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.