ICAEW-REGISTERED FIRMS should avoid regulatory wrangling despite an administrative mix-up at the institute, which will see hundreds of accountants have their audit qualification removed.
Some 713 ICAEW accountants were mistakenly handed an audit qualification over the past three years by the institute. The qualifications were originally awarded as part of a process by which the ICAEW made sure that its audit-registered firms followed UK and EU rules - requiring more than half of each firm's partners to have an audit qualification.
The institute used its records to gauge eligibility for the qualification; however, the experience needed by the partners – several years' experience within the UK – was mistakenly handed to those whose experience came from time spent in the UK's Crown dependencies.
A spokesman for the institute apologised for the mix-up, adding that it was very unlikely that any firms would be put at any risk due to ineligibility factors. The ICAEW would not run bulk audit qualification processing again.
The mix-up doesn't affect ACA qualifications or institute membership.
Anyone concerned should get in touch with the institute, he added.
Sign up for Financial Director email alerts
Please enter your email below to receive your profile link
Search by job title, salary, or location - we only list senior financial roles
This web seminar will explain how finance directors can monitor and understand the various financial costs of staff turnover, including logistical costs and the impact of lost productivity as new employees are brought up to speed
8.30am, 26 Jun 2014
Targeted at FDs and CFOs, the FD Conference 2014 provides a platform in which to learn from outstanding keynotes and network with like-minded peers
Send to a friend