Gaining audit experience outside the UK
The UK Companies Act allows for the recognition of some overseas company audit work ‘where it appears to the Financial Reporting Council (the UK regulator) that the law and practice [of a country or territory outside the United Kingdom] with respect to the audit of company accounts is similar to that in the United Kingdom.’
The judgment required by the Financial Reporting Council relates to the territory as a whole, rather than to any specific audit work performed.
Is my audit experience recognised under the UK Companies Act?
To assess your eligibility, please select the link below which describes the company audit from which you are citing your audit experience:
- The audit of UK, Irish, German, Cypriot, Luxembourgish or Dutch companies
- The Crown Dependencies (Jersey, Guernsey, the Isle of Man)
- Another EEA member state (not listed above)
- Outside of the EEA
Audit of UK, Irish, German, Cypriot, Luxembourgish or Dutch companies
Individuals gaining audit experience on the audit of companies registered in these countries or territories may gain audit experience within an audit registered firm, which is also an ICAEW Authorised Training Employer (ATE).
The experience may only be counted from the date that the regulator assessed the law and practice of the jurisdiction as being acceptable:
| From 1 Oct 1991 | Republic of Ireland |
| From 11 October 2000 | Germany |
| From 7 May 2010 | Republic of Cyprus Luxembourg The Netherlands |
Eligible experience may only be gained from the date specified, any experience gained before this date will not be accepted.
Audit experience within the Crown Dependencies
The UK Financial Reporting Council has recently assessed audit work in the Crown Dependencies and has concluded that Crown Dependency audit experience may be cited as qualifying audit experience for the UK audit qualification with ICAEW as long as the experience was gained:
- Within an ICAEW ATE
- Within a UK registered auditor
- Under the supervision of a 'responsible individual'
- On the audit of 'market traded companies'
- On or after 4 April 2011
ICAEW cannot accept work experience which does not meet the above requirements.
Audit experience within the EEA but outside of accepted territories
If you obtain your audit experience within an EEA firm of registered auditors which is also an ICAEW ATE, you may count that time towards some but not all of the requirements:
| Three years general training and work experience | Requirement met |
| Two years work experience within a firm of registered auditors | Requirement met |
| 120 days of work similar to UK statutory audit (if it meets the definition of ‘other’ audit work) |
Requirement met |
| 120 days of UK statutory audit | Outstanding |
Audit experience outside of the EEA
Unfortunately, we cannot accept the majority of experience gained outside of the EEA. Only the three years of general experience can be gained if you worked for the full three years in an ICAEW ATE:
| Three years general training and work experience | Requirement met |
| Two years work experience within a firm of registered auditors | Outstanding |
| 120 days of work similar to UK statutory audit | Outstanding |
| 120 days of UK statutory audit work | Outstanding |
In order to be eligible for the ICAEW Audit Qualification you would need to complete at least an extra two years in a firm of registered auditors in the EEA.