Cabinet approves India, Canada agreement on accountancy

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a preliminary agreement between the Institute of Chartered Accountants of India (ICAI) and the Chartered Professional Accountants of Canada (CPA Canada)

August 9, 2018

The deal, first signed in 2011, includes collaboration on the learning and evaluation of the professional skills and competencies of entry-level Chartered Accountants in both nations

The tie-up will also provide an opportunity to ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen brand building of local nations

This will encourage more Indian Chartered Accountants to take up "CPA Canada" professional to further their professional opportunities in Canada and in turn encourage recruiters in Canada

Over the last two months, the Union Cabinet had approved agreements between the ICAI and accountancy and financial institutes of Ireland, Bahrain, Tanzania, Saudi Arabia and South Africa

The Union Cabinet, chaired by Prime Minister Narendra Modi, on August 9 approved a preliminary agreement between the Institute of Chartered Accountants of India (ICAI) and Chartered Professional Accountants of Canada (CPA Canada). The agreement, first signed in 2011, envisages arrangements for reciprocal membership that will apply to the respective members of both the Institutes subject to specified criteria. The deal includes collaboration on the learning and evaluation of the professional skills and competencies of entry-level Chartered Accountants. The tie-up will also provide an opportunity to ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen brand building of local nations.

This will encourage more Indian Chartered Accountants to take up the “CPA Canada” professional designation to further their professional opportunities in Canada. A number of Indian Chartered Accountants are already holding top positions in Canadian companies and with the recognition from CPA Canada, the Canadian Corporates would trust Indian talent and skills more. The agreement will apply to members who have gained membership in the ICAI or one of the Canadian Provincial CPA bodies by meeting the education and practical experience requirements of the ICAI or the Canadian Provincial CPA bodies, respectively. This agreement does not automatically apply to individuals who have gained membership of the bodies through agreement with a third party.

Over the last two months, the Union Cabinet had approved agreements between the Institute of Chartered Accountants of India (ICAI) and respective accountancy and financial management institutes of Ireland, Bahrain, Tanzania, Saudi Arabia and South Africa. The deals will lead to India sharing its regulatory framework, human resources and best practices from the accountancy space with the partner nations. The ICAI is a statutory body established by an Act of Parliament of India, ‘The Chartered Accountants Act, 1949′, to regulate the profession of chartered accountancy in India. Indians have traditionally helped strengthen accountancy work around the globe. Meanwhile, CPA Canada is the national body for Canadian accounting profession.

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