08-26-2010, 10:54 AM
ICAP members - join the ICAEWAs a member of the Institute of Chartered Accountants of Pakistan (ICAP), you can join the ICAEW by passing our advanced ACA exams. You can also apply for a practising certificate and gain audit rights in the UK with our Audit Qualification.
Membership agreement
Qualified members of the ICAP will need to sit and pass the ACA's Advanced Stage exams and the ethics module in order to be eligible to join the ICAEW.
How to become an ACA
Practising certificate
If you intend to practise in the UK or EC you must apply for a practising certificate. You may only practice as an ICAEW member if you have been a member of ICAP for at least two years.
How to apply for a practising certificate
Audit rights
ICAEW membership does not automatically grant you audit rights in the UK, so if you intend to work in audit during your career, then we recommend that you apply for the Audit Qualification (AQ) when joining us.
Gaining audit rights in the UK
Gain audit rights in the UKAudit is a regulated area in the UK, and membership of the ICAEW will not automatically grant you the right to audit in the UK. Below are details of what AICPA, CICPA, CIMA, CIPFA, CPA Australia, HKICPA, ICAB, ICAP, ICAZ, MICPA, NZICA and SAICA members need to do in order to gain audit rights in the UK.
The UK regulator has not approved these bodies as meeting the qualification requirements for audit eligibility in the UK. Members of these bodies will therefore need to re-qualify with the ICAEW.
How to gain audit rights in the UK
In order to gain audit rights in the UK, individuals joining the ICAEW will need to
Gain the ICAEW audit qualification
Obtain an ICAEW practising certificate
Apply to be an ICAEW Responsible Individual
The Audit Qualification (AQ)
The Audit Qualification is
A statutory status needed by and applied for by a member
It is issued by the ICAEW under delegated powers from the UK Companies Act
When combined with a practising certificate it allows a member to then apply for audit rights - ie the ability to sign a statutory audit report
To gain the Audit Qualification you will be required to
Sit and pass additional ICAEW examinations
Undertake a further 2 to 3 years of practical training which meets the requirements of the Companies Act 2006
Examinations
Exam Mandatory or additional
Principles of Tax Mandatory
Law Mandatory
Case study Mandatory
Audit & Assurance Additional
Technical Integration - Business Reporting Additional
Technical Integration - Business Change Additional Practical training / experience
1. During the combined periods of approved training and post-qualification work experience, a minimum of 3 yearsâ general training and work experience within an authorised training environment. At least 2 of the 3 years must have been completed within a firm of registered auditors; and
2. During the combined periods of approved training and post-qualification work experience, completed a minimum of 240 daysâ audit work experience within an ICAEW Authorised Training Employer which is also a firm of Registered Auditors.
3. Of this 240 daysâ work experience, at least 120 days must be in statutory company audit work as defined in the Companies Act 2006, and the rest must be in either statutory audit work or other audit work similar to statutory audit work, where the nature of such work conforms to the definitions agreed by the ICAEW and the Professional Oversight Board.
4. The audit work must have been supervised by an individual eligible to sign UK audit reports and must have been obtained in an ICAEW Authorised Training Employer.
These requirements are set by the Companies Act and regulated by the Professional Oversight Board.
Apply for the Audit Qualification
How to apply for the Audit Qualification (AQ)The ICAEWâs Audit Qualification is only available to ICAEW members and is free of charge.
Eligibility requirements
In order to obtain the audit qualification you must have
ICAEW membership
Work experience, completed
a) Under appropriate supervision
b) Within an ICAEW ATE
c) Within an audit registered firm
d) In accordance with ICAEW regulations
Completed the application form in full
ICAEW membership
You must be a current member of ICAEW. If you joined us via a reciprocal or advanced credit route then you may need to sit further examinations, and to complete additional practical training.
EU statutory audit directive
If you are a migrant auditor from another EU member state, you may be eligible under the EU statutory audit directive. Please contact our enquiry team at [email protected] for more information.
Work experience
You must have completed an appropriate period of work experience
During the combined periods of approved training and post qualification work experience you must have completed a minimum of three yearsâ general training and work experience. At least two of the three years must have been completed within a firm of registered auditors
During the combined periods of approved training and post qualification work experience you must have completed a minimum of 240 daysâ audit work experience within an ICAEW Training Employer which is also a firm of Registered Auditors.
Of this work experience
At least 120 days must be in statutory audit work as defined in the Companies Act 2006, and the rest must be in either statutory audit work or other audit work similar to statutory audit work, where the nature of such work conforms to the definitions agreed by ICAEW and the Professional Oversight Board.
If you are citing work experience from outside of the UK please read our guidance on gaining audit experience outside of the UK carefully before applying.
Appropriate supervision
Your audit work must have been supervised by an individual eligible to sign audit reports as per the requirements of the CCAB (Consultative Committee of Accountancy Bodies) and the Companies Act 2006. Please refer to the AQ application form and accompanying notes for further information.
ICAEW Authorised Training Employers
All of your audit work experience must have been obtained at an ICAEW Authorised Training Employer. This means that within an ICAEW ATE you must have completed
A minimum of three years general training and work experience
A minimum of two years within a firm of registered auditors
240 days of audit work experience
Please read the Audit Qualification regulations for further information on eligibility for the Audit Qualification.
Audit Registered Firms
The audit registered firm must be within Europe, and must be an ICAEW ATE. Please note that in order to recognise any of the two years or 240 days of audit experience within the firm it must be gained either within the UK, or within a country or territory outside the United Kingdom which has been approved as meeting the requirements of the UK Companies Act.
Audit regulations
The ICAEW award the audit qualification based on
criteria specified in Schedule 11 of the Companies Act 2006
the Professional Oversight Boards interpretation of the Companies Act
section 5 of the members handbook â Regulations relating to Learning & Professional Development, including section 5.3 on the award of the AQ
More information on working in the regulated area of audit
Applying for the Audit Qualification
Please read our application pages carefully before completing the Audit Qualification application form (PDF 76kb/11 pages)
Apply as an ICAEW member
Apply as an ICAEW student
Apply as a member of another professional body
Membership agreement
Qualified members of the ICAP will need to sit and pass the ACA's Advanced Stage exams and the ethics module in order to be eligible to join the ICAEW.
How to become an ACA
Practising certificate
If you intend to practise in the UK or EC you must apply for a practising certificate. You may only practice as an ICAEW member if you have been a member of ICAP for at least two years.
How to apply for a practising certificate
Audit rights
ICAEW membership does not automatically grant you audit rights in the UK, so if you intend to work in audit during your career, then we recommend that you apply for the Audit Qualification (AQ) when joining us.
Gaining audit rights in the UK
Gain audit rights in the UKAudit is a regulated area in the UK, and membership of the ICAEW will not automatically grant you the right to audit in the UK. Below are details of what AICPA, CICPA, CIMA, CIPFA, CPA Australia, HKICPA, ICAB, ICAP, ICAZ, MICPA, NZICA and SAICA members need to do in order to gain audit rights in the UK.
The UK regulator has not approved these bodies as meeting the qualification requirements for audit eligibility in the UK. Members of these bodies will therefore need to re-qualify with the ICAEW.
How to gain audit rights in the UK
In order to gain audit rights in the UK, individuals joining the ICAEW will need to
Gain the ICAEW audit qualification
Obtain an ICAEW practising certificate
Apply to be an ICAEW Responsible Individual
The Audit Qualification (AQ)
The Audit Qualification is
A statutory status needed by and applied for by a member
It is issued by the ICAEW under delegated powers from the UK Companies Act
When combined with a practising certificate it allows a member to then apply for audit rights - ie the ability to sign a statutory audit report
To gain the Audit Qualification you will be required to
Sit and pass additional ICAEW examinations
Undertake a further 2 to 3 years of practical training which meets the requirements of the Companies Act 2006
Examinations
Exam Mandatory or additional
Principles of Tax Mandatory
Law Mandatory
Case study Mandatory
Audit & Assurance Additional
Technical Integration - Business Reporting Additional
Technical Integration - Business Change Additional Practical training / experience
1. During the combined periods of approved training and post-qualification work experience, a minimum of 3 yearsâ general training and work experience within an authorised training environment. At least 2 of the 3 years must have been completed within a firm of registered auditors; and
2. During the combined periods of approved training and post-qualification work experience, completed a minimum of 240 daysâ audit work experience within an ICAEW Authorised Training Employer which is also a firm of Registered Auditors.
3. Of this 240 daysâ work experience, at least 120 days must be in statutory company audit work as defined in the Companies Act 2006, and the rest must be in either statutory audit work or other audit work similar to statutory audit work, where the nature of such work conforms to the definitions agreed by the ICAEW and the Professional Oversight Board.
4. The audit work must have been supervised by an individual eligible to sign UK audit reports and must have been obtained in an ICAEW Authorised Training Employer.
These requirements are set by the Companies Act and regulated by the Professional Oversight Board.
Apply for the Audit Qualification
How to apply for the Audit Qualification (AQ)The ICAEWâs Audit Qualification is only available to ICAEW members and is free of charge.
Eligibility requirements
In order to obtain the audit qualification you must have
ICAEW membership
Work experience, completed
a) Under appropriate supervision
b) Within an ICAEW ATE
c) Within an audit registered firm
d) In accordance with ICAEW regulations
Completed the application form in full
ICAEW membership
You must be a current member of ICAEW. If you joined us via a reciprocal or advanced credit route then you may need to sit further examinations, and to complete additional practical training.
EU statutory audit directive
If you are a migrant auditor from another EU member state, you may be eligible under the EU statutory audit directive. Please contact our enquiry team at [email protected] for more information.
Work experience
You must have completed an appropriate period of work experience
During the combined periods of approved training and post qualification work experience you must have completed a minimum of three yearsâ general training and work experience. At least two of the three years must have been completed within a firm of registered auditors
During the combined periods of approved training and post qualification work experience you must have completed a minimum of 240 daysâ audit work experience within an ICAEW Training Employer which is also a firm of Registered Auditors.
Of this work experience
At least 120 days must be in statutory audit work as defined in the Companies Act 2006, and the rest must be in either statutory audit work or other audit work similar to statutory audit work, where the nature of such work conforms to the definitions agreed by ICAEW and the Professional Oversight Board.
If you are citing work experience from outside of the UK please read our guidance on gaining audit experience outside of the UK carefully before applying.
Appropriate supervision
Your audit work must have been supervised by an individual eligible to sign audit reports as per the requirements of the CCAB (Consultative Committee of Accountancy Bodies) and the Companies Act 2006. Please refer to the AQ application form and accompanying notes for further information.
ICAEW Authorised Training Employers
All of your audit work experience must have been obtained at an ICAEW Authorised Training Employer. This means that within an ICAEW ATE you must have completed
A minimum of three years general training and work experience
A minimum of two years within a firm of registered auditors
240 days of audit work experience
Please read the Audit Qualification regulations for further information on eligibility for the Audit Qualification.
Audit Registered Firms
The audit registered firm must be within Europe, and must be an ICAEW ATE. Please note that in order to recognise any of the two years or 240 days of audit experience within the firm it must be gained either within the UK, or within a country or territory outside the United Kingdom which has been approved as meeting the requirements of the UK Companies Act.
Audit regulations
The ICAEW award the audit qualification based on
criteria specified in Schedule 11 of the Companies Act 2006
the Professional Oversight Boards interpretation of the Companies Act
section 5 of the members handbook â Regulations relating to Learning & Professional Development, including section 5.3 on the award of the AQ
More information on working in the regulated area of audit
Applying for the Audit Qualification
Please read our application pages carefully before completing the Audit Qualification application form (PDF 76kb/11 pages)
Apply as an ICAEW member
Apply as an ICAEW student
Apply as a member of another professional body
