The qualification will combine the expertise and standing of both institutes to meet the needs of the public and corporate sectors. It will lead to membership of both ICAS and CIPFA and dual designations from both professional bodies, i.e. right to use both the CA and CPFA designations.

The integrated qualification responds to the growing need for accountants to be able to audit all entities in all sectors due to the mixed economy within which organisations now operate. The increasing fluidity between public and private sectors means many employers now require staff to have a registered audit status in both public and company audit.

Training for the qualification is expected to start in autumn 2015 and can be delivered in a classroom across three years or as a blended learning model.

Anton Colella, chief executive of ICAS, said: ‘This qualification is tailor made for a select group of audit professionals who are seeking competitive advantage in their careers in the future.

'It seeks to build on the opportunities in the modern reality of audit in the UK. That reality means practitioners will need a wider and deeper understanding to work across public and private sector audits.’