US and Scottish boards of accountancy reach agreement

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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.

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