The Financial Reporting Council (FRC) has pre-approved CIPFA’s Diploma in Local Audit for local audit specialist training.
Improving the capacity and capability of the local audit system is now a priority of the FRC, as it wants to ensure the long-term sustainability of the local body financial reporting and audit.
The FRC has already revised guidance allowing for Responsible Individuals with significant statutory audit experience to apply for Key Audit Partner status, if they have undertaken pre-approved local audit specialist training.
CIPFA’s Diploma in Local Audit is the first qualification to receive the FRc stamp of approval, and any auditors who have successfully completed the course and met the criteria to apply for Key Audit Partner status will be able to apply retrospectively.
The FRC also wants to encourage other Recognised Qualifying Bodies, training providers and audit firms who have developed training to apply for assessment as approved local audit specialist training.
Sarah Rapson, Executive Director of Supervision (pictured), said: “Improving the capacity and capability of local auditors and audit firms is essential to address the systemic timeliness issues and rebuild the system to provide the assurance the public deserves. CIPFA’s approval provides a new pathway for corporate auditors to apply to work in local audit, increasing the pipeline of talent to ensure communities are being served by professionals with a focus on high standards of audit quality and public accountability. We look forward to seeing auditors take advantage of this opportunity to work in local audit.”
