You will need to hold the Audit Qualification (AQ) if you wish to gain audit rights in the UK.
Once you have gained the AQ, you can be nominated for responsible individual (RI) status by a firm of registered auditors and gain audit signing rights as an audit affiliate with ICAEW.
The Financial Reporting Council (FRC) has signed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) with the Federal Audit Oversight Authority (FAOA) of Switzerland. This allows Swiss Licensed Audit Experts to obtain the AQ by passing an aptitude test in UK tax and law which comprises the two ACA Certificate Level exams: Principles of Taxation and Law.
This route does not provide you with ICAEW membership and use of the ACA or FCA designatory letters. You will therefore need to apply for audit affiliate status when making your RI application.
Eligibility requirements
To be eligible to sit the aptitude test, you must provide a letter from the FAOA confirming that you:
- currently hold Swiss Licensed Audit Expert status and the dates you have held this status;
- gained Swiss Licensed Audit Expert status by obtaining the Swiss CPA qualification, awarded by EXPERTSuisse, by examination and not via any reciprocal pathway;
- are in good standing with the FAOA.
Application
Please submit a letter from the FAOA confirming you have met the above eligibility requirements along with a completed Aptitude Test Application Form to aq@icew.com.
Once you have passed the aptitude test, you will be awarded the AQ and will be able to apply for responsible individual (RI) status as an audit affiliate. This will involve evidencing your audit experience and CPD over the past 24 months.