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Cabinet approves Mutual Recognition Agreement between the Institute of Chartered Accounts of India and the Certified Practising Accountant, Australia and Memorandum of Understanding between the Institute of Chartered Accountants of India and Chartered Accountants Australia and New Zealand.

Cabinet
Cabinet approves Mutual Recognition Agreement between the Institute of Chartered Accounts of India and the Certified Practising Accountant, Australia

Posted On: 20 APR 2021
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Mutual Recognition Agreement (MRA)between the Institute of Chartered Accounts of India (ICAI) and the CPA (“Certified Practising Accountant”) Australia.

Details of Agreement;
Under the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the CPA (“Certified Practising Accountant”) Australia will work together to establish mutual co­operation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their respective members and contribute positively to the development of accounting profession in Australia and India.

Impact:
The MRA will:

1. foster working relations between the two accounting Institutes
2. develop mutually beneficial relationship in the best interest of members, students and their organizations.
3. Increase mobility of professionals at either end and would herald a new dimension for small and medium business in both countries
4. The two accountancy institutes will have an opportunity to play the leadership role in addressing new challenges facing the profession in globalised environment.

Benefits:
The engagement between the two Institutes is expected to result in greater employment opportunities for Indian Chartered Accountants and also greater remittances back to India.

Implementation strategy and Targets:
The MRA would provide mutual recognition of qualification of members of other body who have achieved membership by completing the Examination, training and practical experience requirements of the two bodies to enable them to join the other body by receiving appropriate credit for their existing accountancy qualification. Both ICAI and CPA Australia shall work out a Mutual Recognition Agreement to recognize the qualification, training of each other and admit the members in good standing by prescribing a bridging mechanism.

Background:
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered accountants in India. CPA Australia is one of the world’s largest accounting bodies with membership of more than 160,000 members working in 150 countries and regions around the world and offer services in education, training, technical support and advocacy.

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Cabinet approves Memorandum of Understanding between the Institute of Chartered Accountants of India and Chartered Accountants Australia and New Zealand
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ).

Impact:
The MRA intends to develop mutually beneficial relationship in the best interest of members, students and their organizations and is expected to provide an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes. The two accountancy institutes will have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment.

Benefits:
The engagement between the two Institutes is expected to result in greater employment opportunities for Indian Chartered Accountants and also greater remittances back to India.

Details:
The Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) & Chartered Accountants Australia and New Zealand (CA ANZ) would mutually recognize the qualification and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes. The ICAI and CA ANZ aim to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their respective members and contribute positively to the development of the accounting profession in Australia, New Zealand and India.

Implementation strategy and Targets:
The MoU provides for mutual recognition of qualification of members of other body, who have achieved membership by completing the Examination, professional program and practical experience membership requirements of the two parties.

Background:
The Institute of Chartered Accountants of India (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. Chartered Accountants Australia and New Zealand (CA ANZ), emerged from the merger of the Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants in October 2014.