Section Accy 3.202 - International mutual recognition agreement(1) In this section: (a) "International qualification examination" means the examination prepared by the American institute of certified public accountants to test differences between the accounting standards used in the United States and the accounting standards used in other countries. Note: The international qualification examination covers ethics, professional and legal responsibilities, business law, uniform commercial code, federal taxation and accounting issues, business structure, accounting and reporting for governmental and not-for-profit organizations, and recent regulatory issues.
(b) "International qualifications appraisal board" means the entity jointly created by the national association of state boards of accountancy and the American institute of certified public accountants to evaluate whether a professional accounting credential issued by a credentialing authority in a foreign country is substantially equivalent to the credentialing standards used in the United States.(c) "Mutual recognition agreement" means an agreement entered into by the national association of state boards of accountancy and the American institute of certified public accountants and a foreign credentialing authority, after the equivalence of the foreign credential has been determined by the international qualifications appraisal board.(2) The board may grant a certificate to an applicant who holds a credential issued by a signatory to a mutual recognition agreement if the applicant submits evidence that he or she has met all of the following qualifications: (a) The foreign authority that granted the credential is a signatory to a mutual recognition agreement in effect on the date of application.(b) The applicant's credential issued by a foreign credentialing authority is in good standing on the date of application.(c) The applicant has successfully completed the international qualification examination.(d) The applicant has successfully completed the professional ethics examination in s. Accy 2.306.Wis. Admin. Code Accounting Examining Board Accy 3.202
Adopted by, CR 09-100: cr. Register May 2010 No. 653, eff. 6-1-10; 2015 Wis. Act 217: renum. from Accy 8.05 and am. (2) (d) Register May 2016 No. 725, eff. 6/1/2016