Updated auditor competency standard takes effect
ASIC has approved a revised standard placing greater emphasis on ethical behaviour in the competency pathway for company auditors.
Effective from 1 October 2026 under ASIC Instrument 2026/733.
What happened
ASIC approved an updated auditing competency standard jointly issued by CPA Australia, Chartered Accountants Australia and New Zealand, and the Institute of Public Accountants.
The standard strengthens recognition of ethical behaviour as a fundamental component of professional competence. It takes effect from 1 October 2026 under the ASIC Corporations (Approval of Auditing Competency Standard) Instrument 2026/733.
This standard provides an alternative to time-based experience requirements for applicants seeking registration as company auditors. ASIC says it will update Regulatory Guide 180 to reflect the new instrument.
Why it matters
Advisers supporting auditor registration and professional development should check the revised competency requirements. This is a change to the approved registration pathway, rather than a new general AI rule or a new duty for all lawyers.