The International Qualification Examination (IQEX) was developed to facilitate the U.S. CPA qualification process for accounting professionals from other countries whose professional bodies enter into mutual recognition agreements with the U.S. accounting profession. Mutual recognition agreements on behalf of the U.S. accounting profession are prepared under the oversight of the International Qualification Appraisal Board (IQAB), a joint body of the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA). Detailed information about IQEX eligibility requirements and IQEX application materials are available from NASBA at www.nasba.org.
In Pakistan there are not many CPA Qualified persons and also not many institutes for the purpose. CPA is originally a license to entitle a person as Certified Public Accountant and an American qualification conducted by the 55 states of United States of America. In Pakistan there is an institute for the purpose which has its liaison with UK, USA and many other foreign examining bodies but the license issued by this institution can be used in Pakistan only for financial practice but on behalf of this license one can apply for a CPA exam in USA. Its website can be visited to have in-depth information www.icpap.com.pk.
CPA – Certified Public Accountant. An individual who has passed the uniform CPA examination administered by the American Institute Of Certified Public Accountants, and who has received state certification to practice accounting. To achieve this designation, an individual usually has to complete 5 years of education, and a certain degree of work experience.
The Uniform CPA Examination: Purpose and Structure
The Uniform Certified Public Accountant (CPA) Examination is the examination that an individual must pass in order to qualify for license as a Certified Public Accountant (CPA) in any of the 55 U.S. States (the 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, and the Commonwealth of Northern Mariana Islands). CPAs are the only licensed accounting professionals. CPA licenses are issued by state boards.
CPA examination is conducted by the state boards – there is no national (Federal CPA licensure process in the U.S.)
The purpose of the Uniform CPA Examination is to provide reasonable assurance to Boards of Accountancy (the state entities that have statutory authority to issue licenses) that those who pass the CPA Examination possess the level of technical knowledge and the skills necessary for initial licensure in protection of the public interest. Public interest is protected when only qualified individuals are admitted into the profession.
One of Three Licensure Requirements
The Uniform CPA Examination is one of the “Three Es” – Education, Examination, and Experience – that constitute the requirements for CPA licensure. Of these three requirements, only the CPA Examination is uniform (i.e., it is the only examination that is accepted for CPA licensure by all U.S. states), while education and experience
requirements may vary from one jurisdiction to another. Candidates for CPA licensure must meet all three requirements. As a result, passing the CPA Examination is not sufficient – in itself – to qualify for licensure.
The Uniform CPA Examination currently consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). These four sections represent a total of 14 hours of testing.
The AICPA Board of Examiners (BOE)
The AICPA Board of Examiners (BOE), a senior committee of the AICPA, is the body that sets policy for the Uniform CPA Examination in accordance with legal and psychometric standards as they apply to licensure examinations. In addition, the BOE:
(1) Oversees the development and scoring of the CPA Examination;
(2) Ensures that the CPA Examination is consonant with entry-level knowledge and skill requirements of CPAs.
(3) Represents the CPA Examination to state boards of accountancy and the profession.
Members of the BOE are CPA volunteers from every segment of the profession – public accounting, business and industry, and the academic community – the majority of whom currently also have regulatory (state board) experience. There are also some BOE members – such as psychometricians – who are not CPAs but have expertise required by the BOE.
Psychometricians are experts on the technical aspects of test development and scoring.
The BOE and the AICPA Examinations Team.
The AICPA Examinations Team works under the oversight of the BOE, carrying out BOE directives with regard to the development and scoring of the Uniform CPA Examination. The Examinations Team is composed of CPAs, psychometricians, statisticians, test developers, and administrative staff.
The International Qualification Examination (IQEX)
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