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. 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.
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 International qualification."
Speaking at the occasion, Ms. Joy Thomas, President and CEO of CPA Canada 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." The MoU will foster strong working relations between the ICAI & CPA Canada.
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 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.