Individuals aiming to achieve a qualification for section 1472 must initially meet university entrance or equivalent level. After that, they're required to:

• Finish a theoretical instruction course,
• Undergo practical training, and
• Ace a professional competency exam which aligns with Ireland's university final level or equivalent.

The professional competency exam is intended to ensure a high level of practical and theoretical proficiency in subjects relevant to statutory audit. Some part of that exam must be written.

The examination will specifically assess the following subjects:

• General accounting theory and principles,
• Legal requirements and standards relevant to the preparation of entity and group financial statements,
• International accounting standards,
• Financial analysis,
• Cost and management accounting,
• Risk management and internal control,
• Auditing and professional skills,
• Legal requirements and professional standards regarding statutory audit and statutory auditors,
• International auditing standards (refer to Section 1526) and
• Professional ethics and independence.

The exam should also cover subjects related to auditing such as:

• Company law and corporate governance,
• Insolvency law and similar procedures,
• Tax law,
• Civil and commercial law,
• Social security law and employment law,
• Information technology and computer systems,
• Business, general and financial economics,
• Mathematics and statistics, and
• Basic principles of financial management of undertakings.

To ensure practical application of the theoretical knowledge assessed in the exam, trainees should gain at least 3 years of practical training in auditing various types of financial statements. Majority of such training should focus on statutory audit work, and at least two-thirds should be completed with a statutory auditor or audit firm approved across any Member State.

All training should be supervised by individuals who a recognised accountancy body validates as adequately competent to provide practical training.