To be eligible to act as a statutory auditor, you must hold a practising certificate with audit qualification. This will allow your firm to apply for an auditing certificate and for you to engage in statutory audit work.
An applicant for a practising certificate with audit qualification must complete the following two application forms;
CPA Ireland’s "Audit Competency Framework Guidelines
" outline the core competencies and eligibility criteria that an applicant must meet in order to be granted statutory auditor status in accordance with the Companies Act 2014 and Bye Law 13, Practice and Audit Regulations. It is recommended that these guidelines are considered carefully in advance of making an application. The guidelines will also assist with the completion an application for audit qualification.
An audit qualification is obtained by:
- Completing three years’ experience working under the direct supervision of a Statutory Auditor in accordance with law, at least two of which must be post admission to Membership. A substantial part of such practical training shall be in statutory audit work and at least forty weeks of such practical training shall be completed post admission to membership in statutory audit, supervised by a statutory auditor or an audit firm.
What experience qualifies as approved post membership experience?
- Completion of the Practice and Audit Orientation Online Certificates and achieving an appropriate result in the associated examination. This examination must be completed no more than three years prior to the date of application for audit qualification. Find out more about Practice and Audit Orientation Online Certificates.
- Completing eight hours of Structured Continuing Professional Development in the subject area of Auditing in the twelve months prior to application to become a statutory auditor;
- Completion of the educational requirements outlined in Schedule 19 of Companies Act, 2014 inclusive of the elective option - Audit Practice Assurance Services examination at Professional 2 level, in accordance with Bye Law 12 and the Institute’s Examination Regulations or deemed equivalent examinations of a Recognised Accountancy Body in Ireland subject to the requirements of Companies Act, 2014. See below for further details.
Applicants for audit qualification must meet the educational requirements of Schedule 19 of the Companies Act 2014
In order to meet these requirements an applicant for audit qualification must have completed the CPA Ireland examinations (or equivalent examinations of another Recognised Accountancy Body (RAB)).
The following subjects at P2 level (or equivalent final examinations of another Recognised Accountancy Body) must
be completed by a candidate for audit qualification (the subjects marked * are elective subjects for admission to membership of CPA but are mandatory for an applicant for audit qualification);
- P2 Advanced Corporate Reporting
- P2 Audit Practice & Assurance Services*
- P2 Advanced Taxation*
Exemptions from subjects examined at final examination level that are required for qualification as an auditor will not be granted, except where an applicant has passed the equivalent and final examinations of another RAB.
In circumstances where exemptions from certain CPA examinations (pre P2 level only) were granted as a student of CPA, the awarding of such exemptions will only be acceptable for audit qualification purposes when the following criteria are satisfied.
- The time period since the awarding of the previous qualification should not be greater than five years from the date of the award of the previous qualification to the date of the application for the exemption upon registration as a CPA student.
- The syllabus studied and examined (including consideration of the proficiency level, depth of coverage and number of learning hours) for the previous qualification should substantially match the topics which CPA Ireland (or another RAB) includes in its own syllabus for that subject, sufficient to satisfy CPA Ireland that the applicant should have attained the required learning outcomes for that subject.
- The awarding of the previous qualification should not have been based on the granting of substantial exemptions. A subject passed by compensation should not be considered eligible for exemption in respect of a Schedule 19 subject.
- The level of the previous qualification must be equivalent to university level in Ireland.
A previous qualification may be regarded as equivalent to university level in Ireland if it is, or forms part of, an award which is accredited at:
- level 7 or above on the National Framework of Qualifications in Ireland;
- level 6 or above on the Framework for Higher Education Qualifications in England, Wales and Northern Ireland; or
- level 9 or above on the Scottish Credit and Qualifications Framework.
It is recommended that in advance of making an application for audit qualification that CPA Ireland's "Guidelines - Audit Competency Framework" is consulted.