The CPA qualification is recognised by the world renown Institute of Chartered Accountants of England and Wales (ICAEW). The exemption awarded by ICAEW to the CPA qualification offered by the MICPA further endorses the close co-operation between the two bodies in the education and training of professional accountants.
Members of MICPA who qualified under the new examination structure, which was introduced in July 2002, are eligible to take up membership of ICAEW as Chartered Accountants upon passing an Aptitude Test in UK standards, tax and law, and the Advanced Stage examination of ICAEW.
The exemption awarded by ICAEW provides an opportunity for young Malaysian CPAs to attain a well-established international brand of professional qualification. This will not only enhance the career mobility of Malaysian CPAs across borders but also the quality of professional services provided by CPAs to support the development of Malaysia into a regional investment centre.
ICAEW has also agreed to allow registered students of MICPA who have completed the MICPA examinations and are undergoing their practical training in ICAEW approved training offices in Malaysia, to sit for ICAEW's Aptitude Test. This is an exception to ICAEW's normal regulations under which only members of overseas accountancy bodies can apply to sit for the Aptitude Test.
The exemption granted by ICAEW will enable MICPA students who have met the requirements stated above to progress to membership of ICAEW at an earlier stage. These students are only required to complete the Advanced Stage of ICAEW, consisting of three examinations, namely Business Environment, Business Life Cycle and Advanced Case Study, to acquire the membership of ICAEW as Chartered Accountants.
