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Frequently asked questions

New mutual recognition agreement arrangements

Q1. What is the new MRA arrangement between CPA Australia and the HKICPA?
A.

Under the new MRA, CPA Australia members who wish to apply for membership of the HKICPA need to meet the following conditions:

  • hold a university degree accredited or recognised by CPA Australia which is
    • awarded by an Australian university and wholly undertaken in Australia, or
    • accredited by the HKICPA, excluding a university degree awarded by a university in Hong Kong, or 
    • recognised by the HKICPA subject to an individual assessment
  • pass the CPA Program, including three compulsory segments and three specific elective segments required by the agreement (Financial Reporting and Disclosure, Financial Risk Management, Assurance Services and Auditing) and complete workshops in any one segment of the CPA Program
  • meet the HKICPA’s practical experience requirements under the Authorised Employer or Authorised Supervisor Practical Experience Framework (PEF)
  • pass the CPA Australia course in Hong Kong Law and Tax by the HKICPA
  • be of CPA (Aust.) or FCPA (Aust.) status and a member in good standing of CPA Australia
Q2. What is the effective date of the new MRA?
A. The new MRA will take effect from 1 July 2005 to 30 June 2010.
Q3. Who will be covered under the new MRA?
A. The new MRA will cover members of CPA Australia who:
  • were admitted as an Associate member on or after 16 August 2004, or
  • were admitted as an Associate member before 16 August 2004 but have not completed the CPA Program on or before 30 June 2007
Q4. I hold an Australian degree which is accredited by CPA Australia and wholly completed in Australia, will I be covered under the new MRA?
A. Yes.
Q5. I completed an accredited Australian degree by external study outside Australia. Will it be recognised by the HKICPA under the new MRA?
A. The HKICPA will assess each accredited Australian degree that is completed offshore on a case-by-case basis.
Q6. I completed a non-Australian degree accredited by CPA Australia. Will it be recognised by the HKICPA under the new MRA?
A. The HKICPA will assess each accredited non-Australian degree on a case-by-case basis.
Q7. What are the three specific elective segments in the CPA Program under the new MRA?
A.
  • CPA 101 Assurance Services and Auditing
  • CPA 106 Financial Risk Management
  • CPA 112 Financial Reporting and Disclosure
Q8. I have completed three elective segments other than the ones specified under the agreement. What can I do to fulfil the MRA requirements?
A. You may enrol in and pass the three specific elective segments for CPD purposes.
Q9. What is the Authorised Employer or Authorised Supervisor Practical Experience Framework (PEF)?
A. The PEF is a work experience program offered by the HKICPA to its registered students. Members of CPA Australia who wish to join the HKICPA under the MRA are required to accumulate relevant work experience under the PEF. Members will need to demonstrate at least three years of practical experience in accountancy gained under an Authorised Employer or Authorised Supervisor.
Q10. How do I register into the PEF as a member of CPA Australia?
A. The PEF will be administered by CPA Australia for its members. Registration details are communicated to members in Hong Kong by email each semester.
Q11. Will work experience gained outside Hong Kong be recognised by the HKICPA under the new MRA?
A. All work experience gained outside Hong Kong will be assessed by the HKICPA on a case-by-case basis.
Q12. Do I need to enrol in both the Mentor Program and the PEF to fulfil the requirements for advancement to the CPA (Aust.) status and for admission to HKICPA under the new MRA?
A. No. If you intend to join the HKICPA under the new MRA in the future, you should enrol in the PEF. The PEF will satisfy the work experience requirement for advancement to CPA (Aust.) status.
Q13. I am currently enrolled in the Mentor Program and wish to have my experience recognised by HKICPA for membership purposes. What should I do?
A. You are advised to check the PEF support manual to ascertain if your current work experience will satisfy the PEF requirement. If so, you may choose to accumulate your work experience under the PEF. Registration details are communicated to members in Hong Kong by email each semester.
Q14. What is the procedure for my employer/supervisor to register as an Authorised Employer (AE) / Authorised Supervisor (AS) under the PEF?
A. Application forms to become an AE or AS can be located from the PEF support manual or by contacting the Hong Kong China division. Completed forms should be submitted to the HKICPA.
Q15. What if my work experience does not fulfil the PEF requirement?
A. You will not be eligible for membership of the HKICPA under the MRA until you are able to fulfil the PEF requirement. However, members who satisfy the Mentor Program requirements will be eligible for advancement to the qualified CPA (Aust.) status.
Q16. What is the CPA Australia course in Hong Kong Law and Tax?
A. The CPA Australia course in Hong Kong Law and Tax is developed by CPA Australia and accredited by the HKICPA to meet the HKICPA’s Aptitude Test (AT) requirement. Members who have completed the course will automatically satisfy the AT requirement.

Old mutual recognition agreement arrangements

Q17. What is the old MRA arrangement between CPA Australia and the HKICPA?
A. Under the transitional arrangements of the old MRA, CPA Australia members who wish to apply for membership of the HKICPA need to meet the following conditions:
  • on or before 30 June 2007 pass all relevant CPA Program examinations
  • fulfil HKICPA’s other membership requirements including work experience
  • be of CPA (Aust.) or FCPA (Aust.) status and a member in good standing of CPA Australia
Q18. Who will be covered under the old MRA?
A. The old MRA will cover members of CPA Australia who were admitted as an Associate member before 16 August 2004 and have completed the CPA Program on or before 30 June 2007.
Q19. I commenced the CPA Program in Semester 1, 2004, can I join the HKICPA under the old MRA?
A. The shortest time that you can complete the CPA Program is three semesters. In other words, as long as you were admitted before 16 August 2004 and are able to complete the CPA Program on or before 30 June 2007, you will be covered under the old MRA. Please note you will need to meet other requirements of the old MRA before you are eligible to apply for HKICPA membership.
Q20. I have 1-2 more CPA Program segments to complete, can I join HKICPA under the old MRA?
A. Yes, provided that you have completed the CPA Program on or before 30 June 2007 and meet other requirements under the older MRA.
Q21. I have not yet commenced the CPA Program, will I be covered under the old MRA?
A. The shortest time that you can complete the CPA Program is three semesters. In other words, as long as you were admitted before 16 August 2004 and are able to complete the CPA Program on or before 30 June 2007, you will be covered under the old MRA. Please note you will need to meet other requirements of the old MRA before you are eligible to apply for HKICPA membership.
Q22. Are there any specific elective segments that I must complete in the CPA Program?
A. For purpose of advancement to the CPA (Aust.) status, if you commenced the CPA Program in 2003 or before, you are required to complete two compulsory segments and three elective segments of your choice. If you commenced the CPA Program in 2004 or after, you are required to complete three compulsory segments and three elective segments of your choice. There is no requirement to complete any specific elective segments under the old MRA.
Q23. What if I am not able to complete the CPA Program by 30 June 2007?
A. Members who are unable to complete the CPA Program by 30 June 2007 but wish to join the HKICPA will have to meet the requirements under the new MRA.
Q24. What is the work experience that is recognised under the old MRA?
A. Members are exempted from complying with the PEF requirement if work experience gained on or before 30 June 2005 is sufficient to satisfy the HKICPA work experience requirements. The HKICPA requires that the length of each employment must be at least 12 months before it will be considered for full membership of the HKICPA. Such experience will be assessed by the HKICPA on a case-by-case basis.

The practical experience acquired by members on or after 1 July 2005 must be gained under the PEF in order to be recognised for HKICPA membership admission under the MRA.
Q25. Do I have to complete the HKICPA Aptitude Test?
A. No, CPA Australia members are exempt from the Aptitude Test requirement under the old MRA.
Q26. Is there a deadline before which I have to apply for the HKICPA membership?
A. No, members can submit their membership applications to the HKICPA anytime after the termination of the old MRA on 30 June 2005. However, members applying to the HKICPA on or after 1 January 2008 will be required to possess practical experience acquired under the PEF for the whole required length of experience.

General

Q27. I became a full CPA (Aust.) member before 16 August 2004, can I still join the HKICPA?
A. Yes, provided that you have fulfilled the requirements under the old MRA.
Q28. I have already joined the HKICPA, does this affect me?
A. No, CPA Australia members who have already joined the HKICPA under the old MRA are not affected.
Q29. I am a member of CPA Australia but have not joined the HKICPA, do I need to?
A. Only if you wish to obtain a Practising Certificate (PC) from the HKICPA and practice public accountancy in Hong Kong. PC holders are able to sign audit documents and to operate own CPA firm. If you are working in the industry and commerce sector (banking, finance, manufacturing, etc) you do not need to be a PC holder.
Q30. Does the new MRA arrangement set more hurdles for graduates who wish to obtain dual membership with CPA Australia and the HKICPA?
A. Quite the opposite.  Graduates will be able to benefit from both the international exposure and worldwide resources of CPA Australia as well as being aligned with the statutory body of the accounting profession in Hong Kong.  CPA Australia will be able to give our members the best of both worlds.  By leveraging on the expertise of respective bodies, CPA Australia is dedicated to upgrading the professional standing of the accounting profession in Hong Kong.

Page last updated: Wednesday, 13 February 2008

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