Canadian CPA bodies sign Mutual Recognition Agreement with U.S. and Mexican counterparts

Professional accounting bodies from Canada, the United States and Mexico today signed a trilateral Mutual Recognition Agreement.

New York, November 1, 2017 – Professional accounting bodies from Canada, the United States and Mexico today signed a trilateral Mutual Recognition Agreement.

It renews the agreement originally signed in September 2002 by the legacy body, Canadian Institute of Chartered Accountants (CICA), U.S. International Qualifications Appraisal Board (IQAB) representing National Association of State Boards of Accountancy (NASBA) and American Institute of Certified Public Accountants (AICPA), Instituto Mexicano de Contadores Públicos (IMCP), and Comité Mexicano para la Práctica Internacional de la Contaduría (COMPIC).

The agreement provides for increased recognition of qualified professional accountants and specifies the criteria by which one body’s members are eligible to obtain the credential of the other.
The renewal was signed between the following: Chartered Professional Accountants of Canada (CPA Canada), on behalf of the CPA provincial and territorial bodies, IQAB representing NASBA and AICPA, IMCP and COMPIC.

“This agreement demonstrates the ongoing commitment of the Canadian CPA profession to help advance labour mobility through international recognition and efficient integration into the workforce,” says Joy Thomas, president and CEO, CPA Canada. “Streamlining the process of attracting and retaining top-end talent is increasingly important to achieving economic growth and social well-being in Canada. The agreement also helps our members by reducing barriers to international career opportunities.”

The qualification standards for Chartered Professional Accountants in Canada are based on proficiency along with protection of the public interest. Recognizing international professional accounting standards is crucial to maintaining reciprocity agreements.

CPA Canada is in the process of renegotiating agreements and exploring new agreements with international accounting bodies after the unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) banner.