The UK and Switzerland have mutually recognised their statutory audit qualifications, allowing auditors to work more easily in each country, with the hope of boosting both countries’ audit markets.
The arrangements have been made between the Financial Reporting Council (FRC) and the Federal Audit Oversight Authority (FAOA) – Switzerland’s competent audit authority.
They provide a process by which auditors who have obtained professional audit qualifications and registration as a statutory auditor in either the UK or Switzerland (audit expert) can apply for recognition of their qualification and audit rights in the other country. To enable this, the FRC assessed the Swiss statutory audit qualification as equivalent to UK statutory audit qualifications.
The FRC prioritised mutual recognition discussions with Switzerland based on its large financial services sector, the size of its audit market, and strong trade relations with the UK. The arrangements follow an umbrella agreement on Recognition of Professional Qualifications between Switzerland and the UK which was signed in June 2023 and comes into force in 2025.
The FRC’s Sarah Rapson said: “Like the UK, Switzerland has an influential financial services sector and a high number of skilled auditors.
“The mutual recognition arrangement is a positive boost for the UK’s audit market and will further strengthen the close financial ties enjoyed between the UK and Switzerland.”
The move follows a similar deal signed with New Zealand in September 2023.
