Us Uk Reciprocal Audit Agreement
Persons with CPA Ireland audit qualifications who, after passing the aptitude test in the United Kingdom, may have this qualification recognised for the purpose of becoming compensatory controllers in the United Kingdom. In accordance with Section 1221 of the Companies Act 2006, the Secretary of State may make a declaration authorizing a third country qualification. This function was delegated to the FRC. The FrC Board has made a statement approving the audit designation of CPA Ireland, which is an accounting unit (RAB) recognized by the ROI. In this statement, the FRC stated that it was satisfied that the CPA-Ireland qualification offers professional competence insurance equivalent to that granted by a recognised professional qualification in the United Kingdom and that all holders of a recognised professional qualification in the United Kingdom receive a PAY treatment probably comparable to that of cpa-Ireland qualification holders in the United Kingdom. The British factor controllers on the king`s audit register can currently check companies in the ROI without being re-registered as ROI charge controllers. Nevertheless, MOURA is confident that individuals and businesses can apply for registration in both jurisdictions whenever necessary and that their ability to provide audit services will be only slightly disrupted. In some cases, it is necessary for a person to take an aptitude test. After the expiry of the transition period with the EU, British auditors wishing to examine companies established in the Republic of Ireland (ROI) will for the first time have to be registered separately under another procedure, as provided for by the LAW ON ROIs. This is why the Financial Information Council (FRC) has concluded a Memorandum of Understanding on Reciprocal Agreements (“MOURA”) with the Irish Audit and Accounting Authority (IAASA), the competent authority of the ROI. This MOURA will facilitate the possibility for the ROI to register the legal controllers of the UK accounts as legal controllers of the ROI accounts in accordance with the requirement of Irish law that a legal controller of third country accounts cannot be approved as the legal auditor of accounts for the ROI, unless there are mutual agreements with that third country.