The AICPA/NASBA International Qualifications Appraisal Board (IQAB) had separate agreements with the Chartered Institutes in Australia and the New Zealand. However, in 2014 the two bodies merged to establish CA ANZ.
Under the new five-year agreement, qualified US CPAs are able to gain accreditation and audit rights in Australia and New Zealand, dependent on eligibility requirements.
Chartered accountants qualified in Australia and New Zealand will likewise be eligible for US CPA credentials.
“In an increasingly global economy, implementing practical and intuitive processes for reciprocal practice privileges for qualified accountants is the right course of action,” said NASBA president and CEO Ken Bishop.
“This agreement builds on the original agreement and embodies our continued effort to improve fairness and balance of requirements between our countries,” he added.
In addition to the renewed agreement, AICPA and NASBA signed a mutual recognition agreement with CPA Australia in July so qualified applicants in Australia and New Zealand now have two paths to licensure.
In February this year, the AICPA and NASBA also signed a similar agreement with Scottish chartered accountancy institute, ICAS.