MRA gives members access to a world-class profession says SAICA's Freeman Nomvalo.
On 15 January, a mutual recognition agreement (MRA) signed by the South African Institute of Chartered Accountants (SAICA), the American Institute of CAPs (AICPA) and the National Association of State Boards of Accountancy (NASBA) came into effect, providing both South African chartered accountants and US certified public accountants with a pathway to having their credentials recognised in both countries.
In a statement, SAICA CEO Freeman Nomvalo said that MRAs had furthered the institution’s strategic importance as they enable SAICA to “give its members access to a world-class profession that allows them to work globally.”
According to the statement, the agreement enables CA(SA) to obtain a CPA licence if they are a member in good standing of SAICA and meet the additional criteria set out in each of the applicable US jurisdiction's various state laws and regulations as they apply to education, examinations, experience and continuing professional education.
Similarly, a CPA can obtain a CA(SA) credential if they are a member in good standing with a State Board of Accountancy, meets the CPE requirements of their Board of Accountancy and meets the additional criteria set out as they apply to education, examination, experience and CPE.
NASBA president and CEO Ken Bishop said:
“The sustained relationships and meticulous work of the members of the SAICA and the US International Qualifications Appraisal Board has led to South Africa becoming the seventh country to sign a mutual recognition agreement with the United States. The agreement between the United States and South Africa is a success for all parties and can be relied upon by Boards of Accountancy to fulfil their mission to protect the public.”
AICPA president and CEO Barry Melancon said that the MRA would help the accounting profession find ways to expand its scope of practice, knowledge and mobility.