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CPA Australia (CPAA)

Mutual Recognition Agreement (MRA) between the Hong Kong Institute of Certified Public Accountants (HKICPA/ the Institute) and CPA (Australia) (CPAA) (New MRA) (1 July 2020 - 30 June 2025)

Last Updated: April 2021

HKICPA members applying for CPAA membership

Q1.	What are the conditions for HKICPA members to become CPA Australia members under the new MRA effective from 1 July 2020 to 30 June 2025?

HKICPA members who wish to apply for membership of CPA Australia under the new MRA must meet the following conditions:-

are registered as the HKICPA's Qualification Programme (QP) students in Hong Kong¹;
hold an accredited or recognized university degree;
pass the QP in full in Hong Kong;
meet the HKICPA practical experience requirements as recognised by CPA Australia, i.e. experience gained under HKICPA Authorized Employer or Authorized Supervisor (AE/AS);
are a HKICPA member in good standing; and
when an applicant has taken up permanent residency in Australia (as opposed to working or residing temporarily in Australia) pass university examinations offered on behalf of CPA Australia or the Hong Kong Institute of CPAs in the appropriate subject or subjects of Australian Company, Taxation or Other Laws as prescribed by the By-Laws from time to time of CPA Australia, and may be required to pass the Global Strategy and Leadership segment of the CPA Australia CPA Program.

¹	If you are a QP student registered before 1 July 2005, you would fall under the transitional arrangement of the old MRA. See Q2. If you were a QP student registered outside Hong Kong on or after 1 July 2005, you will not be eligible for CPA Australia's membership under any MRA.

Q2.	What is the difference between the new and old MRA?

With effect from 1 July 2020, the new MRA is in force. The 2000 MRA (old MRA) ended on 30 June 2005. Transitional arrangement for the old MRA is in place.

The conditions for HKICPA members to obtain CPAA membership are the same under the new MRA and the transitional arrangement of the old MRA except that:-

under the new MRA, HKICPA members have to be registered as QP students and complete the QP in Hong Kong only;
under the transitional arrangement of the old MRA, HKICPA members can be registered as QP students and complete the QP anywhere;
under the new MRA, HKICPA members taking permanent residency in Australia may be required to pass the Global Strategy and Leadership segment of the CPA Australia CPA Program.

Q3.	I am a QP student. Do I need to register as a CPA Australia Associate member in order to enjoy the new MRA?

No, you are not required to register as a CPA Australia Associate member. After completion of our Qualification Programme in Hong Kong and gained experience under an AE/AS² to become the HKICPA member, you are eligible to apply for CPAA membership.

² If you did not gain experience under the AE/AS, your experience will be vetted by CPA Australia when you apply for their membership according to their prevailing requirements.

Q4.	I registered as a QP student in China in January 2020. Is the new MRA applicable to me?

No, you are not eligible for membership of CPA Australia under the new MRA because you must register as a QP student and pass the QP in Hong Kong in order to qualify. You are also not eligible under the transitional arrangement of the old MRA because the old MRA is applicable only to those who were registered as QP students on or before 30 June 2005.

CPAA members applying for HKICPA membership

Q5.	What are the conditions for CPA Australia members to become the HKICPA member under the new MRA?

CPA Australia members who registered as a CPAA associate member on or after 16 August 2004 and wish to apply for HKICPA membership under the new MRA must meet the following conditions and submit his/her membership application to HKICPA on or before 30 June 2025:-

are registered as an associate member of CPA Australia in Australia or Hong Kong¹;
hold an accredited or recognised degree from an Australian university or a university degree accredited or recognized by the HKICPA, excluding a university degree awarded by a university in Hong Kong;
pass the CPA Australia CPA Program in Australia or Hong Kong, including all compulsory segments and mandatory segments required by the HKICPA (i.e. (i) Corporate Governance and Accountability / Ethics and Governance, (ii) Business Strategy and Leadership / Global Strategy and Leadership, (iii) Reporting and Professional Practice / Strategic Management Accounting, (iv) Financial Reporting and Disclosure/ Financial Reporting, (v) Financial Risk Management, and (vi) Assurance Services and Auditing/ Advanced Audit and Assurance);
pass the Capstone of the QP or final examination² in previous syllabus of the QP;
pass the HKICPA's aptitude test in Hong Kong taxation;
meet the practical experience requirements under the HKICPA Authorized Employer or Authorized Supervisor; and
are a full CPA Australia member in good standing.

¹ If you were registered as a CPAA Associate member anywhere before 16 August 2004, you would fall under the transitional arrangement of the old MRA. See Q6. If you were registered as a CPAA Associate member outside Australia or Hong Kong after 15 August 2004, you will not be eligible for HKICPA membership under any MRA.

² For applicants who have passed the final examination in previous syllabus of the QP, they are also required to complete and pass the workshops of any one of modules A - D in previous syllabus of the QP. Applicants who have passed the capstone (which includes workshops) of the new QP do not need to meet this workshop requirement.

Q6.	What is the difference between the new and old MRA?

With effect from 1 July 2020, the new MRA is in force. The 2000 MRA (old MRA) ended on 30 June 2005. Transitional arrangement for the old MRA is in place.

The conditions for CPAA members to obtain HKICPA membership under the new MRA and the transitional arrangement of the old MRA are set out in our webpage on recognition status of CPAA.

The differences in the conditions are mainly:

	New MRA	Transitional arrangement of the old MRA
Registration date as CPAA Associate member	On or after 16 August 2004	Before 16 August 2004
Place of registration and completion of the CPA Program	Australia or Hong Kong	Anywhere
Conditions	See Q5 above	Pass the CPA Program and meet the Institute's practical experience requirement. No aptitude test, workshop or Capstone requirement.
Deadline to pass the CPA Program	Two years from 30 June 2025 or the termination date of the MRA, whichever is earlier.	30 June 2007

Q7.	I am now a full CPAA member. Is the new MRA applicable to me?

If you were registered as an associate member of CPAA in Australia or Hong Kong on or after 16 August 2004; or were registered as an associate member of CPAA in Australia or Hong Kong before 16 August 2004 but failed to pass the CPA Australia CPA Program in Australia or Hong Kong by 30 June 2007, you will be eligible for HKICPA membership under the new MRA.

If you were registered as an associate member of CPAA before 16 August 2004 and passed the CPA Australia CPA Program on or before 30 June 2007, you will be eligible for HKICPA membership under the transitional arrangement of the old MRA which was terminated on 30 June 2005. The new MRA is not applicable to you.

If you are registered as an associate member of CPAA outside Australia or Hong Kong, you will not be eligible for HKICPA membership under any MRA, unless you were registered as an associate member of CPAA before 16 August 2004 and passed the CPA Australia CPA Program on or before 30 June 2007.

Q8.	I am a CPA Australia associate member. Do I need to register as a HKICPA student in order to enjoy the new MRA?

Yes. You are required to register as a HKICPA student in order to take the Capstone of the QP. You are required to complete a preliminary assessment of your eligibility for the HKICPA membership under the MRA before you may proceed to register as a QP student. After the preliminary assessment, you will be asked to apply for assessment of your degree when you submit your QP student registration application. In this connection, you will be required to submit certified true copies of your degree certificate, transcript, the CPAA professional examination result report and the other relevant fees for the HKICPA's assessment.

Q9.	I took an Australian university degree programme in Hong Kong. Am I eligible for HKICPA membership under the new MRA?

Australian degree programmes in Hong Kong accredited by CPA Australia are recognised by HKICPA but they have to be accredited by HKICPA for membership admission. Your qualification will have to be assessed by HKICPA on a case by case basis after you have completed a preliminary assessment of your eligibility for the Institute's membership under the MRA and proceed to apply for registration as a QP student. You may be required to pay an assessment fee for the purpose.

A list of the degree programmes offered by Australian universities in Hong Kong which have been accredited by HKICPA for membership admission is accessible here.

Q10.	How do I know if my degree is accredited/recognised or not?

If your degree is an Australian university degree accredited by CPA Australia or the Chartered Accountants Australia & New Zealand (CA ANZ) and was obtained through a course of study wholly undertaken in Australia, it will be recognised by HKICPA for membership admission.

If your degree is a recognised Australian university degree but was obtained through a course of study in Hong Kong or elsewhere outside Australia, your qualification will need to be assessed by HKICPA after you have completed a preliminary assessment of your eligibility for HKICPA membership under the MRA and proceed to apply for registration as a QP student. You will be required to pay an assessment fee for the purpose.

Degree recognition

Q11.	What is a recognised Australian university degree? Are there any prescribed subjects/disciplines for the degree?

A recognised Australian university degree means a degree recognised by the Australian Government and by CPA Australia (CPAA) or Chartered Accountants Australia and New Zealand (CA ANZ) for membership admission. There are prescribed subjects/disciplines for the degree. Please refer to the CPAA or CA ANZ list of ‘Accredited Tertiary Courses’.

Q12.	When and how should I apply for assessment of my Australian degree qualification which was not obtained through studying in Australia? What documents do I need to submit?

You should apply for assessment of your degree after you have completed a preliminary assessment of your eligibility for HKICPA membership under the new MRA and proceed to apply for registration as a QP student. You should submit certified true copies of your degree certificate and transcript for the Institute’s assessment. Please note that the degree must be the one which was accepted by CPAA for your membership admission.

CPA Australia CPA Program

Q13.	I have completed the elective segments of the CPA Australia CPA Program already, but they do not include any one of the core/elective segments required by the new MRA. Do I qualify for HKICPA membership?

No, you must complete the specific core/ elective segments, including (i) Financial Reporting and Disclosure/ Financial Reporting (FRD), (ii) Financial Risk Management (FRM), and (iii) Assurance Services and Auditing/ Advanced Audit and Assurance (ASA), in order to qualify for HKICPA membership under the new MRA. You should either:-

(a) sit and pass the required core/ elective segment(s) of the CPA Australia CPA Program in Hong Kong or Australia (not anywhere else); or

(b) complete and pass the corresponding module(s) of the new Qualification Programme (QP) of HKICPA as follows or equivalent QP Module(s) in previous syllabus:-

FRD – Module 11, Financial Reporting

FRM – Module 12, Financial Management/ Corporate Financing

ASA – Module 13, Auditing and Information Management/ Business Assurance

Q14.	I have attended the workshops in a segment of the CPA Australia CPA Program. Have I fulfilled the workshop requirement under the new MRA?

No, you must pass the capstone (which includes workshops) of the new QP or if you pass the final examination in previous syllabus of the QP, you must complete and pass workshops of a QP module.

Practical experience

Q15.	What is "three years of relevant accounting experience" required for registration as a HKICPA member?

You must have gained at least three years of relevant accounting experience under an Institute-authorized employer or supervisor complying with the requirements of Institute’s Revised Practical Experience Framework. Please click here for details of the practical experience time and competence requirements for membership admission.

Q16.	Will my experience which was acquired prior to my registration as associate member of CPAA and not under an Authorised Employer(s) (AE) or Authorized Supervisor(s) (AS) be counted?

Your practical experience acquired on and after 1 July 2005, irrespective of the date of your registration as a CPAA associate member, has to be obtained under AE/AS. Accounting experience acquired before 1 July 2005 under non-AE/AS will be considered on a case-by-case basis.

Q17.	I am working in Australia under the CPA Australia Mentor Program and my employer is not an AE/AS. Will my experience qualify for HKICPA membership admission?

Under the new MRA, experience acquired outside Hong Kong must be accepted by HKICPA as being equivalent to the HKICPA Practical Experience Framework. This will have to be assessed on a case-by-case basis.

Mainland China

Q18.	I registered as an Associate member of CPA Australia in China in 2020. Is the new MRA applicable to me?

No, you are not eligible for HKICPA membership under the new MRA because you must be registered as an Associate member of CPA Australia and pass the CPA Program of CPA Australia in Australia or Hong Kong in order to qualify. You are also not eligible under the transitional arrangement of the old MRA because the old MRA is applicable only to those who were registered as Associate member of CPA Australia before 16 August 2004 and passed the CPA Program of CPA Australia on or before 30 June 2007.

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