UK and Australian sign audit agreement

The UK’s Financial Reporting Council (FRC) and the Australian Securities and Investment Commission (ASIC) have announced a Memorandum of Understanding on Reciprocal Arrangements (MOURA) making it easier for auditors to work between both countries.

The agreement allows auditors who have obtained professional audit qualifications as a statutory auditor in either the UK or Australia to more easily apply for recognition of their qualification and audit rights in the other nation.

FRC said this latest move will improve the quality of the UK audit market by increasing the number of skilled statutory auditors able to practise in the UK over time and make it easier for UK audit firms to export their services to Australia.

Similar audit arrangements have recently been signed with New Zealand and Switzerland and the FRC is continuing to explore other agreements subject to rigorous qualification standards being met.