NASBA Chair, Mr. Mark Harris kick started the meeting with a warm welcome to His Excellency ADAA Chairman that extended to more than 250 NASBA members that represented 55 State Boards of Accountancy. Mr. Harris then moved on to a presentation about NASBA’s accomplishments and achievements in the previous year and its strategy and future plans.
The four day meeting and forum covered various topics and participations from several international organizations that included a presentation by Mr. Anton Colella, Chair of the Global Accounting Alliance (GAA) titled “Riding the Global Culture Coaster” and revolving around the challenges that face the Auditing and Accounting professions. Mr. Lewis Ferguson, Member of the Public Company Accounting Oversight Board (PCAOB) also presented at the meeting a PCAOB Update under the title “10 years After SOX” covering the Board’s experience in the implementation of the Sarbanes-Oxley Act of 2002.
His Excellency Chairman of ADAA held a meeting with Mr. Bishop to discuss the developments of the US CPA Exam since its launch internationally in August 2011 and discussed a report showing the following:
• 42 out of 55 State Boards of Accountancy currently allow the administration of the CPA Exam outside the US.
• The successful completion of 5 exam windows from August 2011 to September 2012
• The registration of 13,526 exam applications of which 9,676 sections were attended and reported (3,990 from the Middle East, 5,669 from Japan and 17 from Brazil)
• The UAE registered the highest percentage of exam sections attended in the Middle East that reached 54% of the total number of 3,990 (2,164 UAE, 856 Lebanon, 587 Bahrain, 383 Kuwait) as shown in the figure.
• The percentage of success in the 4 sections of the Examination was between 30% – 55% in Japan and the Middle East.
• Candidates’ age groups were between 21 – 70 years old. A full comparison between candidates from Japan and the Middle East showed that the average score was between 60 to 80 out of 100 in spite of the difference in candidates’ age groups as shown in the figure.
Mr. Ken Bishop confirmed during the meeting that NASBA is currently discussing the possibilities of expanding the administration of the Exam to new locations in the Middle East such as the Kingdom of Saudi Arabia and other countries.
It’s worth mentioning that in October 2010, ADAA announced that NASBA and the American Institute of Certified Public Accountants (AICPA) had approved its request to begin the administration of the CPA Exam in the UAE as a first location to host this exam along with other international locations in response to the initiative ADAA launched in 2008 and two-year discussions with NASBA. In March 2011, ADAA hosted the official ceremony to announce the commencement of the administration of the CPA Exam for the first time outside the US in Abu Dhabi.
The CPA Exam ensures that all the individuals taking the exam have the necessary knowledge and technical skills to be licensed as a CPA in an effective manner that ensures public interests are being protected. Passing the CPA Exam is a prerequisite to acquiring a license from any of the 55 U.S. jurisdictions and is accepted internationally as well. The CPA Exam consists of four sections: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation.
ADAA is very keen on making this exam available in the UAE as it plays a vital role in ensuring ADAA fulfills one of its four strategic goals, specifically the one relating to developing human capital and training Emirati graduates. In addition, ADAA considers conducting the CPA Exam in the UAE will surely be a strong motivator to develop and qualify graduates in the UAE and professionals in both the public and private sectors equally, as this certificate is recognized globally as one of the most prestigious professional degrees in the financial and business sectors and making it more accessible will certainly play a vital and crucial role in the enhancement of professionals’ standards in the UAE and the region.
The meeting and forum concluded with an address by Mr. Bishop thanking His Excellency Riyad Al Mubarak for attending the event and reiterating NASBA’s commitment to continuously cooperate with ADAA in future business endeavors.
Wednesday, November 7- 2012 @ 15:48 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.