Trust Freddy
Business Correspondent
ZIMBABWEAN auditors can now practise in the United Kingdom without undergoing requalification, following a mutual recognition agreement signed by the Public Accountants and Auditors Board (PAAB) and the UK’s Financial Reporting Council (FRC).
The Memorandum of Understanding on Reciprocal Arrangements (MOURA), signed in London on Tuesday, gives appropriately qualified auditors from each country 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.
The deal follows a detailed assessment by both regulators of each other’s audit qualification, professional education and training and regulatory oversight to ensure equivalence in professional competence.
It is expected to widen the pool of qualified auditors available in both markets, ease movement for skilled auditors — including Zimbabweans already working in the UK — and boost investor confidence in financial reporting.
The agreement was signed by PAAB secretary Mr Donald Mangenje and FRC chief executive officer Mr Richard Moriarty at a ceremony hosted by Lord Leong CBE, Minister for Small Business and Enterprise, at the UK Department for Business, Innovation, Science and Trade.
Deputy Ambassador to the UK, Mr Levi Upenyu Mukono, represented the Government of Zimbabwe at the signing ceremony.
PAAB hosted a mirror event of the ceremony at its Harare offices, which was attended by Government officials, the Institute of Chartered Accountants of Zimbabwe (ICAZ), the Association of Chartered Certified Accountants (ACCA) and business leaders.
Speaking after the signing ceremony, Mr Mangenje said the agreement confirms Zimbabwe’s standing against one of the world’s most established audit regimes.
“This arrangement is the result of a detailed assessment by both regulators, and it confirms where Zimbabwe’s audit qualification, and the way we regulate auditors, stand in comparison with one of the most established audit regimes in the world,” he said.
“For Zimbabwean auditors, it opens a route to practise in the United Kingdom without requalification and for those in the diaspora, it keeps the door back home open. For the country, it shows that credible financial reporting and sound regulation are being taken seriously, which is what investors look for.”
Mr Mukono described the agreement as a practical expression of Zimbabwe’s engagement and re-engagement agenda, moving the relationship beyond dialogue into institutional cooperation.
Mr Moriarty said the agreement expands opportunities for UK audit firms while maintaining high standards.
“This agreement maintains the high standards expected by investors and audit committees while expanding the pool of talent for UK firms,” he said.
Lord Leong said the deal delivers on the UK Government’s commitment to grow its world-leading professional business services and strengthens services trade between the two countries.
The arrangement does not affect visa or immigration requirements and will be reviewed every five years.
PAAB said it is also pursuing similar mutual recognition arrangements within SADC and other jurisdictions.
