Despite subsection (1), a member of a professional body outside of Canada or Bermuda having the same or similar objects, standards of education, training and experience requirements as CPABC may be admitted as a CPA member if
- the professional body in which the applicant holds membership is recognized by the board for the purpose of admission under this subsection,
- the applicant was engaged in the practice of accounting in the jurisdiction in which that professional body is located for a two-year period, or a shorter period considered satisfactory by the Membership Committee, immediately before the applicant was granted membership in that professional body,
- the Membership Committee is satisfied that the applicant has attained a standard of education, training and experience substantially equivalent to the admission requirements for students under subsection (1), and
- the applicant satisfies any other applicable conditions or requirements for admission as a CPA member under any applicable mutual recognition agreement, reciprocal membership agreement, memorandum of understanding or similar agreement between CPABC and that professional body.