Trust Freddy
Herald Correspondent
Auditor-General Ms Vimbai Chikwenhere says the mutual recognition agreement between Zimbabwe and the United Kingdom is a defining moment for the country’s accounting and auditing profession and a vote of confidence in Zimbabwean auditors.
Ms Chikwenhere was speaking in Harare on Tuesday at a mirror event to mark the signing in London of the Memorandum of Understanding on Reciprocal Arrangements (MOURA) between the Public Accountants and Auditors Board (PAAB) and the UK’s Financial Reporting Council (FRC).
The signing coincided with World Accounting Day.
“The signing of the Memorandum of Understanding on Reciprocal Agreements between the Public Accountants and Auditors Board of Zimbabwe and the Financial Reporting Council of the United Kingdom is a defining moment for the accounting and auditing profession in Zimbabwe,” Ms Chikwenhere said.
“This historic occasion is a statement of confidence in the quality of Zimbabwean auditors, in the rigour of our professional education and regulatory frameworks, and in the strength of the institutions that underpin public confidence in financial reporting and accountability.”
Under the agreement, appropriately qualified auditors from each country will have a route to audit rights in the other, subject to passing an aptitude test on local tax and law and joining a professional body.
Zimbabwe joins Australia, New Zealand and Switzerland as the FRC’s mutual recognition partners.
Ms Chikwenhere, who heads Zimbabwe’s Supreme Audit Institution, said the agreement strengthens the accountability ecosystem involving preparers of financial information, regulators, professional bodies, investors, development partners and citizens.
“This agreement strengthens that ecosystem. It creates opportunities for deeper collaboration, knowledge sharing and the exchange of international accounting and auditing expertise,” she said.
She said public sector auditors audit ministries, state-owned enterprises, local authorities and other public institutions, and must meet the requirements of ISSAI 150 on Auditor Competence.
“This agreement therefore matters because it recognises and validates that competence. It affirms that auditors trained and examined under Zimbabwe’s professional and regulatory framework meet standards that are recognised internationally, including within one of the world’s most respected regulatory jurisdictions,” she said.
Ms Chikwenhere said reciprocity would benefit both countries.
“Reciprocity cuts both ways. It opens doors for Zimbabwean professionals to pursue opportunities internationally while also creating opportunities for appropriately qualified professionals from abroad to contribute their expertise here,” she said.
“The result is a stronger profession, enriched by the exchange of skills, ideas and perspectives.”
