Date issued: 19 January 2009
CPA Australia today announced a historic agreement with one of the world's leading accounting bodies, the Chartered Institute of Management Accountants (CIMA), based in the United Kingdom.
CPA Australia president Alex Malley said CPA Australia's mutual recognition agreement with CIMA further strengthened each organisation's standing in the global accounting profession.
'Growing the accounting profession and attracting high-quality members is a major focus of CPA Australia and particularly relevant in the global financial crisis,' he said.
'High-quality accounting professionals with a thorough understanding of ethics, governance, regulation and strategic management have a key role to play in the current financial climate.
'Proper controls, measurement, analysis and reporting are crucial to sustainable economic growth. Accountants who hold the CPA Australia and CIMA designation are well equipped to assist with the ongoing development of established and emerging economies.'
Mr Malley said the increasing convergence towards global standards in accounting and auditing meant the opportunity for professional bodies to collaborate and share their expertise had never been greater.
'The mutual recognition agreement with CIMA identifies areas for joint initiatives — including research and advocacy — and gives our members exceptional access to international job markets.
CIMA's president, Glynn Lowth, said the strategic alliance with CPA Australia strengthened CIMA's position by offering increased knowledge-sharing and collaboration, particularly in the areas of strategic accounting skills and performance measurement.
'The nature of the international economy dictates that management accountants must be globally-minded,' Mr Lowth said.
'Our partnerships with influential accounting bodies, such as CPA Australia, are extremely beneficial for our members and have afforded them opportunities to increase their competitiveness in the international arena and as well as enhance their strategic management skills.'
The agreement, which takes effect immediately, is for an initial four-year term and details how members can gain reciprocal membership with each organisation.