You will need to hold the Audit Qualification (AQ) if you wish to gain audit rights in the UK.
Once you have gained the AQ, you can be nominated for responsible individual (RI) status by a firm of registered auditors and gain audit signing rights as an audit affiliate with ICAEW.
The Financial Reporting Council (FRC) has recognised qualified auditors in Liechtenstein under the Recognition of Professional Qualifications (RPQ) Regulations. This allows qualified auditors in Liechtenstein to obtain the AQ by passing an aptitude test in UK tax and law which comprises the two ACA Certificate Level exams: Tax Fundamentals, and Business Law.
This route does not provide you with ICAEW membership and use of the ACA or FCA designatory letters. You will therefore need to apply for audit affiliate status when making your RI application.
Eligibility requirements
To be eligible to sit the aptitude test, you must provide a letter from the Financial Market Authority Liechtenstein (FMA) confirming that you:
- hold a statutory audit qualification in Liechtenstein (Wirtschaftprüfer) and have gained that qualification by passing the Liechtenstein Auditor Examination;
- are eligible to hold statutory auditor status in Liechtenstein;
- are in good standing.
Application
Please submit a letter from the FMA confirming you have met the above eligibility requirements along with a completed Aptitude Test Application Form to aq@icew.com.
Once you have passed the aptitude test, you will be awarded the AQ and will be able to apply for responsible individual (RI) status as an audit affiliate. This will involve evidencing your audit experience and CPD over the past 24 months.