UK government invests half a million to get audit and accountancy qualifications recognised abroad

The UK government has pledged £500,000 to facilitate the recognition of accountancy and audit qualifications abroad.

Announced by the Department of Trade on January 24, this move is set to open new doors for UK-qualified professionals, enabling them to focus on winning contracts and exporting their expertise globally.

According to a press release, the funds will help UK professionals, including architects, auditors, and accountants, export their services worldwide. This funding is part of the Recognition Arrangements Grant programme, which awards grants of up to £75,000 to UK regulators and professional bodies.

The aim is to strike deals with counterparts around the world, making it easier, quicker, and cheaper for UK professionals to have their qualifications recognised overseas.

“This new round of funding will help open new doors for UK-qualified professionals, allowing them and their firms to focus on winning contracts, exporting their expertise abroad and growing their businesses,” said Minister for Trade Policy, Greg Hands.

The UK is the second biggest exporter of services in the world, and this move is expected to further strengthen its position.

Previous rounds of funding have already led to successful agreements between the UK’s Financial Reporting Council and their New Zealand and Swiss counterparts for auditors. This has allowed UK audit firms to sell their services more easily in these countries.

Executive Director of Supervision at the Financial Reporting Council, Sarah Rapson, welcomed the new funding, stating that it has been invaluable in supporting the FRC to secure mutual recognition of audit qualifications.

She further added that more agreements are likely in 2024, which will boost the UK’s audit market and strengthen its financial ties with key overseas markets.