CIPFA has been awarded recognised qualifying body (RQB) status by the Department of Trade & Industry (DTI), which means that appropriately qualified members will soon be able to audit under the Companies Act 1989.
Students joining CIPFA from June 2004 will be able to sit exam papers that allow them to add a company audit and accounting certificate to their qualification. They will be able to take the certificate from 2006.
CIPFA will also be consulting with the Professional Oversight Board as to how current members can add the certificate to their existing qualification.
Chief executive of CIPFA Steve Freer said: ‘The DTI’s decision to recognise CIPFA as a qualifying body able to accredit members for company audits is excellent news. It provides additional choice to prospective students deciding on their chartered accountancy qualification route, and is a valuable third party endorsement of CIPFA’s professional accountancy qualification.’
Students wishing to obtain registered auditor status will be required to sit three specific company papers within CIPFA’s current professional accountancy qualification: Company Audit (Cert CAA), Business Strategy for Companies (Cert CAA), Financial & Performance Reporting for Companies (Cert CAA).
Additionally, they will be required to take 20 hours of devolved assessment for a study of Understanding Company & Commercial Law, and to fulfil the necessary practical experience requirements.
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