The ASEAN Mutual Recognition Arrangement for Accountancy Services (“MRA”) was signed by all ASEAN Member States (“AMS”) in November 2014. Based on Article 6.1 of the MRA, all AMS must establish a Monitoring Committee (“MC”) with the main objective to operationalise the agreed terms of the MRA which are within the scope and authority of the MC.
Scope and Authority
The scope and authority of the MC is as per the MRA and shall include the following:
- To develop and maintain a process of submitting applications on behalf of professional accountants, as defined under the MRA (“Applicants”) to be emplaced on the ASEAN Chartered Professional Accountants (“ACPA”) Register, which shall include the receipt of such applications from the Applicants.
- To certify the qualification and experience of the Applicants;
- To ensure that:
- All Applicants that are registered as an ACPA, comply fully with the requirements specified in the MRA, specifically those that are mentioned in Article 6.4.1 of the MRA;
- All Applicants are required to provide evidence that they have complied with the Continuing Professional Development (“CPD”) policy in Malaysia i.e. the Continuing Professional Education policy governed by the Institute;
- In the following circumstances, an ACPA be withdrawn and deregistered from the ACPA Register
- the ASEAN Chartered Professional Accountant Coordinating Committee (“ACPACC”) is notified in writing that a Registered Foreign Professional Accountant which originates from Malaysia but practising in another AMS has contravened the MRA;
- the ACPACC is notified in writing that an ACPA is no longer qualified to practise accountancy services in Malaysia or has not complied with the CPD policy in Malaysia; or
- the ACPACC is notified in writing that an ACPA has seriously violated technical, professional or ethical standards either in Malaysia or in another AMS whereby such violations have led to deregistration or suspension of the ACPA from practice.
- All Applicants that are registered as an ACPA shall apply for a renewal of their registration based on any existing framework determined by the relevant parties pursuant to the MRA; and
- Any amendments agreed under article 9.4 of the MRA as directed by the ACPACC be implemented and executed.