The Institute of Chartered Accountants of India (ICAI) has signed the Memorandum of Understanding (MoU) with the Chartered Professional Accountants of Canada (CPA Canada) on November 17, 2018, in Toronto, Canada. This has opened greater employment opportunities for the Indian Chartered Accountants (CAs) in Canada and also lead to greater remittances from them to India.
The signing of the MoU between ICAI & CPA Canada would facilitate mutual recognition of each other’s qualification and admit the members in good standing by prescribing a bridging mechanism between the two Institutes. The MoU will foster strong working relations between the ICAI & CPA Canada.
It will also promote strong working relations between the two accounting bodies. The pact will increase the mobility of professionals at either end. In general, a skilled professional from accountancy, engineering or any other sector can get a job in other country but the signing of such agreements make it easier for them to find employment in that country. Memorandum of Understanding (MoU) paves the way for recognition of the professional bodies of one country by the other.
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding in August 2018 between the ICAI and the Chartered Professional Accountants of Canada (CPA Canada), which will aid the Indian accountancy professionals to explore employment opportunities in the region.
While signing the MoU, CA Naveen N D Gupta, President, ICAI mentioned “Canada is one of the most favoured destinations for Indian professionals looking to explore global opportunities. The MoU will lead to greater mobility of professionals at either end and herald a new dimension of professional opportunities for Chartered Accountants of both the countries thus benefiting more than 1000 Indian CAs in Canada and other ICAI members in India who wish to get an International qualification.”
Speaking at the occasion, President and CEO of CPA Canada Ms Joy Thomas expressed “ This MoU will help in integrating highly skilled professional accountants from India more quickly into the Canadian workforce and aligns with Canada’s strategy to attract top talent in support of strengthening the country’s capacity for innovation and productivity.”
In August 2018, the Union Cabinet Chaired by Shri Narendra Modi, Hon’ble Prime Minister of India, had approved the MoU between ICAI and CPA Canada. Earlier, the Union Government has identified the Accountancy and Finance Services as one of the 12 Champion Sectors. ICAI is taking all possible efforts for mutual recognition agreements with maximum foreign accounting Institutes which is the first step for the promotion of export of accountancy services in the overseas market.
Under the terms of MoU, ICAI members in good standing with requisite experience are eligible for exemption from practical training requirements of CPA Canada as well as appearing in CPA Professional Education Program (CPA PEP), Capstone 1 and Capstone 2 modules and can acquire the CPA qualification by passing the final examination of CPA Canada i.e. the 3 day’s Common Final Examination (CFE) only.
Chartered Professional Accountants of Canada (CPA Canada) is the national organization established to support a unified Canadian accounting profession. It covers the ten Provincial, the Yukon territorial body of Chartered Professional Accountants of Canada, the Chartered Professional Accountants of Bermuda and the Northwest Territories and Nunavut accounting bodies.
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