CIPFA Recognition Revoked as an Audit Qualifying Body
The UK based independent regulator Financial Reporting Council (FRC) has revoked the recognition of the Chartered Institute of Public Finance (CIPFA) as an audit qualifying body, effective from December 18, 2017. The decision was made with CIPFA’s consent as currently there is no CIPFA member holding the audit qualification awarded by the CIPFA.
The decision made by the FRC was under the provisions of the Companies Act 2006 that came into effect from December 18, 2017.
The CIPFA had given their assent to the FRC regarding the said decision as the decision does not affect anyone directly as currently there is no CIPFA member that holds a CIPFA awarded audit qualification.
The Chartered Institute of Public Finance (CIPFA) was recognized as a qualifying body in the year 2005 by the then Department of Trade and Industry. It is the only professional accountancy body in the world that has exclusively dedicated itself to public finance, and has approximately 3,000 students and 14,000 members.
The director of CIPFA learning delivery and partnership, Giles Orr, said that the status of CIPFA as a qualifying body with regards to company audit has been in abeyance for quite some time.Giles Orr also said that in the past CIPFA has offered its members an additional qualification path, allowing them to become registered auditors for Company audits but this has not been offered to the CIPFA members for quite some time. Giles Orr further said that the majority of the audit work by the CIPFA members is performed in accordance with various statutory frameworks to the Companies Act 2006 so therefore we gave consent to the decision of revoking our recognition as an audit qualifying body.