ASIC has approved an updated auditing competency standard for registered company auditors, placing greater emphasis on ethical behaviour.
The updated standard was jointly issued by CPA Australia (CPAA), Chartered Accountants Australia and New Zealand (CAANZ) and the Institute of Public Accountants (IPA).
It strengthens the recognition of ethical behaviour as a fundamental component of professional competence.
The standard takes effect from 1 October 2026 under the ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2026/733.
Background
ASIC previously approved the standard under ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2016/474.
The standard provides an alternative to time-based experience requirements for people applying to become company auditors under section 1280(2)(b) of the Corporations Act 2001. It can be viewed on the websites of CPAA (www.cpaaustralia.com.au), CAANZ (https://www.charteredaccountantsanz.com/), and IPA (www.publicaccountants.org.au).
ASIC will also update its related guidance in Regulatory Guide 180 Auditor registration (RG 180) to reflect the making of Instrument 2026/733.
