Apply for this licence
Your business needs to be a registered auditor, sometimes known as a statutory auditor, if you want to audit company accounts.
You must be registered with an accountancy body that is a recognised supervisory body in order to:
- be eligible for appointment as a statutory (company) auditor
- sign audit reports on the financial statements of UK companies
Conditions
You or at least one of your staff must be a qualified auditor. Your business must also have professional indemnity insurance.
The accountancy firm or business in which you are a partner, principal or director must also be registered by a recognised supervisory body as a registered audit firm.
You may have to put your registration number and registration as a statutory auditor on your letterhead, or display it on your website or at your office. Check with your professional body for the rules.
At least one of your partners, principals or directors must be a qualified auditor.
How to apply
Bodies you can register with
You can register as a statutory (company) auditor with one of the following accountancy bodies:
- Association of Chartered Certified Accountants (ACCA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants of Scotland (ICAS)
- Institute of Chartered Accountants in Ireland (ICAI) (Chartered Accountants Ireland)
Bodies you cannot register with
The following accountancy bodies do not register company auditors:
- Association of International Accountants (AIA)
- Chartered Institute of Public Finance and Accountancy (CIPFA)
- Chartered Institute of Management Accountants (CIMA)
AIA can grant an audit qualification but cannot register auditors.
Fees
The fee for registration depends on:
- the body you’re registering with
- the number of individuals in your business who will be registered as statutory auditors
Your business may be charged a fee for affiliates who are statutory auditors but not members of the registering accountancy body.
Processing time
There is no standard processing time. This will depend on how complete and accurate the information you submit is.
Fines and penalties
It’s illegal to audit if you’re not a registered auditor and you could be prosecuted.
Your accountancy body may impose penalties or remove your licence if you do not carry out audit work to their standards.
Your accountancy body can also impose penalties and fines if you do not send them information when they ask for it.
Public registers and databases
Information about all registered auditors is held in the audit register.
Further information
Further information, guidance and application forms are available from the accountancy bodies.
For further information on how to become a registered auditor, you can send enquiries to enquiries@frc.org.uk.