Registered auditors and responsible individuals
The Institute provides audit registration, where appropriate, for eligible firms and individuals in Ireland and the UK.
A registered auditor is a firm which undertakes regulated audit work as set out in the Audit Regulations & Guidance, ROI / Audit Regulations & Guidance UK.
A member firm wishing to act as the auditor of a company or in any capacity as described in Chapter 2 of the Audit Regulations must apply for, and be granted, audit registration before the firm is eligible to accept appointment. Only when audit registration has been granted will the firm's name be included on the Register of Auditors.
Individuals who sign audit reports on behalf of a firm which is a Registered Auditor must be approved as responsible individuals (ie registered as statutory auditors). Responsible individual status is granted only to eligible individuals within a firm which is a Registered Auditor. The primary route to eligibility as a responsible individual is membership of a Recognised Accountancy Body (Ireland) or Recognised Supervisory Body (UK) and the attainment of the audit qualification. Other criteria are outlined in the Audit Regulations (chapter 4).
The Institute provides regulatory services only to Institute members and firms. Therefore the Institute considers applications for audit registration from Institute firms and members, where appropriate, from non-member principals and employees at Institute firms.
Information on the audit registration activity of the Institute is available in the Professional Standards Board Annual Report.
How to become a registered auditor?
To become a registered auditor the firm must:
- Complete and submit the application to become a registered auditor form
- Satisfy the Quality Assurance Committee that it meets the criteria and is fit and proper to carry on audit work
- Pay the annual fee
- Comply with the Audit Regulations & Guidance
- Be subject to a programme of quality assurance
Within a registered firm the individuals who sign company audit reports must:
TIme for processing an application
Straightforward applications (which do not raise any compliance issues/concerns) should be processed, and a decision taken, within 12 weeks of the date on which the application and all required documentation and information has been submitted (including any required clarifications or confirmations). More complex applications, such as those involving complex structures and private capital investment, or where the Institute is proposing to attach conditions or where a referral to the Quality Assurance Committee is warranted, may require additional time. Where this is the case, the Institute aims to notify the applicant before the expiry of the above-mentioned 12 week time period that additional time is needed, why the additional time is needed and by when the decision will be made. Applications that are not processed within the above-mentioned time periods will not be deemed to have been granted.
Additional information required under the UK Professional Qualifications Act 2022
- The Institute has not received any applications for statutory auditor registration (responsible individual status) in the UK from individuals with overseas qualifications since the coming into effect of the Act.
- ICAS, ICAEW and ACCA also regulate statutory auditors in the UK.
Do I need a practising certificate (PC)?
To establish whether you need a PC you should refer to the Public Practice Regulations - Schedule C1 of the Guidance on Public Practice Regulations.
To access the current bye-laws and regulations click here.
To access the current support and guidance documents, click here.
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