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Agreement provides mobility for CPAs, South African accountants

US CPAs and South African chartered accountants have a pathway to have their credentials recognized in South Africa and the United States under a new agreement.

This cross-border recognition was enabled when the AICPA signed a mutual recognition agreement with the South African Institute of Chartered Accountants (SAICA) and the National Association of State Boards of Accountancy (NASBA).

The agreement will facilitate the reciprocal recognition of the South African chartered accountant designation and the CPA licence. The agreement was designed to increase mobility of accounting professionals to enable the profession’s growth in both countries.

The NASBA/AICPA International Qualifications Appraisal Board worked with the SAICA to establish the pathway. The board surveys and assesses professional practice standards and qualification in specified countries and recommends the feasibility of recognition of credentialled non-US professionals.

A holder of the South African Chartered Accountant credential may be eligible to obtain the CPA licence through this agreement if he or she is a member in good standing of the SAICA and meets the additional criteria set out in each applicable US jurisdiction’s state laws and regulations as they apply to education, examinations, experience, and continuing professional education (CPE).

A licensed CPA in good standing with a state board of accountancy may be eligible for the South African Chartered Accountant credential provided he or she meets the CPE requirements of his or her board of accountancy and meets additional criteria set out in the agreement related to education, examination, experience, and CPE criteria.

Details on the eligibility requirements for CPAs are available at NASBA’s website and also through email at iqex@nasba.org. Details on the eligibility requirements for South African Chartered Accountants are available on the SAICA’s website or through email by contacting Adri Kleinhans at adrik@saica.co.za.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is FM magazine’s editorial director.