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 4th June 2018 at SAICA HO, Johannesburg, South Africa.
Signing of the Agreement between ICAI & SAICA would facilitate mutually recognizing the Qualification of each other’s and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes.
Signing of the Agreement between ICAI & SAICA would facilitate recognition of Indian Accountancy Professionals with local Accountancy qualification in addition to existing ICAI qualification, which will increase their professional avenues in South African markets.
The MRA will enhance the existing good relations and cooperation between the two institutes so that, together, both can accelerate the development of the accounting profession. This MRA will go a long way to enhance trade and business between both countries.
On 2nd May 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.