The Financial Reporting Council (UK) and the Australian Securities and Investment Commission (ASIC) recently announced a Memorandum of Understanding on Reciprocal Arrangements (MOURA) that will make it easier for auditors to work between both countries.
The agreement means that auditors, who have professionally qualified either in the UK or Australia can more easily apply for recognition of their accountancy qualification and audit rights in the other country.
This will hopefully improve the quality of the audit market in both the UK and Australia by increasing the number of skilled auditors able to practise in both nations and also making it easier for audit firms to export their services.
The UK and Australia signed a free trade agreement which came into action in May 2023 and included a section on the recognition of professional qualifications with the aim of encouraging regulators to pursue agreements like this one, which will remove costly and time-consuming requirements.
FRC’s Executive Director of Supervision, Sarah Rapson said: "Australia is a key trading partner for the UK and this agreement further strengthens our close relationship by opening new opportunities for audit firms and UK businesses to grow and expand. It is a positive boost for the UK audit market, widening the pool of talent available to UK audit firms and further enabling firms to export their audit services and improve the quality of their audits.”
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