The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the signing of the "Memorandum of Understanding (MoU)" between "Institute of Chartered Accountants of India (ICAI)" and "Chartered Professional Accountants of Canada (CPA Canada)".
The Cabinet gave ex-post facto approval of the MoU signed in 2011 and approval for signing of MoU between ICAI, India and CPA, Canada.
The pact intends arrangements for reciprocal membership that will apply to the respective members of both the Institutes subject to specified criteria. The MoU also includes further collaboration on the definition, learning, and evaluation of the professional qualities and skills and competencies of entry-level Chartered Accountants.
The aim is to work together to develop a mutually beneficial relationship in the best interest of ICAI members, students and their organizations. The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen brand building of local nations. The MoU will foster strong working relations between the ICAI & CPA Canada.
The MoU would help encourage more and more young Indian Chartered Accountants to take up the recognition of "CPA Canada" professional designation to further help them pursue professional opportunities in Canada. A number of Indian Chartered Accountants are holding top level positions in Canadian companies and with the recognition from CPA Canada, the Canadian Corporates would trust Indian talent and skills more and proceed to hire them.