the rules of a RSB such as the ICAEW.
A firm must also be a registered auditor if it audits any organisation which is required by statute or regulation to appoint - as its auditor - a firm eligible to carry out company audits.
Banks, building societies, clubs and associations subject to the Friendly Societies Act or Industrial and Provident Act have to be audited by registered auditors. Some unincorporated charities, clubs or voluntary organisations may require their auditor to be eligible to act as a registered auditor. The specific requirement may be written into the entity's constitution or may be a condition of membership of some other body.
If your firm wants to become a registered auditor, it will need to:
Within a firm of registered auditors, the individual(s) who sign(s) company audit reports must:
Which form should our firm use and when?
The attached provides a guide to which form to use and when.
For further information about applying for the Audit Qualification please email email@example.com or call + 44 (0)1908 248 250.
View two short webcasts about the requirements of being a registered auditor.
If the firm's legal status changes (eg, a partnership is to become an LLP), you must reapply for registration.
If there's any change to the information ICAEW holds about your firm (as shown on the annual return), you must email details to firstname.lastname@example.org within 10 business days.
Individuals or corporate bodies that are principals in an ICAEW-registered audit firm but not members of ICAEW are required to apply for audit affiliate status unless they are members of ICAS, CAI or ACCA. Responsible individuals who are not a member of ICAEW, ICAS, CAI or ACCA, also need to become an audit affiliate.
It may also be necessary to have investment business affiliate status.
You must reapply for responsible individual (RI) status when you move to a new firm.
Read more about ICAEW fees and the fees we collect on behalf of other organisations. There is also a useful FAQS section and information about paying fees.
Please fill in the relevant forms and return them, together with a cheque payable to Chartac for the relevant fees, to:
321 Avebury Boulevard
MK9 2FZ UK
If you have any questions as you're filling in the forms, please contact us on
+44 (0)1908 546 302, or email email@example.com.