Following the announcement of an agreement between the UK and Switzerland recognising professional qualifications as early as 2025, ICAEW is contributing to the discussion on its implementation in relation to audit practitioners.
In June, a new agreement on the mutual recognition of professional qualifications was signed by the UK and Switzerland.
The agreement provides a framework outlining how those from a regulated profession who qualified in the UK can have their qualifications recognised in Switzerland, and vice-versa, and to simplify the process.
Switzerland is the UK’s 7th largest partner for services trade, with £24bn of services traded between the two countries in 2022.
Welcoming the announcement, ICAEW’s Director, Europe, Christiana Diola, said: “The agreement is a positive step for our members in Switzerland and for UK audit firms. Increasing the portability of the ACA, and the recognition of international auditors, can only support the government’s vision for a Global Britain.
“We look forward to seeing the framework implementing the agreement and are actively supporting its development.”
The audit profession was one of those explicitly referred to by the Department of Trade when announcing the agreement, however, while the document contains an appendix clarifying the route for practising lawyers, the route for UK qualified accountants and auditors will be determined through further regulations.
ICAEW is in discussion with the government on how the agreement will be implemented for audit and is also in contact with the FRC, which as the industry regulator will be responsible for delivering the new process.
Source: ICAEW News