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UK FRC and Swiss regulator agree to audit supervision

The UK Financial Reporting Council (FRC) and the Swiss Federal Audit Oversight Board (FAOA) have agreed to cooperate in the public oversight, registration, inspections and investigations of auditors of companies subject to the regulatory jurisdictions of both parties in a memorandum of understanding (MoU).

The MoU says the two bodies should generally refrain from public oversight activities, inspections, investigations and penalties for auditors in the other country, and rely on the home supervisor.

However in exceptional circumstances "cooperation may include one party assisting the other party in an inspection or an investigation."

Commenting on the MoU, FRC executive director of conduct Paul George said "This agreement will enable more specific cooperation, for example, in respect of the inspection of audit firms organised on a regional basis and the inspection of audits with significant Anglo-Swiss activities."

The MoU does not have an end date, but can be terminated by either party.

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Financial Reporting Council

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