ACCA has announced that it welcomes the mutual recognition agreement between UK and Australian audit authorities. At a time of a talent shortage, the deal should make it easier for auditors, including ACCA members, to work between both countries.

The agreement between the UK’s Financial Reporting Council and the Australian Securities and Investment Commission (ASIC) allows auditors who have obtained professional audit qualifications as a statutory auditor in the UK or Australia to more easily apply for recognition of their qualification and audit rights in the other nation.

Commenting on this, ACCA executive director for strategy and governance, Maggie McGhee, said: “ACCA welcomes the UK and Australian audit authorities agreeing mutual recognition of audit qualifications. 

“Over time this Memorandum of Understanding on Reciprocal Arrangements (MOURA) should increase the supply of high quality auditors for both economies. This is important at a time when audit talent globally is increasingly in short supply. This will in turn support the continued efforts from the respective regulators of the two countries to drive high quality audit in the public interest.”

ACCA has discussed the issue of audit talent scarcity in its recent report Attract, engage, retain: Insights and recommendations for audit talent success, published the prior to the MOURA being announced. 

CA ANZ group executive for advocacy and international development, Simon Grant, added: “The ability to be recognised and work overseas in a truly global profession is a major drawcard for a career in audit, and this agreement provides greater clarity and confidence for auditors moving between Australia and the UK.

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“Australia is one of the first countries to be recognised under the UK FRC’s renewed approach on mutual recognition, which alongside New Zealand, is a testament to our close ties and shared history.”

ACCA director of policy and insights, Mike Suffield, concluded: “This builds on the professional ties between the two countries and helps embed the value of the strategic alliance between ACCA and Chartered Accountants Australia & New Zealand which works to increase the flow of qualified accountants, including auditors, between the two countries.”