25 October 2011

Dear Members and Students,

Mutual Recognition Agreement between Hong Kong and U.S.

We are pleased to announce that today, in the U.S. state of Tennessee, we have signed a mutual recognition agreement, whereby Hong Kong and American CPAs can now obtain the CPA designation in each other's jurisdiction without going through the entire qualification process.

Please refer to the attached Hong Kong Institute of CPAs and AICPA guidelines which set out in detail the terms and conditions for membership recognition and the application process under the MRA. You can also find this information on our Hong Kong Institute of CPAs and AICPA websites.

The Hong Kong Institute of CPAs signed the agreement with the U.S. International Qualifications Appraisal Board, which is the body that represents the American Institute of CPAs and the National Association of State Boards of Accountancy. This streamlines the recognition process for individual U.S. state boards of accountancy. The agreement was signed at NASBA's annual meeting.

The Hong Kong Institute of CPAs and the IQAB have thoroughly reviewed the qualification standards entailing education, examination and experience requirements, and the knowledge and standards of professional practice of each other's jurisdictions, to reach this agreement.

The agreement signed today will continue through 2016.

Yours sincerely,