PrintCIPFA Recognised for Companies Act Audit
Qualifying with the Chartered Institute of Public Finance & Accountancy (CIPFA) has become a more attractive choice for prospective new chartered accountancy students: CIPFA has been awarded recognised qualifying body (RQB) status by the Department of Trade & Industry (DTI), which means that appropriately qualified members will be able to audit under the Companies Act 1989.
Under the new designation, CIPFA members will be able to offer unparalleled financial management expertise to the public services, in addition to providing audit expertise to the private sector.
CIPFA chief executive 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 Qualification. RQB status will provide CIPFA members with the opportunity to enhance their status by bringing together their unrivalled expertise in the public services with valuable private sector experience. ”
From September 2006, students will be able to register for the Certificate in Company Audit & Accounting (Cert. CAA), which consists of specific exam papers enabling them to add a company audit and accounting certificate to their qualification.
Cert. CAA – Your questions answered
What does RQB mean for me as a student?
How does the CIPFA RQB route differ from the normal CIPFA Professional Qualification
route?
Are there Workplace Training requirements?
What do I get for all this extra work?
If I decide to qualify with CIPFA without RQB status, can I choose
to sit for my Cert. CAA in the future?
What does RQB mean for me as a student?
It means that if you choose to take the CIPFA RQB route, qualify, and meet
all the work place requirements, you will be entitled to register to audit
many company accounts over £250,000
How does the CIPFA RQB route differ from the
normal CIPFA Professional Qualification route?
As an RQB student, you will be required to sit all papers within the Professional Qualification as
well as 1 additional paper to the Professional Qualification and 2 substituted Professional Qualification papers. The 3
specialist papers are;
- Company Audit (additional paper)
- Financial Reporting & Accountability for Companies (in place of Financial and Performance Reporting)
- Business Strategy for companies (in place of Strategic Business Management)
You will also undertake a 20hr devolved assessment on company law.
Are there Workplace Training requirements?
Yes, in addition to your IPDS, you will be required to undertake a number
of week’s company audit training (a total of 48 weeks of which 24 will
need to be supervised by a recognised auditor.)
What do I get for all this extra work?
Should you choose to undertake the RQB route, upon successful completion,
you will be awarded the Certificate in Company Auditing and Accounting, and
be entitled to use the letters Cert. CAA. As an ongoing requirement, awarded
members must register with a RSB (Recognised Supervisory Body) on a yearly
basis to become a registered auditor.
If I decide to qualify with CIPFA without
RQB status, can I choose to sit for my Cert. CAA in the future?
Yes. You would need to sit the 3 specialist papers but you can choose to do
this after qualifying with CIPFA via the normal Professional Qualification route.
For full details of the CIPFA RQB route to qualification, please contact one of our Education Advisors on 020 7543 5678, or e-mail choices@cipfa.org