ASIC today released revised Regulatory Guide 180 Auditor Registration (RG 180), with changes concerning:
• approval of a new competency standard for satisfying practical experience requirements;
• reducing the paperwork and information required for satisfying an hours-based experience test; and
• updating the professional indemnity insurance requirements for authorised audit companies and new registered company auditors.
"The new competency standard simplifies the competency requirements, takes into account new auditing requirements, and adopts a principles-based approach. The new standard was developed jointly by the three largest accounting bodies," ASIC said.
"The revised RG 180 streamlines the application forms and supporting documents required to be lodged with ASIC under the hours-based test. This should reduce the time and effort required to make an application," ASIC added.
ASIC has also updated its professional indemnity insurance requirements to remain consistent with the limitation of liability schemes for members of two professional accounting bodies that were revised in 2014 under the Professional Standards Council schemes.
The changes are effective immediately, but ASIC noted some applicants may have commenced preparing or lodged an application under the previous guidelines.
ASIC said it will continue to accept applications prepared under the previous guidelines until 30 June 2017.
The revised document can be accessed here.