Accountants in Canada, Mexico and US Clear Practice Barriers

Sep 23, 2002, 01:00 ET from National Association of State Boards of Accountancy

    NEW YORK, Sept. 23 /PRNewswire/ -- The road for licensed accounting
 professionals in Canada, Mexico and the US to practice across their borders
 will become significantly easier thanks to a Professional Mutual Recognition
 Agreement (PMRA) to be signed at the US Department of Commerce on September
 27.  Dignitaries from Canada, Mexico and the United States including Commerce
 Secretary, Donald L. Evans will be on hand for the signing of an agreement
 that recognizes the substantial equivalency of Canadian Chartered Accountants
 (CA), Mexican Contadores Publicos Certificado (CPC) and US Certified Public
 Accountants (CPA).
     Drafted in the spirit of the North American Free Trade Agreement (NAFTA),
 the PMRA represents the culmination of several years of careful study and
 cooperative discussions among the Instituto Mexicano De Condatores Publicos,
 Canadian Institute of Chartered Accountants, and the joint International
 Qualifications Appraisal Board of the National Association of State Boards of
 Accountancy and American Institute of Certified Public Accountants.  Their
 work concluded that those individuals who have attained the CA, CPA and CPC
 have met substantially equivalent education, experience and education
 requirements in their own country.  Should they desire to practice in either
 of the other two countries, rather than taking the complete professional
 entry-level examination, they would only be required to successfully complete
 an examination testing differences between their country and the other.
     Once ratified by the NAFTA Free Trade Commission, the agreement will be
 implemented by the Mexican Director General of the Professions of the
 Secretary of Public Education, recommended to the 54 US Boards of Accountancy
 for their adoption and to Canada's 10 provinces and three territories.
     William Treacy, executive director of the Texas State Board of
 Accountancy, said he anticipates Texas will see a significant number of
 professionals applying for licensure under this new agreement.  "Our state
 looks forward to welcoming the skilled CPCs who will be offering services here
 -- and we anticipate our CPAs will be able to enjoy similar opportunities in
 our neighboring nations."
     The three-country agreement will be in force for a period of five years
 from the date of consummation and may be renewed or extended.  It will be
 signed on behalf of three countries by:  Blair East, CA, chairman of the
 Canadian International Qualifications Appraisal Board; CPC Roberto Resa Monroy
 IQAB Liaison Instituto Mexicano De Contadores Publicos (IMCP); Manuel Sanchez
 y Madrid of the Mexican International Accounting Practice Committee; and
 Harris Widmer, CPA, Chair of the NASBA/AICPA International Qualifications
 Appraisal Board (IQAB).
     Since 1991, the NASBA/AICPA IQAB and the Canadian Institute of Chartered
 Accountants have participated in a two-party PMRA.
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SOURCE National Association of State Boards of Accountancy