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CPA Australia members applying for the AQ – aptitude test route (New Zealand)

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You will need to hold the Audit Qualification (AQ), if you wish to gain audit rights in the UK.

Once you hold the AQ, you can be nominated for responsible individual (RI) status by a firm of registered auditors to gain audit signing rights.

You do not need to hold ICAEW membership or an ICAEW practising certificate to obtain the AQ and RI status under this route.

The Financial Reporting Council (FRC) has signed a memorandum of understanding on reciprocal arrangements (MOURA) with the New Zealand Financial Markets Authority (FMA) which provides two routes to the AQ for CPA Australia members in New Zealand:

  1. The aptitude test route for CPA Australia members who currently hold Licensed Auditor status in New Zealand.
  2. The experience route for CPA Australia members who do not hold Licensed Auditor status in New Zealand but have passed the appropriate New Zealand variant exams.

Aptitude test route

Applicants are required to pass the aptitude test in UK tax and law which comprises the two ACA Certificate Level exams: Principles of Taxation, and Law.

Eligibility requirements

To be eligible to sit the aptitude test, you must provide a letter from CPA Australia confirming that you:

  • hold current membership of CPA Australia and the dates you have held membership (you must retain your CPA Australia membership throughout your whole registration as an RI with ICAEW);
  • have gained membership of CPA Australia via the normal education and training route and not via any reciprocal membership pathway;
  • currently hold Licensed Auditor status in New Zealand, including the dates you have held this status;
  • have obtained Licensed Auditor status in New Zealand after completing the CPA Australia education and training requirements, and not via a reciprocal pathway;
  • are in good standing with CPA Australia.

Application

Please submit a letter from CPA Australia confirming you have met the above eligibility requirements along with a completed Aptitude Test Application Form to aq@icaew.com.

Once you have passed the aptitude test, you will be awarded the Audit Qualification (AQ).

Responsible individual status

Once you hold the AQ, you will need to apply for responsible individual (RI) status. This will involve evidencing your audit experience and CPD over the past 24 months.

You do not need to hold ICAEW membership or an ICAEW practising certificate to obtain the AQ and RI status under this route.

Please note that you will also need to maintain your CPA Australia membership throughout the whole period you are registered as an RI and you will need to declare this during the RI application process.