This morning the UK’s Financial Reporting Council (FRC) and the NZ Financial Markets Authority (FMA) signed a Memorandum of Understanding on Reciprocal Arrangements to recognise audit qualifications in both the UK and New Zealand.

Mike Suffield, Director, Policy & Insights, ACCA, said: “ACCA welcomes the UK and New Zealand audit authorities agreeing mutual recognition of audit qualifications.

“It is good to see the work the two bodies have done to assess professional competence.

“Over time this memorandum of understanding (MoU) should increase the supply of high quality auditors for both economies. This is important at a time when audit talent globally is increasingly in short supply. This will in turn support the continued efforts from the respective regulators of the two countries to drive high quality audit in the public interest.

“This builds on the professional ties between the two countries, and helps embed the value of the strategic alliance between ACCA and Chartered Accountants ANZ which works to increase the flow of qualified accountants, including auditors, between the two countries.”