KEY POINTS

• The UK and Zimbabwe have signed an agreement recognising each other’s audit qualifications.

• Zimbabwean auditors will have a route to practise in the UK without requalifying, subject to recognition requirements.

• The agreement is expected to help UK audit firms attract skilled professionals and expand their international services.

The United Kingdom and Zimbabwe have signed a mutual recognition agreement that will make it easier for qualified auditors in both countries to obtain professional recognition and practise across the two jurisdictions.

The agreement was signed on November 10 by the UK’s Financial Reporting Council (FRC) and Zimbabwe’s Public Accountants and Auditors Board (PAAB), with both regulators saying it would support audit quality and strengthen professional cooperation.

Under the arrangement, auditors who meet the relevant professional requirements in either country will have a clearer route to have their qualifications and audit rights recognised in the other.

The agreement, known as a Memorandum of Understanding on Reciprocal Arrangements (MOURA), provides a pathway for auditors with recognised statutory audit qualifications in the UK or Zimbabwe to apply for professional recognition in the other country.

The FRC said it had assessed the qualifications and regulatory requirements for Registered Public Auditors in Zimbabwe and found them equivalent to the UK’s statutory auditor requirements.

An independent expert was also engaged to review the assessment, ensuring that the recognition was based on established professional standards.

PAAB Secretary Donald Mangenje said the agreement would allow Zimbabwean auditors to practise in the UK without having to requalify.

He added that the arrangement would also benefit Zimbabwean auditors living abroad by creating opportunities to contribute to their home country’s professional sector.

Agreement to Expand Access to Skilled Auditors

The UK regulator said the agreement would help British audit firms attract experienced and senior-level professionals who qualified in Zimbabwe.

It is also expected to strengthen the ability of UK audit firms to provide services internationally and improve the quality of their audits by widening access to skilled professionals.

FRC Chief Executive Richard Moriarty said the arrangement would expand opportunities for UK audit firms to export their services while maintaining the professional standards expected by investors and audit committees.

The agreement was signed by Moriarty and Mangenje at a ceremony hosted by Lord Leong CBE, the UK’s Minister for Small Business and Enterprise at the Department for Business, Innovation, Science and Trade.

Lord Leong said the arrangement supported the UK government’s efforts to grow its professional and business services sector and strengthen trade relations with Zimbabwe.

Part of Wider UK Professional Services Strategy

The agreement comes as the UK seeks to expand its professional and business services industry, which includes accountancy and auditing.

The sector is one of eight high-growth areas identified in the country’s Modern Industrial Strategy as having the potential to attract long-term investment and support economic growth.

The FRC has previously signed similar mutual recognition agreements with Australia, New Zealand and Switzerland. It said it would continue exploring arrangements with other countries, provided they meet its rigorous qualification standards.

Zimbabwe’s Deputy Ambassador to the UK, Levi Upenyu Mukono, described the agreement as a step towards stronger institutional cooperation between both countries.

He said it would provide Zimbabwean accountants and auditors working in the UK with a clearer route to practise at a level consistent with their qualifications, while creating opportunities for them to contribute to Zimbabwe’s professional sector.