ASIC and the Financial Reporting Council (FRC) in the United Kingdom (UK) have signed a Memorandum of Understanding (MoU) on Reciprocal Arrangements which sets out the recognition of audit qualifications.

The MoU allows auditors who have obtained professional audit qualifications as a statutory auditor in either the Australia or the UK, to apply more easily to have their qualification and audit rights recognised in the other country.

ASIC supports the development of a robust audit industry in Australia as well as reducing impediments to cross border skills and expertise.

The agreement has been signed by FRC’s Executive Director of Supervision Sarah Rapson and the Chair of ASIC, Joe Longo.

ASIC is Australia’s corporate, markets and financial services regulator.