The Cabinet 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).
It intends to develop mutually beneficial relationships 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.
The MoU provides for mutual recognition of qualification of members of other bodies, who have achieved membership by completing the Examination, professional program and practical experience membership requirements of the two parties.
The Cabinet also approved the Mutual Recognition Agreement, MRA between the ICAI and Certified Practising Accountant CPA Australia. Under the MRA, both institutes will work together to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their members and contribute positively to the development of the accounting profession in Australia and India. 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.