CPA Australia, the Institute of Chartered
Accountants Australia and the National Institute of Accountants
have issued competency requirements for assurance practitioners of
second tier companies limited by guarantee (STCLG).

The competency requirements outline the
minimum conditions for assurance practitioners of STCLGs, which are
mandatory for members of the accounting bodies who sign review

Accountants who are not registered company
auditors (RCA) are now obliged to follow the new competency
requirements in accordance with section 285A of the Corporations
Act 2001.

The new requirements are mandatory for STCLGs
commencing on or after 1 July 2010.