Malley said he was very pleased to renew the agreement on behalf of CPA Australia. We will continue to keep all members informed of the status of our reciprocity agreements. Members of the two bodies applying in accordance with the provisions of this Agreement should also remain members of their initial appointment. In 2020, we renewed our existing Mutual Recognition Agreement (MRA) with the Institute of Certified Public Accounts (HKICPA) in Hong Kong. The renewed agreement expires on June 30, 2025. The NASBA/AICPA International Qualifications Appraisal Board (IQAB) is the link between the U.S. accounting profession and other countries that are signatories to the General Agreement on Trade in Services (GATS). Any professional audit organization wishing to enter into a mutual agreement with U.S.-IQAB must send a Memorandum of Understanding to NASBA. The letter should contain a brief written description of the nature and objectives of the organization, the size of its membership, and its interest in applying for an MRA. If the organization does not have the authority to grant practical privileges, including audit rights, it must demonstrate that it can facilitate the obtaining of these authorizations by the licensing authority for U.S.
ESAs. The negotiation process between CPA Canada and ACCA for a new agreement has already begun and will continue in the coming months. Malley and Raghu said the agreement, formalized at a ceremony, was in line with the third convention.