GAE 2012 USA
Country Characteristics of the USA
Total population (millions)
316.6 (2013)
GDP per capita (USD)
Business language
Legal system
Economic position
49,800 (2012) (ranked 15 in the world)
English
Common law
Innovation driven
Regional affiliations
APEC, ASEAN (dialogue partner), G-20, OAS, OECD, UNCTAD
Accountancy Profession in the USA
American Institute of Certified Public Accountants (AICPA)
IFAC membership
Full member
Affiliations
AICPA is a member of GAA
Part I (2005), part II (2006), part III (2012)
IFAC compliance information
Qualification
Certified Public Accountant (CPA)
Address
1211 Avenue of the Americas, New York, NY 10036-8775,
United States
Tel: +1-212-596-6200, Fax: 1-212-596-6213, service@aicpa.org ,
www.aicpa.org (English)
Recognition
The AICPA and NASBA have a joint board (IQAB) which researches and
recommends potential MRA partners. State Boards have sole authority
regarding the acceptance of the MRAs. NAFTA has agreed on professional
MRAs between CICA, IMCP, and NASBA. IQAB has established MRAs
with the following professional bodies: ICAA, CICA, CAI, IMCP,
NZICPA and HKICPA. NASBA uses the standard of substantial
equivalency to facilitate interstate practice and free movement of
practitioners between states. This standard is also used for foreign
applicants on the condition of reciprocity and passage of a separate
examination.
Accountancy Education in the USA
Education requirements for CPAs in the United States of America and Territories are very similar. The U.S.A
has 50 states and 4 territories which license CPAs. Each of these jurisdictions has its own rules for licensure,
but they are essentially the same. A nonbinding Uniform Accountancy Act, jointly developed the National
Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public
Accountants (AICPA), spells out specific educational requirements. Basically they are: university degree
with a minimum of 150 semester hours of education; specific number of “semester hours“(courses) in
accounting subjects (financial and managerial accounting, taxation, accounting information systems,
auditing, etc.); and, specific number of general business courses (business law, finance, management,
marketing, information technology, etc.). Almost all jurisdictions require 150 hours of academic study
which typically translates to an additional year beyond the four years normally required for a bachelor’s
degree. Most of that training is additional studies in accounting and business toward the end. The AICPA,
while it works closely with NASBA, and the appropriate authorities in the 54 jurisdictions, does not license
CPAs. Consequently, this professional body does not provide prequalification education, as is done in many
other countries. Licensing for public practice is the responsibility of State Boards of Accounting. Normally
at least one year of practical experience is required. Regular CPD is required following licensure. The US
International Qualifications Appraisal Board (IQAB) has negotiated several mutual recognition agreements
(MRAs) with professional bodies in other countries. Actual recognition is the responsibility of the State
Boards of Accounting.
Characteristics of Accountancy Education
Certification Requirements
Education at an accredited university, with specified number of
accounting and business hours
Final assessment of professional capabilities
Practical experience requirement
CPD
Providers of Professional Education Universities
Responsibility for Education
Government with the profession
Requirements
Licensing Requirements for
Additional practical experience
Auditors
Compliance with International Education Standards
Level of compliance with IES
Adoption
Implementation
High
High
Personal Development
High
High
Professional Accountancy Education
Medium
High
Professional Development
High
High
Competence for Audit Professional
Sub-Pillar Scores - USA
Personal Development
1,00
0,80
0,60
0,40
Competence for Audit
Professionals
0,20
0,00
Professional
Accountancy Education
Professional
Development
Adoption
Implementation