Date posted: 28/09/2023

FMA provides clear pathway for UK auditors

MoU signed between the FMA and the FRC.

In brief

  • Records the basis whereby each recognises audit qualifications from the other’s jurisdiction
  • Recognises and leverages CA ANZ’s reciprocal membership arrangements
  • UK auditing courses added to FMA’s approved courses in auditing

In a development highlighting the strength of New Zealand’s regulatory frameworks, the Financial Markets Authority (FMA) has entered into a Memorandum of Understanding (MoU) on reciprocal arrangements with the Financial Reporting Council (FRC) for the mutual recognition of auditors between New Zealand (NZ) and the United Kingdom (UK). It records the basis whereby each recognises audit qualifications from the other’s jurisdiction, including the application processes. So, UK applicants seeking registration as a licensed auditor in NZ will now receive comparable treatment to New Zealand applicants (and vice versa). This provides a clear pathway for UK auditors to become licensed auditors in NZ.

Global mobility and access to opportunities overseas has been shown to be a key factor in attracting students to study accounting and ultimately join the profession. The MoU recognises and leverages the reciprocal membership arrangements that CA ANZ has with the following UK Accountancy Bodies:

  • Institute of Chartered Accountants in England and Wales (ICAEW)
  • Institute of Chartered Accountants of Scotland (ICAS)
  • Chartered Accountants Ireland (CAI)
  • Association of Chartered Certified Accountants (ACCA)

The Auditor Regulation Act 2011 prescribed minimum standards requires individuals who apply to be a NZ licensed auditor to have successfully completed a professional course in auditing approved by the FMA. To operationalise the MoU, the FMA has added UK auditing courses provided by ICAEW, ICAS, CIA and the ACCA to its approved courses in auditing.

FMA Media Release

Memorandum of Understanding on Reciprocal Arrangements.