1. Primary Professional Qualifications
- CA (Chartered Accountant): Issued by bodies like CA Sri Lanka or ICAEW. This is the primary license required for conducting statutory audits.
- ACCA (Association of Chartered Certified Accountants): A globally recognized qualification focusing on financial reporting, taxation, and auditing.
- CPA (Certified Public Accountant): Common in the US and globally; requires passing a rigorous exam and completing specific work experience.
- CIA (Certified Internal Auditor): The standard qualification specifically for Internal Audit roles, issued by the Institute of Internal Auditors (IIA).
2. Practical Experience Requirements (PER)
- Duration: Most bodies require a minimum of 3 years (approx. 440–660 days) of monitored professional experience.
- Environment: Experience must usually be gained at an Approved Training Organization or a recognized audit firm (e.g., Big 4).
- Supervision: Training must be supervised by a qualified member (e.g., a senior partner or an authorized officer) who is an independent party.
3. Specialized Audit Rights
- This involves achieving specific exam standards and documenting extensive supervised experience in statutory audit specifically, rather than general accounting.
- In many regions, at least 50% of the partners in an audit firm must hold this AQ to maintain the firm's status as a registered auditor.
4. Key Skills
- Technical Knowledge: Proficiency in International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).
- Soft Skills: Strong analytical thinking, attention to detail, professional skepticism, and excellent written/verbal communication.
- Ethics: Completion of specialized ethics and professional skills modules required by their respective professional body.