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:
|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.|
In order to obtain the confirmation referred to in regulation 3, the members concerned must:
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.
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.