(a) The board recognizes the existence of the U.S. IQAB, a joint body of NASBA and the AICPA, which is charged with:(1) evaluating the professional credentialing process of CPAs, or their equivalents, from countries other than the United States; and(2) negotiating principles of reciprocity agreements with the appropriate professional and/or governmental bodies of other countries seeking recognition as having requirements substantially equivalent to the requirements for the certificate of a CPA in the United States.(b) Upon determination by the U.S. IQAB that a foreign jurisdiction had education, examination and experience requirements that are comparable to or exceed those requirements in effect in this state on the date the foreign credential was granted and the foreign jurisdiction issues credentials by reciprocity to holders of a certificate issued by the board, the board shall designate that foreign jurisdiction as being substantially equivalent for certification by reciprocity under this chapter.(c) The board shall honor the terms of all reciprocity agreements issued by U.S. IQAB and shall issue a certificate by reciprocity to the extent required by a United States treaty.