The Financial Reporting Council (FRC) has revoked the recognition of CIPFA as an audit qualifying body, now that it no longer has any members who hold a CIPFA awarded audit qualification
The decision, taken under the provisions of the Companies Act 2006, came into effect from 18 December 2017.
The professional body consented to the move, as there are no longer any CIPFA members who hold a CIPFA awarded qualification and therefore no one is directly affected by this revocation.
CIPFA was recognised in 2005 by the then Department of Trade and Industry as a qualifying body. It is the only professional accountancy body in the world exclusively dedicated to public finance, and has 14,000 members and 3,000 students.
Giles Orr, CIPFA learning delivery and partnership director, said the qualifying body status for company audit has been in abeyance for some time.
‘CIPFA has in the past offered an additional qualification path, allowing its members to become registered auditors for Companies Act audits but this has not been offered 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,’ he said.
Report by Pat Sweet
