MEDIA RELEASE (AU)

Chartered Accountants Australia and New Zealand (CA ANZ) and the global body for professional accountants, ACCA, has welcomed the mutual recognition agreement between Australian and UK audit authorities.

At a time of a talent shortage of auditors, the deal should make it easier, especially for CA ANZ and ACCA members, to work between both countries.

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

Simon Grant, CA ANZ Group Executive Advocacy and International Development, said: ‘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.

Maggie McGhee, Executive Director for Strategy and Governance at ACCA, 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.’

CA ANZ and ACCA have discussed the issue of audit talent scarcity in their recent joint report Attract, engage, retain: Insights and recommendations for audit talent success, published the day before the UK/Australia agreement was announced.

Mr Grant said: ‘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.’

Mike Suffield, ACCA’s Director, Policy & Insights, said: ‘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 and New Zealand which works to increase the flow of qualified accountants, including auditors, between the two countries.’