How much audit experience should I gain to obtain an ACCA practising certificate and audit qualification?
The general rule is that you must obtain 44 weeks’audit experience, at least half of which must be in statutory audit. Audit experience can be obtained during pre- and post-membership training (statutory audit work is audit work undertaken in organisations that have been established under the Companies Acts and whose financial reporting requirements are laid down in the Companies Acts. The PCTR guidance notes provide further information on this.) However, temporary rules are in place for members admitted prior to 1 January 2010. Under these rules, which will be in place until 31 December 2012, members must obtain 30 per cent of their post-membership training in audit work. At least 20 per cent of their post-membership training must be in statutory audit work. I work in an Approved Employer practice but my firm carries out very little audit work. Can I gain the required audit work experience for an ACCA practising certificate and audit qualification in another practice? Yes, so long as
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