US and Scottish boards of accountancy reach agreement
28 Feb 2018
The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have signed a mutual recognition agreement with the Institute of Chartered Accountants of Scotland (ICAS) to “provide a streamlined process for their respective members to practice in the other’s jurisdiction.”
This historic agreement aims to encourage professionals to move between jurisdictions, creating a global business environment that will help boost trade services.
According ICAS press release:
The agreement 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 more information, see the press release on the ICAS website.