Page 129 - JobsPlus - Occupational Handbook

Entry level education / special licences / warrants
External Auditors are required to be in possession of a Certified Public Accountant (CPA) Warrant and a Practicing Certificate in Auditing.
The CPA Warrant is obtained after an aggregate of three years of working experience in the industry - of which at least one year of experience is gained after academic qualifications have been obtained – subject to the successful completion of the relevant accounting qualification such as the Bachelor of Accountancy (Honours) (University of Malta) (MQF Level 6).
Another option is to follow programmes such as the ACCA Programme (Association of Chartered Certified Accountants) or the ICAEW Programme (Institute of Chartered Accountants in England and Wales), which lead to an internationally recognised accounting certification.
For further details on specific entry requirements, it is advisable to consult the respective educational institution’s website.
Qualifications awarded by foreign bodies need to be recognised or pegged with a particular MQF Level by the MQRIC office within NCFHE.
For related training offered by other educational institutions, it is advisable to consult the list of accredited courses on the NCFHE website.
Accountants must fulfil the mandatory Continuous Professional Education requirement in order to renew their warrant. For further information, it is advisable to consult The Malta Institute of Accountants’ website.
In order to obtain the Practicing Certificate in Auditing, one needs to complete at least three years auditing experience under the supervision
of a holder of a Practicing Certificate in Auditing, of which at least two years should be gained subsequent to obtaining the academic qualification.
While External Auditors are required to be Accountants, this is not necessarily the case for Internal Auditors. In addition to being qualified in accountancy, Internal Auditors may be qualified in other areas such as Risk Management. Additionally, professional certifications such as the Institute of Internal Auditors (IIA) audit certification and the Certified Information Systems Auditor (CISA) certification may be considered an asset.
On-the-job training is typically offered by the employer.
Knowledge and skills
Auditors are expected to have:
• An understanding of the industry the organisation is operating in
• Up-to-date knowledge of developments in international accounting standards and their interpretation
• Knowledge of auditing procedures including techniques, test and sampling methods
• The ability to identify potential criminal or fraudulent behaviour in line with AML/CFT directives and regulations
• The ability to recognise and monitor risks faced by organisations and accountants in practice
• Up-to-date knowledge of recent trends in corporate governance and the ability to identify the conditions required for good corporate governance
• The ability to clearly and coherently explain financial information to clients or management
• The ability to be independent and objective • Presentation skills
Occupational Handbook 2018
129