The Financial Reporting Council (FRC) has endorsed CIPFA’s Diploma in Local Audit, signalling a significant development in local audit training.
- CIPFA’s diploma is recognised as the first FRC-approved training for those applying for key audit partner status.
- This programme aims to enhance the skills and capabilities of local auditors, addressing timeliness and quality issues in auditing.
- The initiative seeks to increase the talent pool, enabling corporate auditors to transition into local audit roles.
- FRC encourages other training providers to seek approval in strengthening the audit system.
The Financial Reporting Council (FRC) has formally announced its approval of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Diploma in Local Audit as a recognised specialist training programme. This endorsement marks a noteworthy advancement in efforts to bolster the local audit system, ensuring its sustainability and effectiveness. The FRC’s decision to approve CIPFA’s diploma stems from a strategic goal to enhance the overall capacity and capability of local audits, thereby addressing ongoing systemic issues related to timeliness and quality.
CIPFA’s new diploma is the pioneering programme to receive such approval from the FRC, setting a precedent for future local audit training. This initiative is significant as it provides a structured pathway for corporate auditors aspiring to engage in local audit work, specifically aiming for key audit partner status. By expanding the opportunities for auditors to specialise in local audits, the programme is expected to fortify the professionalism and public accountability within the sector.
Executive director of Supervision at the FRC, Sarah Rapson, articulated the importance of this development, stating that enhancing the capacity and capabilities of local auditors is essential for the system to regain its efficacy and public trust. She emphasised that the approval of CIPFA’s diploma opens up new pathways for auditors, facilitating an expansion in the range of expertise available to serve communities with a stringent focus on audit quality.
Lindi Engelbrecht, director of education and membership at CIPFA, expressed her enthusiasm over the diploma’s endorsement, highlighting its pivotal role in maintaining transparency and accountability in the public sector. Engelbrecht acknowledged the backing of MHCLG in developing the programme, which is aimed at widening the scope of qualified audit partners and reinforcing the audit workforce.
This strategic move by the FRC signals a call to action for other recognised qualifying bodies, training providers, and audit firms to seek similar approvals for their local audit specialist training programmes. Such measures are anticipated to contribute significantly to strengthening the infrastructure that supports local auditing practices across various communities.
The FRC’s approval of CIPFA’s diploma marks a substantial step towards advancing local audit training and expertise.
