The latest diploma marks the first training to receive FRC approval for Key Audit Partner status applications. Credit: MR SOCCER/Shutterstock.

The Financial Reporting Council (FRC) has designated the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Diploma in Local Audit as a pre-approved local audit specialist training.  

This initiative is part of the FRC’s efforts to improve the capacity and capability of the local audit system, ensuring the long-term sustainability of financial reporting and audits for local bodies. 

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The FRC has revised its guidance to allow individuals with statutory audit experience to apply for Key Audit Partner status, contingent upon their completion of pre-approved local audit specialist training.  

CIPFA’s Diploma in Local Audit is said to be the first such training to receive FRC approval for Key Audit Partner status applications. 

Auditors who have completed the CIPFA course and meet the necessary criteria can apply retrospectively for Key Audit Partner status, the regulator said.   

FRC Supervision executive director Sarah Rapson said: “Improving the capacity and capability of local auditors and audit firms is essential to address the systemic timeliness issues and rebuild the system to provide the assurance the public deserves. 

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CIPFA’s approval provides a new pathway for corporate auditors to apply to work in local audit, increasing the pipeline of talent to ensure communities are being served by professionals with a focus on high standards of audit quality and public accountability. 

The FRC is also encouraging other Recognised Qualifying Bodies, training providers, and audit firms to seek assessment for their training programmes as approved local audit specialist training. 

In October 2024, accounting giants PwC, KPMG, Deloitte, and EY, completed a three-year transition to enhance governance and audit quality, according to the FRC.  

This effort is aimed at bolstering the quality of audits across the sector.