US CPA

Old Sep 9th 2009, 10:01 pm
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Default US CPA

Hi all,
This is my first post and can I just start by saying a massive thank you to all the people who contribute to this forum. I’ve been reading nearly every day for the last year and it really is the best source of information I’ve found on the net.

Before I ask for some advice, it’s probably best to give some background information to allow any responses to be best tailored to my situation. I’m a 26yr old male (English) and looking to move overseas in 2yrs time once I’m married. My fiancé is 21yrs old and a registered nurse and social worker. I am currently an ACCA student with two final exams to sit in December this year. I have my practical experience banked and therefore membership will hopefully follow in February (fingers crossed). I also hold BSc (Hons.) in both Consumer Law and the Oxford Brookes degree in Applied Accountancy. I work in a medium sized private practice specialising in external audit of medium sized limited companies and charities.

We are hoping to move to the Caribbean to work in 2 years, and possibility one day immigrating to Australia. I’d love to work in practice, preferably for a big 4 firm when I move abroad.

My question is aimed at Hellboy because I know he has experienced this first hand, but I’d love to hear any other views. I am thinking of sitting the 4 American CPA exams next summer. The reason is both to give me a greater understanding of US GAAP before I work in the Caribbean and to give me the option of converting to Australian CA under the reciprocal agreement if I ever make in down under.

I’ve been researching becoming US CPA and it seems my best option is to apply to sit the exams through the Colorado state CPA body. My question(s) is whether I will hold the requisite level of qualifications to sit these exams? I’d also like information of how easy it is to become enrolled to sit the exams and whether I could class my work and CPD from outside the US to be able to retain my CPA membership into the future.

I’ve been reading up on the ‘Becker’ website which has lots of useful information, but first had information from someone who has been through the process would be perfect.

Sorry for the length of this post. Once again, thank you to everyone who contributes to this excellent website.

James
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Old Sep 10th 2009, 7:12 am
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Default Re: US CPA

I don't know anything about US CPA, so will leave that part to somebody else.

But in case it does turn out to be difficult to get the qualification remotely, I would note that you don't need to have a particular countries qualificaiton to be competent in that GAAP. I have always worked for big global corporates and it is pretty standard to work in multi-GAAPs.

I spent two years in Bermuda (not the Caribbean of course but same type of thing). IFRS is very common especially with the large international clients who will undoubtedly retain a big 4 auditor. I feel sure that a lack of US CPA will not be a stumbling block in any way getting out there, but if it allows you to convert to Australia CA then it does sound like an advantage anyway.

Good luck.
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Old Sep 12th 2009, 7:23 am
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Default Re: US CPA

Hi Bermudashorts

That is certainly good to know in case it does get tricky obtaining the qualification. Bermuda is actually one of the other options I’ve been looking at and I’m sure I’ll be pestering you for more information in the “Caribbean Forum” over the next few months.

James
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Old Sep 13th 2009, 8:23 am
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Default Re: US CPA

Originally Posted by JamesDale
Hi Bermudashorts

That is certainly good to know in case it does get tricky obtaining the qualification. Bermuda is actually one of the other options I’ve been looking at and I’m sure I’ll be pestering you for more information in the “Caribbean Forum” over the next few months.

James
You're very welcome James and I will be happy to help out with Bermuda related questions. I only go to the Caribbean forum every now and again so feel free to PM me too.
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Old Oct 25th 2009, 8:03 am
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Default Re: US CPA

Originally Posted by JamesDale

James
Hi there James:

To sit for the US CPA exams, you’ll have to have a qualification that is at least equivalent to a US bachelor’s degree. This is the case in most states but the exact requirements vary from state to state. Some require residency, some require you to be a US citizen, some may recognize foreign qualifications partially while others may not recognize any qualification earned overseas. As you are going to be a member of ACCA soon, I’d advise you to take your exams in Colorado. Colorado is the only state that recognizes ACCA for the purpose of sitting for the CPA exams. I would not suggest any other state as you would have to forward your qualifications to be evaluated by a foreign credential evaluator who may or may not rate your ACCA as equivalent to a US bachelor’s degree. Also, as you have the ultimate intention to move to Australia, a CPA from any state would suffice. You could find more information here. http://www.cpa-exam.org/ and here http://www.aicpa.org/ .

The 4 papers are not really that hard, as compared to ACCA, the US CPA exams will be much easier. You could apply to be a member of ICAA with your US CPA designation.
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Old Dec 4th 2009, 5:24 am
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Default Re: US CPA

Hi Hell Boy,

I am wondering that from your post it seems to me that we can get exemption into CPA (US) and then after gaining CPA (US) we can claim ICAA membership then why we cannot gain it after gaining ICAEW membership through further study and normal experience requirement ?

What is this confusion ?

Can you guide me about it as i may be wrong about it ?
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Old Dec 4th 2009, 8:20 am
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Default Re: US CPA

Originally Posted by Adeelkhan
Hi Hell Boy,

I am wondering that from your post it seems to me that we can get exemption into CPA (US) and then after gaining CPA (US) we can claim ICAA membership then why we cannot gain it after gaining ICAEW membership through further study and normal experience requirement ?

What is this confusion ?

Can you guide me about it as i may be wrong about it ?
If the basis of the US CPA is through exemptions then there is no chance of gaining ICAA membership.
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Old Dec 4th 2009, 10:58 am
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Default Re: US CPA

Originally Posted by JOE2010
If the basis of the US CPA is through exemptions then there is no chance of gaining ICAA membership.
If CPA status is obtained through the Uniform CPA Exam, that is not considered an "exemption".
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Old Dec 5th 2009, 1:12 am
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Default Re: US CPA

Hello Jaj,

I am bit confused and i need some clarification from you.

If after ACCA qualification we study further papers of ICAEW and meet their experience requirement and gain ICAEW membership then that will be considered an exemption? because membership of third accountancy body is not granted if we gain membership into 2nd accountancy through MRA.

or is this apply to both MRA and exemption? like either we gain membership through MRA or through exemption ?

If it applies to both then in the case of exemptions, degree holders claiming exemptions of certain papers. How they are treated ?

Please claify it.
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Old Dec 5th 2009, 2:07 am
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Default Re: US CPA

Originally Posted by Adeelkhan
Hello Jaj,

I am bit confused and i need some clarification from you.

If after ACCA qualification we study further papers of ICAEW and meet their experience requirement and gain ICAEW membership then that will be considered an exemption? because membership of third accountancy body is not granted if we gain membership into 2nd accountancy through MRA.

or is this apply to both MRA and exemption? like either we gain membership through MRA or through exemption ?
All depends on the rules of the accounting body you want to join. As a general rule, if you get membership through MRA you cannot use that to get membership of a third accounting body.

If you obtain membership through an accelerated program, (ie not full program, but not exemptions), then it really depends and you have to look at it case by case. Bear in mind that training and exam structures are different from country to country.
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Old Dec 5th 2009, 2:13 am
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Default Re: US CPA

Hello,

Thanks for urgent attention.

But can you tell me what is this accelerated programmes that do no count as exemption?

Furthermore those gaining exemption/s as Degree holders (Master's/Bachelors) how they are treated ?
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Old Dec 5th 2009, 2:18 am
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Default Re: US CPA

Originally Posted by Adeelkhan
Hello,

Thanks for urgent attention.

But can you tell me what is this accelerated programmes that do no count as exemption?

Furthermore those gaining exemption/s as Degree holders (Master's/Bachelors) how they are treated ?
Hi

You will need to do your own research on this, sorry. Read the websites, find copies of membership/admission rules, and so on.
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Old Dec 6th 2009, 9:41 am
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Default Re: US CPA

Originally Posted by Adeelkhan
Hi Hell Boy,

I am wondering that from your post it seems to me that we can get exemption into CPA (US) and then after gaining CPA (US) we can claim ICAA membership then why we cannot gain it after gaining ICAEW membership through further study and normal experience requirement ?

What is this confusion ?

Can you guide me about it as i may be wrong about it ?
Sorry but it obviously seems like you have misunderstood what I've said in my post. No where have I mentioned anything about getting exemptions from the US CPA exams. What I have said was that you will be eligible to sit for the US CPA exams if you are a full ACCA member (or at least would have been at the time of this post of mine, I think this privilege has recently been suspended by the Colorado State Board, *BANG*, there goes another benefit of having the ACCA, what next????). Of course, some States offer members of some professional bodies like Canadian or Australian Chartered to sit for IQEX, which is just one exam and become US CPA after that but ICAEW or ACCA are not among those. Sitting for the 4 papers in the US CPA exams does not constitute exemption, its something that guys with bachelor's degree can do. Of course, you could go for ICAEW but it should be through normal admission, exams, experience and membership. I don’t think you’d be eligible for ICAA membership if you get your ICAEW through an MRA agreement or substantial exemptions.
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Old Dec 6th 2009, 12:21 pm
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Default Re: US CPA

Hi Hell Boy,

The exam of ICAEW offered to ICAP and ACCA students is an ACCELERATED PROGRAMME as mentioned on this website:
http://www.ewpakistan.com/
Institute of Chartered Accountants in England & Wales (ICAEW) accelerated program for Pakistan is being offered both in Karachi and Lahore.


I emailed ICAA and ICAEW about it. What you think we will be able to claim ICAA membership after that?

One other thing how degree holders (Bachelors/Master's) are treated who claim substantial exemption into ACCA/ICAEW?
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Old Dec 6th 2009, 1:26 pm
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Default Re: US CPA

Originally Posted by Hellboy663
Sorry but it obviously seems like you have misunderstood what I've said in my post. No where have I mentioned anything about getting exemptions from the US CPA exams. What I have said was that you will be eligible to sit for the US CPA exams if you are a full ACCA member (or at least would have been at the time of this post of mine, I think this privilege has recently been suspended by the Colorado State Board, *BANG*, there goes another benefit of having the ACCA, what next????). Of course, some States offer members of some professional bodies like Canadian or Australian Chartered to sit for IQEX, which is just one exam and become US CPA after that but ICAEW or ACCA are not among those. Sitting for the 4 papers in the US CPA exams does not constitute exemption, its something that guys with bachelor's degree can do. Of course, you could go for ICAEW but it should be through normal admission, exams, experience and membership. I don’t think you’d be eligible for ICAA membership if you get your ICAEW through an MRA agreement or substantial exemptions.
Thanks for the update Hellboy....according to the Colorado Board Website the ACCA recognition remains in place, I might email them tommorrow Monday, to confirm.

See the following link

http://www.dora.state.co.us/Accounta...quirements.htm

Am I correct in understanding once you pass the 4 papers of the Universal CPA exam you are eligible to get licensed as a US CPA and they have an MRA with ICAA which you can avail of.

Also, obviously haven't tied down all the micro details of this but,

(1) Are there other experience requirements to satisfy, in order to achieve full US CPA status, similar to the ACCA/ Australian CPA/ ICAA 3 year requirement and if so can UK/Irish experience fulfil this.
(2) Has anyone else gone through this and have feedback on how difficult the papers are
(3) Can you be licensed by Colarado to sit the Universal CPA exam but actually sit it at a Prometric centre in Boston or New York, which are more accesible from Ireland. I don't suppose there are UK or Irish prometric test centres?
(4) Is universal CPA testing available only at certain times during the year, or all through the year, once you've been cleared by the Colorado Board and/or NASBA to apply for the test.

Any help or feedback from those who've gone further down this road would be very gratefuly received.

Thanks

John
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