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Who is an Appropriately Qualified Person to provide Reports?

An Appropriately Qualified Person must be independent of the business structure, have the required qualifications for the relevant Allowable Annual Turnover (AATO) category and cannot be the:

  • applicant
  • licensee
  • director
  • secretary or
  • employee of the applicant or licensee

The Appropriately Qualified Person must apply relevant Australian Accounting and Auditing Standards and mandatory reporting requirements in preparing the financial report. The following table shows the required qualifications and relevant AATO categories for Appropriately Qualified Persons:

QUALIFICATION

ELIGIBLE TURNOVER CATEGORIES

Registered company auditor holding professional Indemnity Insurance of at least $250,000

Categories 1 to 8

Holder of a current public practising certificate from the Australian Society of Certified Practising Accountants (CPA)

Categories 1 to 3 inclusive

Holder of a current public practising certificate from the Institute of Chartered Accountants in Australia (ICAA)

Categories 1 to 3 inclusive

Holder of a current public practising certificate from the Institute of Public Accountants (IPA)

Categories 1 to 3 inclusive

Holder of a current public practising certificate from the Association of Taxation and Management Accountants (ATMA)

Categories 1 to 3 inclusive

Holder of a current public practising certificate from the National Tax & Accountants Association (NTAA)

Categories 1 to 3 inclusive

Holder of at least Membership status of one of the above professional associations

Category 1 Only

Registered Tax Agent

Category 1 Only

Another Responsible Person – in extraordinary circumstances

At the discretion of, and by prior approval of, the Commission

Other qualifications

The following persons can only provide an Independent Review Report (IRR) for a Category 1 turnover as they don’t hold a public practising certificate:

  • A person with an ASA qualification.
  • Professional National Accountants (PNAs)

Can you change the Independent Review Report or Audit Report?

We will accept a report that has been re-typed onto the accountant’s letterhead, as long as the report wording has not been altered.

Who can sign off an Independent Review Report for categories 4-8 -1st year only or Audit Exemption Report for Categories 4-8?

A person who is eligible to complete an IRR at Category 3 level (a person with a public practising certificate) is eligible to complete an IRR for Categories 4 to 8. Registered Company Auditors can sign an IRR for any category.

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Creative Commons Attribution 3.0 Australia (CC BY 3.0)
Last updated
4/03/2014 2:19 PM

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