Accountancy

List of RQBs and RSBs
RSB & RQB recognition processes
Audit monitoring by the RSBs
Oversight of the Auditing Profession - Report to the Secretary of State 2011
Previous Secretary of State reports on the oversight of the Accountancy and Auditing professions
Key Facts & Trends 2011
Previous Key Facts & trends reports
Review of how accountants meet the needs of SMEs

The Professional Oversight Board has undertaken a review of the law and practice in Cyprus, Luxembourg and the Netherlands to determine whether it is sufficiently similar to that in the UK to allow audit experience obtained there to be counted as statutory audit work, in accordance with the requirements of Paragraph 9(2) of Schedule 11 to the Companies Act 2006.

Our conclusion is that the law and practice in these countries is sufficiently similar and, as a result, audit work undertaken after 7 May 2010 in Cyprus, Luxembourg and the Netherlands can be classed as statutory audit work for the purposes of Schedule 11, Paragraph 9(1).

Audit experience obtained in these three countries, and in Germany, can now be counted by the Recognised Qualifying Bodies as statutory audit work and hence relevant for the purposes of obtaining the audit qualification. Details as to the requirements for obtaining the audit qualification can be found on the Recognised Qualifying Bodies’ websites.