Reciprocal membership MOU signed by CA Institutes of Canada and India
TORONTO, February 7, 2011 – The Canadian Institute of Chartered Accountants (CICA) and the Institute of Chartered Accountants of India (ICAI) today signed a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements.
The MOU specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the CICA on behalf of the provincial and territorial Institutes/Ordre of chartered accountants of Canada and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA. The MOU requires ratification by these bodies as well as the boards of directors of the CICA and ICAI.
“It is important to forge closer links with our CA colleagues in India with that country emerging as a significant presence in the global marketplace,” said Kevin Dancey, president and CEO, CICA. “Finding ways to help internationally trained professionals earn their Canadian CA fosters mobility and helps Canada attract the brightest and the best in today’s global economy. Our profession is known as a leader in international labour mobility and in foreign credential recognition.”
The MOU recognizes the similarity of accounting education for CAs in both countries and will reduce the admission requirements for qualified CAs from India. Under the MOU:
- An ICAI member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE) and meeting the profession’s experience requirements.
- Individuals with a Canadian CA designation will be eligible to become an ICAI member by passing the ICAI’s examinations in corporate and allied laws and tax.
“The global economy opens many windows of opportunity,” said Amarjit Chopra, president, ICAI. “ICAI and CICA are pleased that the MOU will provide enhanced recognition of the accounting education programs in India. We have worked hard to gain this increased recognition.”
“The Canadian CA profession has considerable expertise in determining substantial equivalency of foreign qualifications in a manner that is fair, consistent, transparent and timely,” noted Dancey.
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 78,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada’s CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada’s capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada’s CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).
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Q&A Memorandum of Understanding on Reciprocal Membership Arrangements between The Chartered Accountants of India and the Canadian Institute of Chartered Accountants