The Association of Authorised Public Accountants (AAPA) was formed in 1978 as a professional body for auditors recognised individually under the Companies Act 1948. AAPA achieved formal recognition by the Department of Trade and Industry in 1989, when the Companies Act received Royal Assent.
AAPA and ACCA have worked closely together for some 25 years and over that period AAPA members have been subject to the same regulatory and membership arrangements as apply to ACCA members.
AAPA has operated as a Recognised Supervisory Body (RSB) for audit purposes over this period, with ACCA managing all of the underlying regulatory arrangements and issuing audit licences to eligible AAPA members.
New audit regulation legislation has, however, now been passed and the overall regulator for audit, the Financial Reporting Council (FRC), has decided that only those bodies with the capability to run their own regulatory arrangements will continue as RSBs. AAPA does not have this capability in its own right and so will shortly cease to be an RSB. Please refer to the revocation order for more information.
ACCA and FRC have between them confirmed that existing AAPA firms authorised by ACCA for audit purposes will not be affected by this change and will remain eligible for such licences. ACCA is now in the process of winding-down AAPA and communicating with AAPA members concerning next steps.