American Institute of Certified Public Accountants (AICPA) and Institute of Chartered Accountants of Scotland (ICAS) signed an agreement on mutual recognition of certification of certified auditors and professional accountants.
Now, American CPA-certified specialists will be able to obtain CA certificate from Institute of Chartered Accountants of Scotland under the International Qualification Pathway program and conduct an audit of British companies accordingly. Similarly, British experts with CA certificates from ICAS will have the right to make one additional exam - the International Qualification Exam (American Exam for Professional Auditors and Accountants from Abroad) and gain access to US Company Inspections.
Leaders of both organizations positively relate to the agreement. Thus, Barry Melancon, the president and executive director of the American Institute of Certified Public Accountants, said that the deal would extend the territory of recognition of US certification across the globe and open the way for the US auditors to provide professional services in the UK. In parallel, ICAS members will be able to meet their interest in auditing practices in the United States.
Anton Colella, Executive Director of ICAS, emphasized that professional accountants and auditors from both countries received new opportunities both in spreading their own experience and in its borrowing.