Iqex Structure
IQEX is an acronym for the International Uniform Certified Public Accountant Qualification Examination and is sometimes referred to as The U.S
. CPA Reciprocity Exam.
The National Association of State Boards of Accountancy (NASBA) offers the IQEX to qualified international candidates each fall. If you are an internationally trained accountant, you may wish to sit for the IQEX exam and seek a reciprocal CPA designation, since the CPA is globally the most recognized accounting designation.
IQEX is designed to evaluate your professional competence as delineated by the U.S. International Qualifications Appraisal Board. The board will evaluate your education, examination scores, and experience to determine if you meet requirements which are substantially equivalent to United States CPAs. The IQEX exam will test you on your knowledge of U.S. business law, professional standards, and U.S. taxation codes.
In a later article is a list of the international designations eligible for reciprocity. If you do not hold one of those, you can still apply through one of the 54 U.S. jurisdictions, pass the exam, and become a CPA.
The International Uniform Certified Public Accountant Qualification Examination (IQEX) must be completed in 4.5 hours or less. Delivered through the computer based testing at Prometric centers, the exam is made up of 150 multiple choice questions, each having four possible answers. While other multiple-choice examinations, like the Graduate Management Admissions Test (GMAT), penalize you for an incorrect answer, the IQEX does not. A perfect score on IQEX is 100 and a passing score is 75. English is the only language on the exam.
Content of the IQEX Accounting for governmental and not-for-profit organizations15% Auditing10-15% Business law20-25% Financial accounting and reporting10-15% Professional ethics and legal responsibilities10% Taxation25-30% Total 100%
The aim of IQEX is to test your knowledge of the differences between auditing and accounting practices in the US and similar accounting and auditing practices in Australia and Canada. Because of this, the structure and content of IQEX is more narrow than the CPA Exam because it is assumed that Canadian and Australian accountants who have passed their nations' exams are already proficient in these other topics which are tested on the CPA Exam.
Exam Dates for the U.S. CPA Reciprocity Exam All IQEX test dates occur within a three week period straddling October and November each year. You would contact Prometric to make an appointment for a 4.5 hour block of time on the test days during that three week period.
In the past, Prometric test centers in the US and in major Canadian cities offered IQEX. In 2010, each test centre will be open for the entire three week period. In September 2010, AICPA and NASBA will announce the test center locations.
Can You Get a Copy of a Past Exam? No. The U.S. CPA Reciprocity Exam has been a closed exam since it started. Unlike the CPA Exam, past questions and rationales are not available.
New Zealand Institute of Chartered Accountants An MRA between the U.S. IQAB and the New Zealand ICA has been signed. Candidates from New Zealand who are members of the Institute of Chartered Accountants and who have earned a bachelor's degree with an approved major in accounting will be eligible for the IQEX in 2010. As additional information becomes available about this agreement, it will be posted on this web site.
International Qualification Examination NASBA offers the International Qualification Examination (IQEX) to qualifying candidates each year. Internationally trained accountants seeking a reciprocal CPA designation in the United States may be interested in writing the IQEX.
The International Qualification Examination (IQEX) is used to examine the professional competence, from a United States perspective, of accountants from foreign bodies, determined by the U.S. International Qualifications Appraisal Board to have education, examination, and experience requirements substantially equivalent to United States CPAs. The IQEX tests reciprocity applicants on their knowledge of U.S. professional standards, U.S. taxation and business law.
The IQEX exam must be completed in 4.5 hours or less. Delivered through the computer based testing at Prometric centers, the exam is made up of 150 multiple choice questions, each having four possible answers. While other multiple-choice examinations, like the GMAT, penalize you for an incorrect answer, the IQEX does not. A perfect score on IQEX is 100 and a passing score is 75. English is the only language on the exam.
The aim of IQEX is to test your knowledge of the differences between auditing and accounting practices in the US and similar accounting and auditing practices in Australia and Canada. Because of this, the structure and content of IQEX is more narrow than the CPA Exam because it is assumed that Canadian and Australian accountants who have passed their nations' exams are already proficient in these other topics which are tested on the CPA Exam.
If your professional credential institute is not listed and you want to be licensed as a CPA in the U.S., you will need to take the Uniform CPA Examination as a candidate of one of the 54 jurisdictions.
IQEX STUDY MATERIALS The Uniform Certified Public Accountant Examination (CPA Exam) is presented by the triumvirate of the American Institute of Certified Public Accountants (AICPA), the National State Boards of Accountancy (NASBA), and Prometric testing centers.
After intense negotiations with several international accrediting bodies, it was agreed that these specific professional designations have reciprocity with the U.S. Certified Public Accountant (CPA): Canadian Institute of Chartered Accountants (CICA) Instituto Mexicano De Contadores Publicos (IMCP) Institute of Chartered Accountants in Ireland (ICAI) Institute of Chartered Accountants in Australia (ICAA) CPA Australia.
To become a U.S. CPA, you have to be a member in good standing of your home organization who was educated in that nation,* and then pass the International Uniform Certified Public Accountant Examination (IQEX), a CPA Reciprocity Examination. (*For instance, if you were educated in Ireland and are an Irish Chartered Accountant, you are eligible for IQEX reciprocity but if you are an Australian CPA who was educated in Hong Kong, you cannot apply for reciprocity. However, you can still apply to take the CPA Exam to become a CPA.)
To prepare for and pass the 150 multiple choice questions on the IQEX Exam, CPAexcel has developed more study materials than any other CPA Review Course. Collating questions from past CPA Exams on such topics as auditing and U.S. federal taxation, CPAexcel prepares Chartered Accountants and Australian CPAs to pass IQEX. This will lead to your success as a U.S. CPA.
THE CPAEXCEL DISTINCTION The mission of CPAexcel Review is to prepare you for professional certification exams, such as:
*the 4-part CPA Exam and *the International Uniform Certified Public Accountant Examination (IQEX), a CPA Reciprocity Examination.
Since 1998, CPAexcel has delivered highly effective and efficient CPA Review programs which offer distinctive advantages that lead to solid results. CPAexcel students have consistently passed the CPA Exam at exceptionally high rates-nearly twice the U.S. rate! Both the "Self-Study" and "Online" courses are designed to be highly responsive to your needs and support your learning style.
CPAexcel's flexible IQEX preparation program has been developed to suit your learning needs. IQEX courses are organized, time saving, and cost effective. Our professor-authors are committed to maintaining our high record of performance while continually improving the quality and convenience of the student learning experience.
CPAexcel maintains its reputation for being the best value in the CPA Review courses.
*UP-TO-DATE MATERIAL THROUGHOUT THE COURSE: CPAexcel has updated its unique course materials to reflect the changing scope of the IQEX examination. Any new rulings and/or regulations, which are gathered by our highly experienced professor-authors and professor-mentors, are integrated quickly into our course material. The material covered throughout the course is built around actual questions from past CPA Examinations. *CPAEXCEL IS ALL YOU NEED TO PASS THE EXAM :
The CPAexcel IQEX Program is uniquely structured to be time-effective, giving you the maximum preparation within minimum time: you can complete a lesson in about 30 minutes. CPAexcel's IQEX Review Course offers these key learning tools within this carefully crafted teaching system:
*U.S. Accounting professors' Video Lectures feature printable slides. *Unsurpassed course flash drive: you can study anywhere, any time! *Learn online or off-line: CPAexcel gives you both at no extra cost!
KEY FEATURES OF CPAEXCEL: *Free Continuing Access: you get unlimited free electronic updates. *Exam-identical Software allows you to become comfortable on exam day. *CPAexcel Bite-Sized LessonsSM can be completed in about 30 minutes. *An IQEX study program focuses only on what you need to learn. *Subject-expert Professor Mentors answer your e-mailed questions. *Guaranteed Price: Your initial cost is your total cost to pass the exam. CPAexcel developed this IQEX specialized study course to meet your needs.
by: Eric Anderson.
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