Mutual Recognition Agreements (MRAs) between AICPA/NASBA and Professional Accounting Bodies of other Countries
MRAs are sort of trade agreements that facilitate heightened international congruency of conformity standards while protecting consumer safety and exchangeable practice of professionals in different countries across the globe.
Through the NASBA/AICPA International Qualifications Appraisal Board (IQAB), MRAs can be operated between signatory countries whereby qualified CPAs from USA can practice in other compliant countries and vice versa in a hassle-free manner.
Current CPA MRAS as authorized by IQAB
- South African Institute of Chartered Accountants (SAICA):
Under this MRA, a chartered accountant (CA) may be eligible to sit for the International Qualification Examination (IQEX) upon having a membership in good standing of the SAICA and meets the eligibility criteria imposed in the 2019 MRA. The educational criteria include a baccalaureate or higher degree and successful completion of the SAICA accredited postgraduation. The candidate must pass the SAICA Initial Test of Competence and the SAICA Assessment of Professional Competence. The experience requirements include completion of the SAICA training course prior to obtaining the CA(SA) credential and an additional 12 months of relevant work experience after obtaining the CA(SA) credential.
- CPA Ireland:
Under this MRA, a holder of the CPA Ireland qualification may be eligible to obtain the US CPA certification provided the Irish CPA holder is a member in good standing of CPA Ireland and complies with the other required criteria along with the applicable laws under US jurisdictions and State Board rules. For this, an Irish CPA must possess at least a baccalaureate or higher degree and successfully completed CPA Ireland’s Professional Accountancy Qualification curriculum incorporating Financial Reporting, Audit and Assurance, and Taxation courses at the final examination level. Under this MRA, only exemptions received via coursework at approved colleges/universities will be accepted. A 3 years and 2 years relevant work experiences are required at pre and post CPA levels respectively.
- Instituto Mexicano de Contadores Publicos (IMCP):
A holder of a Mexican CPC may be considered eligible to sit for the IQEX provided having a membership in good standing of the IMCP and meets the eligibility criteria set forth in the 2017 Mutual Recognition Agreement (MRA).
- CPA Canada (CPAC):
A holder of a Mexican CPC may be considered eligible to sit for the IQEX provided having a membership in good standing of the IMCP and meets the eligibility criteria set forth in the 2017 Mutual Recognition Agreement (MRA).
The candidate must be a member in good standing with Chartered Professional Accountants of Canada and a Provincial or Territorial CPA Body substantiated by a Letter of Good Standing.
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Educational Requirements for Post-Unification CPA Credential Holders
Hold a baccalaureate or higher degree and (one of the following)-
Completion of CPA Canada’s Professional Education Program (PEP) completion of a graduate program at a post-secondary institute accredited by a Provincial CPA Body. Have passed the CPAC’s common final examination (CFE).
Experience Required: Completion of at least one year of experience as detailed in the MRA and compliance with the continuing professional development (CPD) requirements of the respective Provincial or Territorial CPA Body.
- Institute of Chartered Accountants of Scotland (ICAS):
A UK Chartered Accountant (CA) may be eligible to sit for the IQEX upon meeting the eligibility criteria set forth in the 2018 MRA provided he or she is a member in good standing with the respective apex body.
- CPA Australia:
A holder of CPA Australia is eligible to sit for the IQEX if he or she is a member in good standing of CPA Australia and meets the eligibility criteria set forth in the 2018 MRA provided he or she must be a citizen of, or hold a visa granting legal residency in, Australia or New Zealand. Furthermore, the candidate must be a member in good standing with the CPA Australia accompanied by the appropriate letter.
Educational Criteria: Must possess at least a baccalaureate or higher degree completed Australian CPA Program including the elective subjects Advanced Taxation and Advanced Audit and Assurance.
Examination Requirement: Have passed the Global Strategy and Leadership capstone examination.
Experience Requirements: A minimum of three years of relevant work experience prior to obtaining the Australian CPA and being admitted to membership in CPA Australia along with completion of an additional two years and eight months of relevant work experience after obtaining the Australian CPA certification and membership admission.
Summary
Through a mutual recognition agreement (MRA), qualified professional accountants from another country can practice in the United States without having to completely re-credential. Similar recognition is given to U.S. CPAs who wish to practice in that same country through the respective MRAS.
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