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Applying for Registration to ASIC under the Auditing Competency Standard
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Dated: 18 March 2005 
 
The Australian Securities and Investments Commission’s (ASIC) 24/11/2004 approval of the first auditing competency standard under s1280A(1) of the Corporations Act 2001 produced jointly by The Institute of Chartered Accountants in Australia and CPA Australia, provides a more equitable and accessible path for Chartered Accountants to become registered company auditors, and maintains the essence of CLERP 9. 
 
In summary, the standard enables accountants to fill out a logbook demonstrating on the job experience of their audit competency skills and have this certified by a current Registered Company Auditor. Previously, Chartered Accountants had to meet a high number of hours to prove their competency, which can be difficult to achieve for smaller accounting firms that do not specialise in auditing. This will provide much needed relief for succession planning in public practice firms and help ensure a continuing supply of auditors to rural and regional areas of Australia.” 
 
The new regime gives Chartered Accountants an alternative way of demonstrating they have the requisite practical experience to be registered as a registered company auditor in Australia. 
 
The Institute has been working with the Government and ASIC for a number of years to have an audit competency approach adopted. The passage of CLERP 9 legislation in June 2004 provided a mechanism for ASIC to create the regime.  
 
Chartered Accountants who are interested in taking advantage of the new regime should review the ICAA/CPAA audit competency standard and logbook. Updates will be available on the ICAA website as they come to hand.  
 
Additionally there is a Summary Article explaining the background to the Auditing Competency Standard and some Frequently Asked Questions (FAQ) that provide further guidance on the application of the Auditing Competency Standard. 
 
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