Registered Company Auditor Requirements

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In February 2015, ASIC proposed meeting with Treasury to discuss streamlining the registration process for company auditors, particularly foreign applicants. ASIC Senior Executive Leader Douglas Niven outlined discussion points including reducing application paperwork, revising requirements for the hours-based competency test, recognizing auditors from specific overseas jurisdictions, and allowing non-partners to sign audit reports. ASIC attached draft revised application schedules and logbooks for the hours-based experience test under the Corporations Act, along with the current Regulatory Guide 180. The disclosure comprises correspondence and template documentation for auditor registration applications requiring practical and supervisory experience hours tracking across five-year periods.