Stalled US-UK Deal Could Affect International Mobility of Accountants

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An international deal that would have made it easier for US and UK accountants to work across borders has stalled—mainly due to disagreements over audit training standards and regulatory oversight.

Talks aimed at recognising each other’s accounting qualifications were meant to simplify how auditors move between countries, especially when working with dual-listed companies or multinational banks. The Big Four—Deloitte, EY, KPMG, and PwC—have supported the move, saying it would help streamline complex audit engagements.

A pilot programme between US and Scottish bodies had shown early promise, but efforts to expand it to England and Wales didn’t progress. The pilot quietly lapsed last year, and negotiations are now on hold.

One key issue? The UK requires additional training before someone can sign off audit reports—training that isn’t currently matched by US standards. Another sticking point: US negotiators left out the Association of Chartered Certified Accountants (ACCA), despite it being one of the largest professional bodies in the UK.

While the UK’s Financial Reporting Council is still hopeful the talks can resume, there’s no immediate resolution in sight.

🔍 Why this matters for South African accountants

Even though South Africa isn’t part of this deal, it’s a timely reminder of how tricky international mobility can be in the profession. As global business becomes more interconnected, having qualifications that are recognised across borders is becoming increasingly important—for both individuals and firms aiming to expand their global reach.

Source: Financial Times