Audit days required for auditing certificate

stringbean

Finally finished the training contract (3 and half years is a long time) and trying to complete my CA Diary. Does anyone know the audit days required to get your auditing certificate. If i recall it was 240 days but I know a certain number of these days had to be company days.

Any help would be much appreciated.
Thanks

smcgiff

You probably know this, but just in case... They need to be post qual. I thought it was two years, of which x % had to be within audit.

MrMatisse

I think you may also need some to have been attained during your training contract for aca, but could be wrong here

kennyb3

http://www.charteredaccountants.ie/en/Members/Your-Institute/Apply-for/Auditing-Certificate-Application/

Note that you can do nothing with an auditing cert - CAI are actually thinking of getting rid of it - you need a practising cert to practice. the audit cert only certifies that training is done.

@smcgiff - maybe you are thinking of the 2 years post qualification before you can get a practising cert?

Or maybe its that if you are short of the 46 weeks, you have 2 years to make up to the 46 weeks.

smcgiff

Hi Kenny,

You need an auditing cert to perform audit work, which a practice cert doesn't permit.

A practice cert allows you to perform the work of an accountant under the supervision of your professional body, but does not permit a person/firm to conduct an audit.

I think you need 3 years in total, of which 2 must be post qualification.

kennyb3

smcgiff wrote: »

Hi Kenny,

You need an auditing cert to perform audit work, which a practice cert doesn't permit.

A practice cert allows you to perform the work of an accountant under the supervision of your professional body, but does not permit a person/firm to conduct an audit.

I think you need 3 years in total, of which 2 must be post qualification.

Agreed, sorry what i said was prob a bit confusing.

I was more trying to highlight that without a practising cert you cant practice (so have an auditing cert in itself gets you nowhere), but you can practice without an auditing cert (so long as not engaged in audit business).

I ve recently been through all this on the going into practice course and when applying for the various items myself.

All the regulations are on CARB's website for anyone interested.

smcgiff

Yeah - for most people all they will need is a practicing cert. Although the odd few small organisations will still need to be audited such as certain grant funded charities etc.

Also, don't think any body gives out the audit cert without the practice cert also. You can have the practice cert without the audit cert, but not the other way around. As far as I know anyway

kennyb3

smcgiff wrote: »

Yeah - for most people all they will need is a practicing cert. Although the odd few small organisations will still need to be audited such as certain grant funded charities etc.

Also, don't think any body gives out the audit cert without the practice cert also. You can have the practice cert without the audit cert, but not the other way around. As far as I know anyway

You can definitely get an auditing certificate without having a practising cert.

smcgiff

Mmm, but that wouldn't make any sense , but then again, this is the CAI we're talking about.

With ACCA and CPA (friend of mine went through it recently enough) you need to get the practicing cert and audit cert to get the audit cert.

Legend100

A few of my collegues at work have an auditing cert but do not have practicing certs (they are employees)

They are all ACA. I think it was common enough back along to get an auditing cert after qualifying but with the audit exempt thresholds, don't think as many people appy for them any more

stringbean

Thanks all for the replies, 46 weeks appears about right.

I think auditng cert is only needed if you want to sign off audited accounts, an is likely needed with practisin cert, not sure if I'll need it down the line but given that I worked mostly in audit durin my trainin contract I may as well apply for it.

smcgiff

stringbean wrote: »

Thanks all for the replies, 46 weeks appears about right.

I think auditng cert is only needed if you want to sign off audited accounts, an is likely needed with practisin cert, not sure if I'll need it down the line but given that I worked mostly in audit durin my trainin contract I may as well apply for it.

It's not just a case of applying for an auditing cert - it's harder to get, and you'll most likely need to get higher indemnity insurance etc. Plus you'll need to pay an annual fee for both the practice and audit cert. Quite expensive I believe.

So, you may want to get your practice cert first then and see how it goes.

MrSzyslak

stringbean wrote: »

Thanks all for the replies, 46 weeks appears about right.

I think auditng cert is only needed if you want to sign off audited accounts, an is likely needed with practisin cert, not sure if I'll need it down the line but given that I worked mostly in audit durin my trainin contract I may as well apply for it.

Sorry to Bump but...

Anyone know if this is correct. How many audit days do you need for your CA diary to be deemed qualified?