FOR IMMEDIATE RELEASE

ICPAS AND CPA AUSTRALIA SEAL MUTUAL RECOGNITION AGREEMENT

3 August 2009, Singapore -- Institute of Certified Public Accountants of Singapore (ICPAS) President,  Ernest Kan, and CPA Australia Deputy President and Deputy Chair, Board of Directors, Low Weng Keong, today renewed the  mutual recognition agreement (MRA) between ICPAS and CPA Australia. The mutual recognition arrangement provides a common platform to recognise the qualifications and training of each member’s body.

ICPAS President Ernest Kan said, " The Institute has always had a long-standing relationship with CPA Australia and it’s great to be able to strengthen our ties with a tangible offering to members. It is in line with the Institute’s objective to achieve international recognition for CPA Singapore.  An important part of this arrangement is strengthening the ability of ICPAS and CPA Australia to cooperate with each other in developing a network of support and strategic collaborations, thereby enhancing the professional standards of both the accounting bodies."

“CPA Australia is very proud to continue to be in alliance with ICPAS – the national accountancy body which plays an important role in developing, supporting, and enhancing the integrity, status and interests of the profession in Singapore. This accords with CPA Australia's vision to be the global professional accountancy designation for strategic business leaders focusing on growing the accounting profession and attracting high-achieving members.” said Low Weng Keong, Deputy President and Deputy Chair, Board of Directors, CPA Australia.

 “We strongly believe accountants who hold the ICPAS and CPA Australia designations are well equipped with skills to meet the economic challenges ahead in the ongoing development of established and emerging economies.”  Mr Low said.

Through this mutual recognition arrangement, ICPAS and CPA Australia agree to have reciprocal admission of appropriately qualified members and hence, allow members of both bodies to obtain professional qualifications in Singapore and Australia.

More details are attached below and can also be found on cpaaustralia.com.au or icpas.org.sg

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Transitional Arrangements

Transitional arrangements for this MRA expire on 31 December 2009.

Any member of CPA Australia or ICPAS in the status of CPA or FCPA, who has 10 years of consecutive membership is eligible for reciprocal membership in the same status eg a CPA (Aust.) is eligible for CPA Singapore (Non-practising) membership.

Impact on ICPAS members

CPA Australia will admit as a CPA (Aust.) any Member of Good Standing of ICPAS who:

(a)           is the holder of either:

(i)          an AEI-NOOSR recognised degree; or

(ii)         an ICPAS recognised degree,

which fulfils CPA Australia’s core competency requirements; and

(b)           who has successfully completed:

(i)          the ICPAS Professional Examination;

(ii)         ICPAS’ practical work experience requirements; and

(iii)        any other standard entry requirements for admission to membership of ICPAS.

CPA Australia will admit as an Associate any Member of Good Standing of ICPAS.

Members of ICPAS will be exempted from the Practical Experience Requirement by CPA Australia and will be individually assessed to determine whether they receive any exemptions from the Professional Level of the CPA Program based on their prior qualifications.

CPA Australia is not obliged to admit as its member any Member of ICPAS who:

(a)           is a Member of ICPAS by virtue of an MRA or any other mutual recognition arrangement with another professional body;

(b)           is the subject of a current investigation into his or her professional conduct; or

(c)           has been subject to any disciplinary sanctions within the five (5) years prior to his or her application.

CPA Australia will assess the membership application of any member of ICPAS on a case-by-case basis. 

Impact on CPA Australia members

ICPAS will admit as a CPA Singapore (Non-practising) any Member of Good Standing of CPA Australia who has successfully completed:

(a)          the CPA Program;

(b)          the Practical Experience Requirement;

(c)          any other standard entry requirements for admission to membership of CPA Australia;

(d)          the ICPAS Pre-admission Course; and

(e)       the requirement for proficiency in Singapore laws, as prescribed by ICPAS.

ICPAS is not obliged to admit as its member any member of CPA Australia who:

(a)           is a member of CPA Australia by virtue of an MRA or any other mutual recognition arrangement with another professional body;

(b)           is the subject of a current investigation into his or her professional conduct; or

(c)           has been subject to any disciplinary sanctions within the five (5) years prior to his or her application.