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ICAS enters into historic alliances

01 March 2018

ICAS has signed an historic mutual recognition agreement with both the US CPA and US Certified Public Accountants.
The Scottish Institute says the new deal will provide a streamlined process for their respective members to practice in the other’s jurisdiction.

International Trade Secretary, Dr Liam Fox, said: “This is a really welcome initiative, which my department supports, and shows the huge benefits which greater UK-US co-operation can bring to our business.” Fix felt that the mutual recognition of qualifications can help boost trade in services, making it easier for world-leading professionals to operate in other countries.

ICAS CEO, Anton Colella, said: “This is an historic agreement. It’s a first of its kind between a UK chartered accountancy body and American accountancy bodies and comes at a pivotal point for the UK.”
Under the MRA ICAS Cas need only pass one exam – the International Qualification Exam (IQEX) and satisfy the relevant state board requirements. Eligible US CPAs now need to only complete the international qualification pathway, a two-year training contract and have requisite UK audit experience.

The FRC has also approved the agreement.

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