• Register
Return to: Home > News > Regulation > UK FRC and Swiss regulator agree to audit supervision

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.

Related link

Financial Reporting Council

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.