Also known as the “CPA Reciprocity Exam”, IQEX (International Uniform Certified Public Accountant Qualification Examination) is a shortened version of the CPA exam designed for CAs and CPAs in reciprocating countries.
Who Takes The IQEX?
Chartered and Certified Public Accountants from Canada, Australia, Ireland, Mexico and most recently New Zealand who would like to become qualified as CPA in the US. The advantage of IQEX over the standard Uniform CPA Exam is that it covers much less topic — IQEX takes 4.5 hours to complete while the Uniform CPA exam takes 14 hours.
Why Take The IQEX?
It’s worth the effort if you see yourself working for a US company or a US subsidiary using US GAAP. CPA in the US is also the most globally recognized accounting qualification in the world.
Having said that, please be aware that overall the number of candidates who sit for IQEX has declined considerably as more countries and companies are switching to adopt IFRS (International Financial Reporting Standard). Even the Uniform CPA exam is changing its content in 2011 and the major addition is IFRS.
What Is The Format?
IQEX is a computerized exam with 150 multiple choice questions, covering topics such as US business law, ethics and US taxation. If you are familiar with the Uniform CPA Exam, you will find that this CPA reciprocity exam is heavy on BEC and REG, and light on FAR and AUD.
Below is a rough breakdown of the topics:
- Taxation: 25-30%
- Business Law: 20-25%
- Governmental and Not-For-Profit Accounting: 15%
- Financial Accounting: 10-15%
- Auditing: 10-15%
- Business Ethics: 10%
The passing score of IQEX is 75 out of 100.
On Financial accounting and auditing, the focus will be on the difference between the practice in the US and that in your jurisdiction.
Where Can I Take IQEX?
IQWX is offered at Prometric centers in the U.S and Canada every fall, specifically during the three weeks between October and November each year. AICPA and NASBA will announce the test center locations in September 2010.
How Do I Start?
You can download the application form from NASBA at the beginning of July every year. Once your application is processed, you will receive a NTS (Notice to Schedule) and schedule a time at the / of your choice. Please note the application deadline is September 1.
For more information specific to your country, please go to NASBA’s official IQEX page for details.
Is Any IQEX Review Course Available?
You can take a look at the IQEX Review course from CPA Excel (Cost: US$545). Look for the page for international students (under “partners” tab) and there should be a link to IQEX on the right sidebar.
I didn’t know anyone who took the IQEX course but CPAExcel is a reputable CPA exam review course provider.
Please note that Kaplan CPA Review has recently discontinued its IQEX review course.
Good luck!
For Your Further Reading
If you are not qualified to take the IQEX, you may want to check out how you can handle the CPA exam application as an international candidate.
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