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State Board Report

September 2016

The impact of Brexit on the mutual recognition of CPAs was discussed by NASBA Chair Donald Burkett (SC), Vice Chair Telford Lodden (IA) and President Ken Bishop at meetings in August with leaders of the profession in London and Edinburgh. Stephen Haddrill, CEO of the Financial Reporting Council (FRC), which regulates auditors in the UK, and key members of his staff met with the NASBA representatives to discuss reciprocal audit privileges between the UK and US. It was agreed that their talks will continue in Washington, D.C., later this year.

Anton Colella, CEO of the Institute of Chartered Accountants of Scotland, and members of his staff met with the NASBA representatives to discuss the possibility of unilateral recognition coupled with continuing efforts to secure a mutual recognition agreement. This would be possible if the NASBA and AICPA Boards of Directors approve the revision to Section 6 of the Uniform Accountancy Act. The comment period on that proposed change ended on September 1, 2016. Mr. Colella will be addressing the 2016 NASBA Annual Meeting.

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