CATEGORY: NEWS AND ANNOUNCEMENTS
The new practical experience requirements for registration as a public accountant will take effect from 1 February 2015. ACRA had announced in August 2014 that under the new requirements, all applicants registering to be a public accountant will need to have acquired at least 2,500 hours of qualifying audit experience (QAE). In acquiring this QAE, the applicant will need to have carried out an audit management role and where applicable, an audit quality review role or an audit technical role, independently and competently under an audit principal, or audit principals as the case may be.
The more stringent registration requirements is to ensure closer alignment of the practical experience requirements with a public accountant’s core responsibility of ensuring high quality audits of financial statements, which the public relies on.
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