International Qualification Examination
Encyclopedia
The International Qualification Examination (IQEX) is an examination sat by certain non-U.S. qualified accountants seeking the Certified Public Accountant
designation in the United States
.
The examination is set by the American Institute of Certified Public Accountants
(AICPA) and administered by the National Association of State Boards of Accountancy
(NASBA).
However, there are restrictions on eligibility to take the examination:
The fee to sit IQEX is USD845 as a first time candidate, and USD795 as a re-examination candidate. Australian CPAs required to sit the AUD section of the Uniform CPA Exam must pay USD1,030 as a first time candidate, and USD795 for re-examination. Should AUD be applied for on its own the fee is USD185.
Although state boards are not involved in the IQEX examination itself, they still reserve the right to decide on CPA licensure and certification.
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
designation in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
The examination is set by the American Institute of Certified Public Accountants
American Institute of Certified Public Accountants
Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
(AICPA) and administered by the National Association of State Boards of Accountancy
National Association of State Boards of Accountancy
The National Association of State Boards of Accountancy is an umbrella group for the 55 state boards that regulate the accountancy profession in the United States of America....
(NASBA).
Eligibility
In principle the following overseas-qualified accountants are eligible:- Australian Certified Practising AccountantsCPA AustraliaCPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
, Australian Chartered AccountantsInstitute of Chartered Accountants of AustraliaThe Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
and - Canadian Institute of Chartered AccountantsCanadian Institute of Chartered AccountantsThe Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
- Irish Chartered AccountantsInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
- Mexican public accountants who are members of the Mexican Institute of Public Accountants.
However, there are restrictions on eligibility to take the examination:
- Importantly, those who have acquired their overseas membership through mutual recognition or reciprocity are not eligible. For example, an Australian or Irish Chartered Accountant who originally qualified as a Scottish Chartered AccountantInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
would not be eligible.
- Australian CPAs and CAs with less than four years university education, or who obtained their university degree outside Australia, may not be eligible Details. Similar rules apply for Irish CAs.
- Australian CPAs who did not take the Audit section of the Australian CPA Program may be required to sit for and pass the Auditing and Attestation (AUD) section of the Uniform CPA ExamUniform Certified Public Accountant ExaminationThe Uniform Certified Public Accountant Examination is the examination administered to people who wish to become Certified Public Accountants in the United States....
, as well as the IQEX exam. NASBA will issue a Notice to Schedule for this section of the Uniform CPA Exam to eligible candidates (without requiring state board approval), however like all Uniform CPA Exam papers, it must be sat for at a test center in the United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
- Those from recognized overseas bodies who are not eligible to sit for IQEX may apply to a U.S. State Board of Accountancy to sit for the Uniform CPA Exam under normal rules. The Colorado State Board of Accountancy, Delaware State Board of Accountancy and Illinois State Board of Accountancy are popular choices for overseas qualified accountants.
- Details on IQEX eligibility, IQEX training programs and CPA licensure are available at http://www.passtheiqex.com
Administration
The administration of the IQEX exam is similar to that for the Uniform CPA Exam, with a few key differences:- Application is made directly to NASBA, not to a state board of accountancy
- The exam can be sat at PrometricPrometricPrometric is a U.S. company in the test administration industry. Prometric operates a test center network composed of over 10,000 sites in 160 countries...
test centers outside the United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
(although CanadaCanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
is the only other country in which the exam is normally offered) - Instead of being available all year round, IQEX is only offered for three weeks in October or November each year.
- Results are sent directly to the candidate by NASBA (normally in February, following the exam in November)
The fee to sit IQEX is USD845 as a first time candidate, and USD795 as a re-examination candidate. Australian CPAs required to sit the AUD section of the Uniform CPA Exam must pay USD1,030 as a first time candidate, and USD795 for re-examination. Should AUD be applied for on its own the fee is USD185.
Licensure or certification as a CPA
After successfully passing IQEX, candidates must still meet the requirements of one of the 55 State Boards of Accountancy in order to be licensed or certified as a CPA.Although state boards are not involved in the IQEX examination itself, they still reserve the right to decide on CPA licensure and certification.
- Most successful IQEX candidates (who do not need a license from a particular state) apply for a CPA certificate from the Illinois State Board of Accountancy. This is the most straightforward option, as Illinois does not require any further educational, ethics or work experience requirements for certification.
- Some state boards do not accept IQEX, or only accept it under certain conditions. Some may not accept Australian Chartered Accountants, for example, or may only accept Canadian Chartered Accountants from certain Canadian provinces.
- American Institute of Certified Public AccountantsAmerican Institute of Certified Public AccountantsFounded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
- National Association of State Boards of AccountancyNational Association of State Boards of AccountancyThe National Association of State Boards of Accountancy is an umbrella group for the 55 state boards that regulate the accountancy profession in the United States of America....
- Uniform Certified Public Accountant ExaminationUniform Certified Public Accountant ExaminationThe Uniform Certified Public Accountant Examination is the examination administered to people who wish to become Certified Public Accountants in the United States....