Date issued: 18 June 2007

The Chartered Institute of Public Finance and Accountancy (CIPFA) and CPA Australia Ltd have signed a Mutual Recognition Agreement (MRA) that will enhance international mobility within the accountancy profession, particularly in the public sector.

The MRA further develops the already close relationship between the two bodies. It identifies areas for mutually beneficial joint initiatives and establishes guidelines for how appropriately qualified members can gain reciprocal membership.

Any of the 13,500 CIPFA members holding a degree recognised by CPA Australia and who have completed the CIPFA Final Test of Professional Competence and completed three years relevant, mentored practical experience will be eligible for membership of CPA Australia. Similarly, any of CPA Australia’s 112,000 members, of whom 10 per cent work in the public sector, will be admitted to CIPFA provided they have completed the CPA Program and gained three years relevant work experience recognised by CIPFA.

President of CPA Australia, Paul Meiklejohn FCPA, said 'Opportunities for accountants are no longer constrained by national borders. CPA Australia believes that strong international relationships with other significant and influential accounting bodies benefits the profession and its members, wherever they are in the world.

'This MRA will pave the way for closer working relationships and further enhance the mobility and international recognition of the designations and memberships of both bodies.'

CIPFA chief executive Steve Freer said ‘This agreement is a very useful and practical way of increasing professional mobility for accountants on two continents. Young people finishing their training now will have choices that were simply not available to past generations.’

The agreement will provide further opportunities for CIPFA and CPA Australia to work closely through joint continuous professional development activities, knowledge sharing and collaboration in international forums. It is expected to enhance both organisations’ standing among the member bodies of the International Federation of Accountants.

The signing ceremony took place during the CIPFA Annual Conference in Bournemouth, England.

Note to Editors

The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public services. It is responsible for the education and training of professional accountants and for their regulation through the setting and monitoring of professional standards. Uniquely among the professional accountancy bodies in the UK, CIPFA has responsibility for setting accounting standards for a significant part of the economy, namely local government. training and consultancy services to public service organisations.

CPA Australia Ltd is the world’s sixth largest accounting body, representing more than 112,000 finance, accounting and business professionals located predominantly in Australia, Asia and Europe. Currently its members work in some 98 countries, and are serviced by an international network of 18 offices.

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