Section 6 G) of the Single Accounting Act was recently amended to allow states to accept unilateral recognition of foreign denominations. The criteria are as follows: Since the Canadian profession its unified MRA has been renegotiated since the former CGAs and CMAs were not part of the original agreement. The renegotiated contract was signed at the end of 2017. All CPA Canada members have the right to participate in the IQEX exam, as long as they meet the requirements of the new MRA. Some applicants require additional experience and training to meet the eligibility criteria. These applicants must consult with CPA Canada and their provincial bodies to determine their exact requirements. The next steps point to the way forward for U.S. CPA information holders to become members of CPA Australia under the terms of the current mutual recognition agreement. In accordance with the terms of the agreement, the pact will facilitate mutual recognition of the name SSouth African CA (SA) and the US license CPA.
It will also increase the mobility of professionals to facilitate the growth of the profession in the United States and South Africa. As the accountant and CPAs continue to grow globally and harness technological innovations, we need to help the profession find ways to expand its scope of practice, knowledge and mobility,” AICPA President and CEO Barry Melancon said in a statement Thursday. “This mutual recognition agreement achieves this goal.” NASBA President and CEO Ken L. Bishop said in a press release that the agreement builds on the original agreement and embodies an ongoing effort to improve fairness and balance of requirements between countries. During the five-year period of the agreement, the International Appraisal Board will work to develop other requirements that would expand access to CA ANZ credentials, who are neither legitimate citizens nor residents of New Zealand and Australia. 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 is not entitled to grant exercise qualifications, including supervisory rights, it must demonstrate that it can facilitate the receipt of these qualifications for U.S. CPAs by the receiving authority. Qualified U.S. CPAs have the right to obtain a certifying certificate that is a means of obtaining audit rights in Australia and New Zealand under a renewed Mutual Recognition Agreement (MRA).
“The U.S.-South Africa agreement is a success for all parties and can be abandoned by Boardofancy to fulfill their mission to protect the public,” said NASBA President and CEO Ken L.