CIPFA agrees to annul company audit qualifying status

19 Jan 18

CIPFA has agreed the revocation of its little-used status as an audit qualifying body under the provisions of the Companies Act 2006.

The Financial Reporting Council withdrew this with effect from 18 December 2017.

CIPFA was recognised in 2005 by the Department of Trade & Industry as a qualifying body.

No members hold a CIPFA-awarded audit qualification and the institute said no-one would be directly affected by this revocation.

Giles Orr, CIPFA’s director of learning delivery and partnership, said: “CIPFA and the FRC jointly reviewed our recognised qualifying body status for company audit, which has been in abeyance for some time.

“As the majority of audit work by CIPFA members is carried out under different statutory frameworks to the Companies Act, we mutually agreed to annul our recognised qualifying body status.

“CIPFA has in the past offered an additional qualification path, which would allow its members to become registered auditors for Companies Act audits.

“However, this additional qualification has not been offered for some time."

CIPFA added that the decision did not affect the institute's ongoing Recognised Qualifying Body registration under the Local Audit and Accountability Act.

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