The United States of America deal on the accounts of accounting qualifications after conflicts

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Talks to allow us to hold accountants to train in the UK and vice versa on the following conflicts, including how to judge the quality of American audit training.

The leaders of the accounting profession on both sides of the Atlantic Ocean were hoping that the deal would make it easy for auditors in major companies to move freely when working on the accounts of large banks and dual menu companies.

Supporters of the idea also believe that it will attract talents to the city of London and open new professional opportunities for tens of thousands of people.

Professional bodies in the United States and Scotland approved a pilot program in 2018 that allowed a limited appreciation of accounting qualifications to each other.

But trying to extend the deal to the eligible persons in England and Wales and allow Americans to carry out the UK audit work, according to the people participating in the talks.

The pilot, which was extended twice with the negotiations continued, was allowed quietly by a difference of last year.

“I would like to describe the operation as a pending,” said Bruce Cartrait, CEO of the Institute of Certified Accountants in Scotland.

The UK government said that mutual recognition agreements can enhance scrutiny in Britain and help local companies win work abroad. It was proposed to amend the corporate law to allow professional bodies to calculate foreign audit experience in auditors towards qualifications in the United Kingdom.

The four major accounting companies – Deloitte, EY, KPMG and PWC – also expressed their support for organizations and professional bodies on both sides of the Atlantic Ocean, according to the people familiar with the talks.

One of the four major executives in the United Kingdom said that the freedom of movement of accountants was important for the smooth operation of complex audits, especially as customers had double lists.

“We should not reduce the complexity of these large financial institutions,” Cartra said.

One of the points attached to the talks was the requirement of accountants in the United Kingdom to complete the additional work before they could add an audit qualification, which is necessary to sign the accounts of financial companies.

Cartrait told the Financial Times that although there is an agreement that the expertise of auditing in the United States could be counted towards the UK qualification, it was not possible to design a supervisory system to ensure that American auditors learned the required skills. “We have not been able to reach an agreement on the obstacles that we will need,” he said.

The United States has less specific experience requirements. “As a rule, we expect the same consideration as CPA in the United States that we offer to licensed accountants from other countries,” said the American Institute of Accredited Public Accountants (AICPA).

Another obstacle, according to British professionals, was the unwillingness of the United States to include one of three major bodies that provide audit qualifications in the UK.

AICPA is negotiating with two vocational bodies-ICAS and the Institute of Legal Accountants in England and Wales (ICAEW)-but not the Association of Certified Certified Accountants, which has the second largest number of UK members.

ACCA said that the Financial Reports Council, which regulates the auditors in the United Kingdom, had a final opinion on mutual recognition agreements and “any arrangement that FRC agreed will be applied to all UK bodies.” ICAEW refused to comment.

FRC said it hopes that all parties will continue to work together to end this long -term issue. “