Does Registered Company Auditor (RCA) registration + CPD (RG 260) apply to accountants and bookkeepers?

Registered Company Auditor (RCA) registration + CPD (RG 260). Auditors who wish to audit companies and other entities under the Corporations Act 2001 apply to ASIC for registration as a registered company auditor (RCA), or as an authorised audit company (AAC). ASIC registers an individual under s 1280 only if satisfied of three things: prescribed qualifications (an accounting degree with at least 3 years of accounting, including auditing, and 2 years of commercial law, plus a prescribed auditing course) or equivalent qualifications; skills, shown either by an approved auditing competency standard or by at least 3,000 hours of auditing under an RCA's direction in the 5 years before applying, including 750 hours supervising company audits; and that the applicant is capable, fit and proper.

Trigger: Applying for, or holding, registration as a company auditor or authorised audit company in order to conduct audits under the Corporations Act (including audits under ss 307, 308 and 309).

Rules Mate runs its applicability engine across 9 business structures and 6 size bands for each of the 35 industries it maps. For 34 of those industries the answer for "Registered Company Auditor (RCA) registration + CPD (RG 260)" is no. Accountants & bookkeepers is one of the 1 where the answer is different: only if.

The deciding fact for accountants and bookkeepers: Industry: Accountants & bookkeepers; applies only if you are a registered company auditor or conduct audits.

About the industry: Professional accounting and bookkeeping firms. Captured by Tranche 2 when providing designated services such as managing client money or company formation.

Compare a professional services (general) business with 6–19 employees structured as a Pty Ltd company: the obligation does not apply (Requires a trigger outside this questionnaire).

Each cell is the engine's outcome for a business in accountants & bookkeepers with that structure and size, assuming it sells to consumers and small businesses and holds customer contact details. "Check" means the obligation turns on a fact the industry does not settle.

When due

Annual statement (Form 912A for RCAs, Form 912B for AACs) lodged within one month of each anniversary of registration, with extensions only in exceptional circumstances. Registration conditions (CPD, quality assurance, PI insurance) apply continuously; ASIC must be notified of changes in details and of ceasing to practise (Form 905).

Evidence to keep

Form 903 application with qualification letters or transcripts, competency logbook or practical experience record (Document A) and supervisor declaration (Document B), capability report and declarations (Documents C and D); CPD records for auditing and quality assurance; quality assurance procedures under ASA 220; PI insurance certificate (minimum $2 million for post-June 2016 RCAs); annual statements and lodgement receipts.

Maximum penalty

ASIC may refuse registration, impose conditions on registration and take enforcement action where significant non-compliance is identified in its audit inspection and surveillance programs. Breach of the standard registration conditions in Pro Forma 215 puts the registration itself at risk

Regulator

ASIC

Jurisdiction

Commonwealth (national)

• Comply with Australian Auditing Standards (ASA): Only if
• Comply with Australian sanctions law + screening (DFAT): Yes
• Comply with the TASA Code of Professional Conduct: Yes
• Customer due diligence (KYC) on every customer: Yes
• Designate an AML/CTF Compliance Officer: Yes
• Detect + enhance due diligence on Domestic + Foreign PEPs: Yes
• All 23 answers for accountants & bookkeepers