ICAS signs historic deal with US accountancy bodies

ICAS and US accountancy bodies, NASBA and AICPA, have agreed a deal which will provide a streamlined process for their respective members to practice in the other’s jurisdiction.

The Mutual Recognition Agreement (MRA) provides a simple route for ICAS members to achieve the US CPA and licensure, and US Certified Public Accountants to attain the CA designation and UK audit signing rights.

The MRA simplifies the process and reduces the examination requirements for eligible ICAS Members and Licensed CPAs.

CAs need only pass one exam – the International Qualification Exam (IQEX) – and satisfy the relevant State Board requirements. Eligible US CPAs now need only complete: the international qualification pathway, a two-year training contract and have requisite UK audit experience.

For CAs to take advantage of the MRA agreement, they must be an ICAS member in good standing and have completed:

To apply, a US CPA must be a licensed CPA in good standing with a State Board and have completed:

Representatives from the three accountancy bodies met in New York, at an official ceremony, to sign the agreement.

Mark Allison, ICAS Executive Director said: “This agreement has been years in the making and I am delighted that the hard work of ICAS and our US partners has now paid off.

“One of the many benefits of the CA qualification is the opportunities it creates for professionals to work in other countries.”

AICPA President and CEO Barry C. Melancon, CPA, CGMA, said: “We welcome the mutual recognition that is at the heart of this agreement. It will give US CPAs a clear and accelerated path to obtaining a credential in the United Kingdom. And the same is true of ICAS members with an interest in practicing in the United States.

“Agreements like this come to fruition through the dedication of the respective accounting bodies, the diligence of member volunteers who serve on the International Qualifications Appraisal Board, and the commitment of NASBA and the state boards it represents. Together, we are building increased international recognition for U.S. CPAs in every corner of the world.”

The agreement, which has been approved by all governing bodies, which in the UK are the Financial Reporting Council and ICAS Council, was

Welcoming the agreement, ICAS CEO, Anton Colella, said: “This is an historic agreement. It’s the first of its kind between a UK Chartered Accountancy body and American accountancy bodies, and comes at a pivotal point for the UK.

“It not only creates new opportunities in the world of transatlantic trade, but also reinforces the high standing in which we hold our American colleagues, and the expertise they value in us.”

Ken L. Bishop, President and CEO of NASBA, said: “It is remarkable that is has taken decades to reach this historic agreement positively impacting the accounting professions of the United States and the UK. I applaud the tremendous effort and perseverance of the staff and volunteers of the respective organizations to finalize this crucial agreement.

“We appreciate the participation and support of the UK’s FRC in this endeavor. The relationships developed during this process will serve us well as we work together on future agreements.”

Stephen Haddrill, CEO of the FRC, said: “The FRC welcomes the Mutual Recognition Agreement signed between ICAS, NASBA and the AICPA. Recognising the skills needed in a global business environment, the agreement provides a pathway for qualified professionals in the UK and the US to gain audit rights in each other’s jurisdictions. We consider that this is an approach that can be replicated more widely.”