Mutual Recognition Agreement Hkicpa

Canadian SSPs are not eligible under this agreement if they have obtained their qualifications through a reciprocal agreement (i.e., a mutual recognition or mutual affiliation agreement) with another professional accounting organization. – NASBA/AICPA IQAB – Mutual recognition agreements between members of foreign audit firms in Hong Kong and the United States that have entered into various types of recognition agreements with the Hong Kong Institute of CPAs (“institute”) may be exempt from all or part of the Qualification Program of the Institute for EU Membership. These agreements are based on reciprocal audits of reviews and qualification processes between the Institute and overseas organizations. To reach an agreement, HKICPA and IQAB have conducted a long and painstaking review of each institute`s training, examination, experience requirements and standards of professional practice. The IQAB – which is generally strict in its overseas CPA recognition – stated that it was “confident” that the CPAs in Hong Kong “essentially correspond to those of the U.S. CPA.” The signing of the agreement with IQAB – a joint body of both NASBA and the American Institute of CPAs – allows the five-year pact to be recommended to accounting boards in all 55 U.S. jurisdictions and streamlines the recognition process. The Institute has entered into agreements with various recognition criteria: 28 October – The Hong Kong Institute of Certified Public Accountants (HKICPA) and its US counterpart have recently concluded a Mutual Recognition Agreement (MRA) that allows both parties to recognize accounting qualifications acquired in the jurisdiction of the other. It is assumed that this step is a major step towards the reciprocity of CPAs in the United States and Hong Kong. The inclusion of the US agreement in the package of reciprocal membership agreements with accountants in other parts of the world – including Australia, Canada, England and Wales, Ireland, New Zealand, Scotland and South Africa – will make Hong Kong`s accounting skills among the most internationally recognized and will provide HKICPA members with the greatest mobility. Under this agreement, Canadian CPAs can meet the requirements of the CPD either through their provincial/regional local organization or through HKICPA, as both parties recognize the other party`s standard CPD requirements as their own.

Information for professional organizations seeking recognition No. MRA only applies to ACCA students registered in Hong Kong or the United Kingdom.