The Institute of Chartered Accountants of India (ICAI) has signed the Mutual Recognition Agreement (MRA) with the South African Institute of Chartered Accountants (SAICA) on June 4, 2018 at SAICA HO, Johannesburg, South Africa.
Signing of the Agreement between ICAI & SAICA 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.
During the MRA signing Ceremony, CA. Naveen N.D. Gupta, President, ICAI mentioned that “The MRA between ICAI and SAICA would help to foster strong working relations between the two accounting institutes and will lead to greater mobility of professionals at either end and would herald a new dimension of professional opportunities for Chartered Accountants of both the countries thus benefiting more than 1000 Indian CAs in Africa region and other ICAI members in India who wish to get International qualification”.
Ms. Fanisa Lamola, SAICA’s Chief Executive Officer expressed “The MRA, leading to Membership Pathways, between ICAI and SAICA would be beneficial for the members of both countries”.
Speaking at the MRA Signing Ceremony, the Guest of Honour of the event, Dr. K.J. Srinivasa, Hon’ble Consul General to Johannesburg, South Africa said “The MRA would be beneficial for both ICAI and SAICA members and would herald new avenues for business in India and South Africa’s young professionals”. He also assured full support for all future endeavors of ICAI and SAICA in the country.
CA. Prafulla Chhajed, Vice President, ICAI while addressing at the MRA Signing ceremony mentioned “I am sure that this agreement would be a starting point for a long term and mutually beneficial relationship between ICAI and SAICA, helping each other for the development of the profession in India and South Africa.”
Last month on May 2, 2018, the Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi had approved the signing of MRA between the ICAI and SAICA to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in South Africa and India.
Under the terms of MRA, Members of ICAI are exempted from appearing in Part I i.e. Initial Test of Competency (ITC) and Practical Training requirements of SAICA and can become the member of SAICA on the basis of completing the Assessment of Professional Competence (APC) examination.
Further, if an individual ICAI applicant, in good standing, fulfills the “competency requirements” of the SAICA Competency Framework, membership of SAICA may be granted without completing the SAICA APC examination. The competency requirements consists of parameters like Academic transcripts; Work experience; Portfolio of work; Evidence from employers etc.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in the country. The Institute functions under the administrative control of Ministry of Corporate Affairs and has five Regional Councils and 164 branches covering the length and breadth of the country. In addition, it has also set up 31 chapters outside India.
The main functions of the Institute are prescribing qualifications for membership, holding examination and arranging practical training of candidates, enrolment of members, publication and maintenance of register of members qualified to practice the profession, carrying on activities for development of the profession and regulation and maintenance of status and standard of professional qualification of the members.
The South African Institute of Chartered Accountants (SAICA) is the foremost accountancy body in South Africa and one of the leading Institutes in the world. It plays an influential role in a highly dynamic business sector. SAICA provides support, advice and services to its CAs throughout their professional lives.