The Chinese Institute of Certified Public Accountants (CICPA)
has forged closer ties with two professional bodies in the UK. The
institute signed a memorandum of understanding (MoU) with the
Institute of Chartered Accountants of Scotland (ICAS) to develop
the profession in both nations.

It has also sealed an agreement with the Institute of Chartered
Accountants in England and Wales (ICAEW) to award credits towards
each other’s examinations for those who have passed the appropriate
relevant subjects.

The MoU with ICAS allows the bodies to co-operate in research and
development, the education of accountants and auditors, staff and
technical exchanges and internships, joint conferences and
developing links with UK and Chinese universities.

ICAS president Isobel Sharp said: “I believe that this agreement
will enable the best ideas and practice in UK accountancy and
accountancy education to be shared with the Chinese profession. In
return, we hope to learn from the CICPA in developing their
members’ expertise to operate in a rapidly changing economy of
unlimited potential.”

CICPA president Liu Zhongli said developing international
co-operation with overseas accounting bodies was among the major
initiatives and strategies for the Chinese institute. He added:
“The agreement between ICAS and CICPA will help promote staff and
technical exchanges, international accountancy standards, training
and examinations. These initiatives will greatly help to promote
CICPA’s international development. Our co-operation will also
promote the roles that our two organisations play in the
international accountancy community.”

Under the ICAEW agreement, members of the CICPA who have passed all
five subjects of the CPA Uniform Exams will be awarded credits in
the professional stage of the ICAEW’s associate of chartered
accountant qualification. They will also be awarded credits at the
application level if they pass certain subjects.

ICAEW members who have passed the ACA examinations will be awarded
credit in the CICPA’s examinations in auditing, financial
management and cost management modules.