State Board Report

May 2008

At a time when NAFTA is being carefully scrutinized, the accounting profession is making the agreement work. Representatives from the Canadian, Mexican and US governments were on hand to see the April 17 signing of the renewal of the professional mutual recognition agreement (PMRA) of the Canadian Institute of Chartered Accountants, the Instituto Mexicano de Contadores Públicos and the NASBA/AICPA International Qualifications Appraisal Board in Alexandria, VA. Currently 45 US jurisdictions have adopted the PMRA to allow them to consider applications for certification or licensure from IQEX (International Qualification Examination) candidates from Canada (as described in the agreement) and 30 have adopted it to apply to IQEX candidates from Mexico as well.

“This is the world’s first tri‐country professional mutual agreement,” IQAB Chair William Treacy told the audience. “I am so proud that we are part of an agreement that crossed the language barrier.”

Jaime Sanchez Mejorada Fernandez of the IMCP observed there are a large number of accountants in Mexico who need to be certified and the process for doing that is now recognized. “This agreement compels us to keep working to maintain Mexican accountants at a world‐class level,” he said.

Noting that many of the speakers were expressing similar sentiments, NASBA President David Costello said, “The only negative thing is we do not have more people involved in the PMRA process. We have to bring more competent people in. We need to bring more countries together.”

Congressman K. Michael Conaway stated: “We are past undoing NAFTA. Change is not necessarily bad when it goes in the right direction. This is a vital agreement in facilitating trade.”

The signers of the PMRA were Kevin J. Dancey for CICA, William Treacy for NASBA/AICPA IQAB, Jaime Sanchez Mejorada Fernandez for IMCP, and Manual Sanchez y Madrid for COMPIC (Comité Mexicano para la Práctica Internacional de la Contaduria. Other speakers at the event were: NASBA Chair Samuel Cotterell, AICPA Vice Chairman Nominee Robert R. Harris, CICA IQAB Chairman Gordon M. Stewart, Susan Harper of the Canadian Embassy and Julian Ventura of the Embassy of Mexico. Complete video coverage of the event can be found on NASBA’s Web site www.nasba.org.

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