The goal of the Association of Southeast Asian Nations (ASEAN) is to create, not destroy. That is why the ASEAN Economic Community (AEC) was established in 2015. The AEC aims to transform ASEAN into a single market and production base that will allow the ASEAN member states (AMS) to enjoy free movement of goods, services and investment, as well as benefit from smoother flow of capital and skilled labour.
With business services like accountancy being an important part of economies and trade, the liberalisation of trade in services will help ASEAN to achieve the objective of the AEC sooner. Under the AEC, the mobility of accountants within the region is facilitated by the Mutual Recognition Arrangement on Accountancy Services (MRAA) which was signed by all ten ASEAN member states in 2014. The objectives of the MRAA are as follows:
To facilitate mobility of accountancy services professionals across ASEAN;
To enhance the current regime for the provision of accountancy services in the AMS;
To exchange information in order to promote adoption of best practices on standards and qualifications.
Under the MRAA, a professional accountant who is an ASEAN national and possesses the necessary qualifications and experiences that complies with the MRAA may apply to be an ASEAN Chartered Professional Accountant (ASEAN CPA). ASEAN CPAs are legally allowed to provide accountancy services (except for signing off of the independent auditor’s report and providing accountancy services that require domestic licensing) in ASEAN markets without having to undergo extensive re-training or re-qualification procedures.
With the ASEAN CPA title in your resume and/or name card, it will provide you with market access to the rest of ASEAN, presenting new opportunities to in one of the highest growth economic regions in the world!
Registration is free from May 2018 – May 2019. The ASEAN CPA title is renewable every year and renewal fee will be announced in due course.
How to become an ASEAN Chartered Professional Accountant (ASEAN CPA)?
Satisfy ASEAN CPA requirements
A professional accountant who meets the following qualifications, practical experience and conditions is eligible to apply to be an ASEAN Chartered Professional Accountant (ASEAN CPA):