The Chartered Institute of Public Finance and Accountancy (CIPFA) has been revoked by the UK Financial Reporting Council (FRC) as an audit qualifying body, effective from 18 December 2017.
The decision is with CIPFA’s consent as there are no CIPFA members holding a CIPFA awarded audit qualification.
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CIPFA learning delivery and partnership director Giles Orr said the qualifying body status for company audit has been in abeyance for some time.
“CIPFA has in the past offered an additional qualification path, allowing its members to become registered auditors for Companies Act audits but this has not been offered for some time. As the majority of audit work by CIPFA members is carried out under different statutory frameworks to the Companies Act, we mutually agreed to annul our recognised qualifying body status,” he said.
CIPFA was recognised as an audit qualifying body in 2005 and has been revoked under the provisions of the Companies Act 2006. The decision does not affect CIPFA’s recognised qualifying body status under the Local Audit and Accountability Act.
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By GlobalData
