• Register
Return to: Home > News > Professional Bodies > Scottish and USA institutes sign mutual recognition agreement

Scottish and USA institutes sign mutual recognition agreement

The Institute of Chartered Accountants of Scotland (ICAS), the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NABA), have signed a Mutual Recognition Agreement.

The agreement simplifies the process and reduces the examination requirements for each institutes’ members to gain membership in the other institutes streamlining the process for members to apply to work in other jurisdictions.

Following the agreement, chartered accountants (CAs) will need to pass the International Qualification Exam and USA certified public accountants (CPAs) will need to complete the international qualification pathway, a two-year training contract and have requisite UK audit experience.

However, CAs and CPAs will have to have already gained certain qualifications in their own countries before becoming eligible to work in the respective jurisdiction.

Members of the ICAS will have to have an undergraduate degree, completed the CA Qualification Program, and have two years post qualification relevant practical work experience.

For a USA CPA, the applicant must be in good standing with the State Board, have completed and undergraduate degree, the Uniform CPA Exam, State Board experience requirements for licensure and two years of post-qualification practical work experience.

The agreement has been approved by both countries’ governing bodies. 

Liam Fox, the UK’s International trade secretary, has welcomed the agreement, commenting: “Mutual recognition of qualifications can help boost trade in services, making it easier for our world-leading professionals to operate in other countries.”

 

By Joe Pickard

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.