At the last ICAEW Student Council meeting, Chris P (ICAEW employer training) gave us a useful update regarding the online training file and particularly the Audit Qualification (AQ).
The key message was about the importance of submitting experience to the AQ during training. Once upon a time, all of your experience could be measured and submitted retrospectively. Now experience has to be banked during your training contract or it will be lost after you qualify. The importance of accurate information was also stressed as this information can be accessed by the regulators and will be verified If the full experience hours are not met during training, the experience can be banked so that it is not lost.
Even if you have no long term interest in audit, the AQ can still be important to you. Responsible Individuals (RIs) must hold a majority of the voting rights within a Registered Auditor and to be a RI you need the AQ. This means particularly at smaller accountancy firms, not having the AQ could limit your chances of promotion to partner even if you’re not working in audit!
For more information about the AQ: