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Approval of Local Audit Specialist Training - Guidance Note LAT 1
The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.
The Financial Reporting Council Limited 2024 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS
Who can apply?
We welcome applications from Recognised Qualifying Bodies (RQB's), training providers and audit firms for the provision of training that meets the FRC's requirements for local audit specialist training.
Content/topics
You need to ensure that you can demonstrate that the core content listed in the 'FRC Criteria is included within the training course. Please provide a course content mapping to the FRC criteria and a copy of your training course material.
Assessment
Your assessment must demonstrate that your training course tests the full FRC criteria. Please provide a detailed overview of the creation and delivery of the assessment. This should include:
- Method of delivery/platform,
- confirmation that the FRC criteria is assessed,
- the names and expertise of developers,
- processes regarding security, review cycles, and the prevention and detection of cheating,
- embedded quality assurance processes.
Certificate
Your certificate must contain the following details:
- Organisation,
- name of course,
- name of participant,
- date of award.
Please provide a copy of your certificate.
Certificates awarded to participants for the purpose of Key Audit Partner Applications (route 10, i, c) will be valid for 3 years. Following expiration, participants will be required to successfully complete the training and assessment for a subsequent certificate. 1
Internal processes, Quality Assurance
You need to ensure that you have internal processes governing the creation and delivery of the training course, including the expertise of the course and assessment creation and delivery team. You also need to ensure appropriate quality assurance mechanisms for the review cycle.
- Course creation - Please provide a document which sets out the development process followed for the course and assessment creation and review cycle, including evidence of the knowledge and expertise of the individuals involved.
- Trainers' qualification – You need to ensure you can demonstrate that the trainers are appropriately qualified and skilled in the delivery of training. Please provide a list of all trainers' names, qualifications, and experience
Our review
Approval will only be awarded where we can confirm that the training course and assessment methodology has met the FRC requirements, and we are satisfied that the course and assessment design and delivery processes are robust.
Applications will be processed upon receipt of all documentation. We may contact you via email to obtain more information or clarification, an appropriate response timeframe will be provided. We will send you a letter of notification following the conclusion of the assessment.
Annual update and monitoring
FRC will review approval and where necessary amend the approved published list annually. You must ensure that you abide by the conditions of approval, as set out:
- Notify the FRC of any significant changes to the training program, learning materials, assessment methodologies, or the expertise of the training providers, within 15 days of the date of change.
- Maintain communication with FRC regarding any updates or modifications to the course or its delivery, to respond to queries raised within an agreed timescale.
- Agree to the Publication on the FRC website of the name of your organisation and title of course.
Issue November 2024
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Local Audit Specialist Training ↩