The UK’s Financial Reporting Council (FRC) and Zimbabwe’s Public Accountants and Auditors Board (PAAB) have signed a memorandum of understanding on Reciprocal Arrangements (MOURA) to support audit quality in both countries.
The agreement will make it easier for statutory auditors qualified in either country to apply for recognition of their credentials and audit rights in the other market.
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The move comes after FRC assessed the education, professional qualifications, and requirements for Registered Public Auditors in Zimbabwe.
It found these requirements equivalent to those for UK statutory auditors, with an independent expert also reviewing the assessment.
Additionally, the arrangement is intended to help UK audit firms provide services overseas. It may also support recruitment by enabling firms to attract experienced senior auditors qualified in Zimbabwe.
PAAB secretary Donald Mangenje said: “This arrangement is the result of a detailed assessment by both regulators, and it confirms where Zimbabwe’s audit qualification, and the way we regulate auditors, stand in comparison with one of the most established audit regimes in the world.
“That is a strong endorsement of the profession in Zimbabwe and of the institutions that train and regulate it. For Zimbabwean auditors it opens a route to practise in the UK without requalifying, and for those in the diaspora it keeps the door open to come home.
“For the country, it shows that credible financial reporting and sound regulation are being taken seriously, which is what investors look for.”
The FRC has previously reached similar reciprocal agreements with regulators in Australia, New Zealand, and Switzerland.
It is considering further arrangements, provided jurisdictions meet its qualification standards.
FRC CEO Richard Moriarty said: “Today’s agreement signed between the UK and Zimbabwe further expands the opportunities for UK’s world-leading audit firms to export their services globally.
“This agreement maintains the high standards which investors and audit committees expect while expanding the pool of talent which UK firms are able to access and improve the quality of their audits.”
