Mutual Recognition Agreements FAQs

 
What is a Mutual Recognition Agreement?
A Mutual Recognition Agreement (MRA) offers us an unprecedented opportunity for a key strategic partnership with another major accounting player. It provides a route for qualified members of either body to become a member of the other body, and enjoy the benefits which both organizations can offer.

Why did my professional accountancy body and CPA Ireland enter into this agreement?
This MRA strengthens the already excellent relationship between the two bodies. It offers us an unprecedented opportunity for a key strategic partnership with a major accounting player in Ireland. It also provides a platform for greater collaboration. Perhaps most important of all, is that in today’s environment, strategic alliances are integral to ensure continued global recognition and global career opportunities for our members.

Who can avail of the MRA?
All qualified members of either body can avail of the MRA. The MRA is not applicable to students.

Does the agreement cover members residing only in the country in which the professional accountancy body is based?
No. The agreement offers members around the world an opportunity to become a CPA Ireland member.

What is the term of the MRA?
For full details please visit one of the following MRA Pages:

• Association of National Accountants of Nigeria
• CPA Australia
• CPA Canada
• Institute of Chartered Accountants of India
• Institute of Chartered Accountants of Sri Lanka
• South African Institute of Professional Accountants
• American Institute of CPAs

Members receiving CPA Ireland membership as part of this MRA will not be affected, should the MRA not be renewed after the initial term.

Why should I become a member of CPA Ireland?
The MRA provides members of other professional bodies with increased recognition in various parts of the world and, therefore, also increased international mobility. As Ireland is an EU country, the provisions of the 8th EU directive apply to all CPAs thus ensuring mutual the 27 member countries of the EU.

Do members of other professional bodies need to pass any exams or take any courses before they can become eligible for CPA Ireland membership under the terms of the MRA?
Yes. Those wishing to avail of the MRA must complete the Overview of Irish Taxation and the Overview of Irish Law online courses offered by CPA Ireland. Completion should take less than two days. (CPA Canada members may be exempt from the Overview of Irish Taxation and Law courses if they have passed the CPA Formation 2 Stage Taxation examination. ICA India members would also need to complete the Online Strategy course.)

What is meant by the term “Associate Membership” of CPA?
In the Admission to Membership application form reference is made to “Associate Membership”. This term is the formal descriptor for regular membership of the Institute. All applicants, regardless of whether they are admitted under an MRA or through normal studies/training channels etc, acquire the status of Associate Membership.

Are references required by CPA Ireland?
Yes. Applications for membership must be supported by two professional written letters of reference. One of these must be from a principal at your present or past employment. A second reference is required, preferably from a member of the CPA Institute, or alternatively from a professional accountant who, in turn, is a member of an Institute that is a member of the International Federation of Accountants (IFAC).

How long will it take for my CPA Ireland membership application to be processed?
Applications for CPA Ireland membership will normally take four to six weeks to process.

Does the MRA confer the right to work in audit in countries where CPA Ireland has statutory audit recognition?
No. Members wishing to work in audit will need to meet additional requirements specified by CPA Ireland or the relevant regulatory authority.

I work in practice. Do I need to obtain a practicing certificate from CPA Ireland?
Yes. However, this certificate does not confer the right to work in audit.

I have completed all of my professional accountancy body requirements but have not completed the practical experience requirements to become a full member. Can I qualify under the MRA?
No. Only certified members of another professional accountancy body can apply for CPA Ireland membership. All the practical experience requirements will need to be completed prior to applying for CPA Ireland membership.

I have become a member of CPA Ireland through an MRA, am I therefore eligible to avail of another MRA through CPA Ireland?
No. The agreement is between CPA Ireland and your organisation and it does not entitle you to avail of any other MRA.

I am a member of the professional accountancy body through an MRA with another professional body. Am I entitled to apply for membership with CPA Ireland?
No. To be eligible to become a member of CPA Ireland through the MRA with your professional body you must have qualified through your organisation’s examination system.

Annual Subscription 
Payment of an annual subscription, invoiced annually in January, is a requirement of  retaining CPA Ireland membership. Non payment of an annual subscription leads to ipso facto deletion from membership and the inability to use the CPA designation and the description Certified Public Accountant.