“In an increasingly global economy, implementing practical and intuitive processes of mutual practical privileges for qualified accountants is the right approach,” Said Bishop. “I would like to thank our colleagues in Australia and New Zealand, as well as NASBA and the boards of directors of the state it represents, for their support of this cross-border commitment to accounting excellence,” said AICPA President and CEO Barry Melancon, CPA, CGMA, in a press release. “We are pleased to renew our support for this reciprocal agreement with CA ANZ, which provides a process optimized for U.S. CPAs to practice in Australia and New Zealand.” Editor`s Note: Click here to read “MRA Requirements for U.S. CPAs” by Amanda M. Grossman, CPA, Ph.D., and Holly R. Rudolph, CPA, DBA. The diagram is a quick guide to the requirements for U.S. CPAs to work in the six countries where the United States has mutual recognition agreements. The IQEX review is intended to facilitate the CPA qualification process in the United States for accountants in other countries whose professional organizations have co-wine agreements with the U.S.
accounting profession. It also provides accounting services with reasonable assurance that those who pass the audit have the level of technical knowledge and skills necessary to protect the public interest. Mutual recognition agreements on behalf of the U.S. accounting profession are established under the supervision of the International Qualification Appraisal Board (IQAB), a joint body of the American Institute of Certified Public Accountants (AICPA) and the National Association of State Board of Accountancy (NASBA). For the time being, the mutual recognition agreements concluded by the United States on accounting are: “It is remarkable that it has taken decades to reach this historic agreement that has a positive impact on the accounting professions of the United States and Scotland. I salute the tremendous effort and perseverance of the staff and volunteers of the respective organizations to conclude this crucial agreement,” said Ken L. Bishop, President and CEO of NASBA. “We appreciate the participation and support of uk FRCs in this endeavour. The relationships developed during this process will serve us well if we work together on future agreements. MRAs, which provide reciprocal practice rights for accountants and CPAs, already exist in a number of countries. In recent years, NASBA and AICPA have reviewed and renegotiated previous agreements with the institutes of Canada, Ireland and Australia in New Zealand. It has also added agreements with Scotland and South Africa.
This last point is January 1, 2020. The ICAEW is also in discussions for a similar agreement from November 2020. Any professional accounting organization wishing to enter into a mutual agreement with u.-IQAB must submit a letter of intent to nASBA. The letter should contain a brief written description of the nature and objectives of the organization, the extent of its membership and its interest in applying for an MRA. If the organization does not have the right to grant exercise rights, including supervisory rights, it must demonstrate that it can facilitate the obtaining of these authorizations for the United States.