Generally, when we use the term CPA, we understand CPA US by default. The reasons lie in its global exposure. Although most of the countries of the world have their own public accounting qualification, for ex: CPA Australia, CPA Canada, CA India, ACCA UK etc. , it is the US CPA which is the most widely accepted and top valued public accounting qualification of the world. Being a US CPA, you are a prospective CFO or Director-Finance of any MNC of the world. Moreover, you may do private practice not only within the US but also in some other countries of the world like NZ as a US CPA. On the other hand, public accountants from other countries can also practice as a CPA following the MRA between the bodies of the respective country and the AICPA.
The NASBA/AICPA International Qualifications Appraisal Board (IQAB) is the link between the U.S. accounting profession and that of other General Agreement on Trade in Services (GATS) signatory countries. Through a mutual recognition agreement (MRA), qualified professional accountants from another country can practice in the United States without having to completely re-credential. Similar recognition is given to U.S. CPAs who wish to practice in that same country.
IQAB has currently established MRAs with the following professional bodies:
- Institute of Chartered Accountants in Australia
- Canadian Institute of Chartered Accountants
- Canada, Mexico, and United States Memorandum of Understanding
- Chartered Accountants Ireland (formerly the Irish Institute of Chartered Accountants)
- Instituto Mexican de Contadores Publicos
- New Zealand Institute of Chartered Accountants
- Hong Kong Institute of Certified Public Accountants
Blog by Bhaswati Bhattacharya, Director (Online Studies) Logic School of management