Breaking down barriers in the global accounting profession, the Institute of Chartered Accountants in Australia (ICAA) has signed new reciprocal membership agreements with Institutes in England and Wales (ICAEW), New Zealand (NZICA), Hong Kong (HKICPA) and South Africa (SAICA).  
 
Cementing the ICAA’s global reach, these agreements build on strategic alliances already in place with the UK based Chartered Institute of Management Accountants (CIMA) and the US International Qualifications Appraisal Board (representing the American Institute of Certified Public Accountants and National Associations of State Boards Accountancy), which enable members to become even more competitive in the international business arena. 
 
Under the agreements signed at the Global Accounting Alliance meeting (GAA) this week in Rome, by ICAA President Andrew Arkell FCA and presidents of the other institutes, Chartered Accountants now have even greater opportunities for global mobility. 
 
Graham Meyer, Chief Executive of the ICAA said, “As a result of these seven agreements, Australian Chartered Accountants can even more readily access job and business opportunities in the world’s major capital markets. Removing barriers across markets for our members through agreements such as these is a vital part of our international strategy. 
 
“With the globalisation of economies, international accounting is becoming increasingly important. As the environment and platform for reporting becomes universal, global connections are now part of everyday business. Through collaboration with international partners, encouraging high levels of education, continuous training, and tackling the biggest risk to our profession – the skills shortage – we are equipping our members, indeed the future of our industry, for globalisation.” 
 
The new agreements deepen long-standing partnerships with all five chartered bodies through the GAA, which has a total membership of 750,000. In the past, access to reciprocal membership was dependent on applicants passing a qualifying aptitude test in local tax and law. These agreements waive this membership test on both sides, although it does remain for certain practice situations.  
 
They also recognise each Institute’s Continuing Professional Development (CPD) systems, so a reciprocal member’s compliance with either body is accepted by the other bodies, avoiding a doubling-up of requirements. 
 
Graham Meyer said, “With a growing number of our membership working in international firms and organisations overseas, our presence on the global stage enables us to remain relevant to our broad member base, and represents a core competitive advantage for the Institute.”