Companies Act 2014 section 1472

Appropriate qualification for purpose of section 1470(a)

Section 1472 sets out what constitutes an appropriate qualification for an individual seeking approval as a statutory auditor, including exemptions from theoretical knowledge tests and the role of the Supervisory Authority in issuing guidelines on those exemptions.

• An individual holds an appropriate qualification if it is granted by a recognised accountancy body whose training and qualification standards meet or exceed those set out in Schedule 19.
• A "qualification" means the capacity to audit entity financial statements and group financial statements in so far as required by European Union law.
• A recognised accountancy body may grant a written exemption from the theoretical knowledge test in Schedule 19 subjects where a person has already passed a university examination or holds a university degree or equivalent qualification covering those subjects.
• The Supervisory Authority must issue guidelines to recognised accountancy bodies, at times it considers appropriate, on the specific matters to be considered when deciding whether to grant such an exemption.