Organization : Ministry of Finance
Type of Facility : Practising Certificate in Auditing
Country: Malta
Website : https://finance.gov.mt/services/
Apply Here : https://www.gov.mt/en/Services-And-Information/eforms/Pages/Landing%20Pages/auditing_practising_certificate.aspx
Practising Certificate in Auditing :
The application for the practising certificate required to provide the services of an auditor
Related : Financial Services Authority Life Insurance Malta : www.statusin.org/8740.html
E-Form Submission Guidelines
Article 4(1) of the Accountancy Profession Regulations, 2009 sets out that an audit may only be carried out by a person holding a practising certificate in the field of auditing issued in terms of Article 4 of the Accountancy Profession Act, to a person who:
A. holds a Certified Public Account warrant and satisfies the Board that:
I. he has adequate qualifications in auditing at an advance level;
II. satisfies the conditions referred to in article 3(2d) of the Accountancy Profession Act. In article 3(2d) the Board shall ensure that in the case of an application for a practising certificate in the field of auditing the examination of professional competence adequately covers the necessary level of theoretical knowledge of the prescribed subjects relevant to auditing as well as the ability to apply such knowledge in practice; and
III. has gained the equivalent of 3 years full time practical training in auditing of financial statements, at least 2/3 of which shall be with an auditor approved in any Member State. Provided that at least 18 months of this practical training were gained after obtaining the degree or academic qualification relating to the accountancy profession prescribed in article 3(2c) of the Accountancy Profession Act;
or
B. satisfies the conditions laid down by article 4(3) or 4(6) of the Accountancy Profession Act. Article 4(3) of the APA states that the Board shall issue a practicing certificate in auditing in Malta to an individual of good repute who is an approved auditor in any Member State provided that such individual has passed, to the satisfaction of the Board, an aptitude test, covering local laws and regulations relevant to auditing, set by the Board for this purpose.
Article 4(6) of the APA sets out that subject to reciprocity and subject to rules that may be prescribed by the Board, the Board may issue a practising certificate in auditing to a third country auditor if it is satisfied that such individual is in possession of the qualifications set out in Article 3(2) of the Accountancy Profession Act, has passed an aptitude test set by the Board and satisfies any other conditions which may be prescribed.
Third Country Auditor Registration ( any auditor other than an auditor registered in any other EU member state)
Article 7(11) of the Accountancy Profession Act sets out that the Board may register a third-country auditor and third-country audit entity in accordance with the provisions of subarticle (6) only if:
a) it is of good repute;
b) the third-country auditor or the third-country auditor carrying out the audit on behalf of the third-country audit entity is in possession of qualifications which are equivalent to those laid down in article 3(2);
c) in case of a third-country audit entity, the majority of the members of the administrative or management body of the third-country audit entity meet the requirements which are equivalent to those laid down in article 10(6);
d) the audit referred to in sub article (6) is carried out in accordance with international auditing standards and complies with the requirements of independence, objectivity and audit fees set out in this Act or by the Board or with equivalent standards and requirements; and
e) it publishes on its website an annual transparency report which includes the information referred to in article 18(1) or it complies with equivalent disclosure requirements.
Application Process:
Article 4(A)(1) of the Accountancy Profession Regulations requires that every person seeking to obtain a warrant granted by the Minister, or a practising certificate issued by the Board must submit to the Board an application form in such form as may be determined by the Board from time to time and made publically available on the Board’s website, together with such other documentation as may be set out in the application form. In addition, Article 4(A)(2) of the Accountancy Profession Regulations requires that together with the application form, an application fee of € 25 is payable to the Board. Without delay, the Board is required in terms of Article 4(A)(3) of the Regulations to acknowledge receipt by letter of the application form and application fee.
The letter sent out to the applicant by the Board should specify:
** in the case of an incomplete application form, that the applicant needs to supply additional information or documentation, and that the Board will not commence processing an application form unless it receives a complete application form. It is important to note that an application form will not be deemed to be complete unless the Board is in receipt of all the documentation required to be submitted together with the application form;
** that the Board will determine whether to issue a practising certificate, or advise the Minister to issue a warrant, as the case may be, within 60 days from the date of receipt of a complete application form;
** the procedure under which a refusal by the Minister to issue a warrant, or the refusal by the Board to issue a practising certificate, may be appealed in terms of article 15B of the Act; and
** that an applicant shall be deemed to be a warrant holder, or a holder of a practising certificate, where the Board does not determine an application form within the periods mentioned in Article 4(A)(7) and (8) of the Accountancy Profession Regulations, The Board may extend the period to decide whether to issue a practising certificate or advise the Minister, as the case may be, by another period of not more than 30 days. Should this extension period be required, the applicant should be informed, prior to the expiry of the 60 day period subsequent to the receipt of a complete application form. Such notification would include the reasons for the Board availing itself of this extension.
Contact:
Accountancy Board
Ministry of Finance, Maison Demandols
South Street
Valletta
Telephone:
+356 25998388, +356 21228670
+356 21251356 (Fax)
Email: accountancyboard.malta AT gov.mt