Company auditors
This section contains information about:
- auditor registration
- auditor appointment
- relief
- auditor resignation
- annual reporting requirements
- breach notifications
- lodgement of applicable documents
- change of registration details
- registration cancellation.
We intend these pages to assist people in their application to become a registered company auditor (RCA) or an authorised audit company (AAC) and understand the requirements and compliance obligations under the Corporations Act 2001.
About the application process
You must supply all required information simultaneously with the lodgement of the electronic application. You must prepare these documents and all required supporting information prior to submitting the electronic application. You can email all supporting information to Auditor.Registration@asic.gov.au. Please include the applicant name in the title of the email, and limit the size of the email to 10Mb. You may send multiple emails in support of your application.
We can only assess complete applications. A complete application is one that includes all the required information and supporting documents. We will return incomplete applications to you.
We aim to assess your application within 28 days from receipt of a complete application. The process may take longer than 28 days, depending upon the complexity of your application and upon whether we need to request additional information from you.
We may ask for additional information during the assessment of your application. You must provide this information within the timeframe requested, or we will assess your application on the information previously provided.
If you do not meet all requirements including the provision of additional information, we may refuse your application for registration.
Pathways for application for registration
Registered company auditors
There are various pathways available to you for applying for registration, depending upon your individual circumstances. You must demonstrate that you have appropriate qualifications and skills, are capable, and fit and proper for ASIC to register you as an auditor.
Qualifications – there are two alternatives for demonstrating that you have appropriate qualifications
| Prescribed qualifications | You must hold a qualification from a prescribed institution in Australia (for a list of prescribed institutions, see (reg 9.2.02) AND supply a letter from the institution that certifies that your qualification comprises at least 3 years of accounting study (including auditing) AND at least 2 years of commercial law study (including company law). An academic transcript from the institution will be sufficient to meet this requirement, provided the institution has certified it.You must have completed a prescribed course in auditing (for a list of prescribed courses, see (reg 9.2.03). If you cannot meet these requirements, you must apply under equivalent qualifications. |
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OR Equivalent qualifications |
You must demonstrate that your qualifications are equivalent to the requirements in s1280(2A) by supplying a statement that sets out the qualifications and experience you rely upon for your knowledge of accountancy and commercial law (including company law) and the reasons we should treat these qualifications and experience as equivalent. You must supply a letter from your Australian professional accounting association for any overseas qualifications you hold, confirming the equivalence of these to Australian qualifications. |
Skills – there are three alternatives for demonstrating that you have appropriate skills
| Approved auditing competency standard | You must demonstrate that you satisfy all the components of an approved competency standard by supplying a completed logbook and assessor's or referee's statement showing competency in all required tasks/contexts over a continuous 3–5 year period under formal assessment. |
| OR Prescribed practical experience |
You must have at least 3000 hours work in auditing under the direction of a registered company auditor including audits required under sections 307,308 and 309 of the Corporations Act during the 5 years immediately before the date of your application, including at least 750 hours spent supervising audits of companies. |
| AND /OR Equivalent practical experience |
If you cannot meet prescribed practical experience requirements you must also provide details of your equivalent experience. You must have practical experience that in our opinion is equivalent to the practical experience in reg 9.2.01 (a). You must state the basis on which you consider each entity to be a reporting entity, the legislation requiring each audit, and the complexity of each audit. Overseas skills: You must have at least 3000 hours work in auditing during the 5 years immediately before the date of your application, in a country(ies) that we consider to have auditing standards equivalent to Australian standards. You must also have practical experience in Australia (generally for a period of at least 12 months). |
Capable, Fit and Proper
You must provide:
- A Capability Report including details of: (1) the three most significant audits you have worked on with a level of information provided in the capability report sufficient enough to demonstrate you have had experience in handling complex audits (2) a summary of your continuing professional education in the last 5 years.
- A Capability Declaration/s from each of your nominated capability declarant/s named in Form 903AA as the supervisor or referee for the audits described in the Capability Report.
- A fit and proper statement in relation to any ‘Yes’ answers in section 9 of the application form.
Authorised audit company
To be eligible for registration as an authorised audit company you must demonstrate that your company meets requirements covering ownership and control of the company, professional indemnity insurance, fit and proper directors and external administration. You must demonstrate that:
- each director is a registered company auditor and not disqualified from managing corporation under Pt 2D.6
- each share in the company is held and beneficially owned by a person who is an individual or the legal personal representative of an individual
- a majority of the votes that may be cast at a general meeting of the company are attached to shares in the company that are beneficially owned by individuals who are registered company auditors
- the company has adequate professional indemnity insurance for claims that may be made against the company in relation to the audit of companies and registered schemes
- the company is not an externally-administered body corporate.
- You must also provide a signed PF217 Deed: authorised audit company run-off insurance cover from each director.
Related links
- Regulator Guide 180 Auditor registration (RG 180)
- Appointment of an auditor
- Search the ASIC Professional Registers Search
- Regulatory resources - financial reporting and audit
- Your ongoing obligations as a registered company auditor
- Changing your auditor registration details
- Cancelling your auditor registration
More in this section
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