The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (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.
Accountancy and Finance Services had been identified as one of the 12 Champion Sectors by Government of India wherein 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.
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 agreement would foster strong working relations between the two accounting institutes and would increase mobility of professionals at either end and would herald a new dimension for small and medium businesses in both countries.
The recent Union Cabinet approval on SAICA MRA indicates India’s determination for facilitating export of accountancy services and promotion of global mobility of accountancy services in digital world which is earmarked as one of the important Champion Sectors initiative and ICAI compliments the move and support the Government of India and look forward to work together for other areas of Action plan of Champion Sectors.
MoUs with National Board of Accountants and Auditors (NBAA), Tanzania; Saudi Organization for Certified Public Accountants (SOCPA); Institute of Certified Public Accountants of Kenya and CPA Afghanistan are going to be signed once cleared by Government of India. The agreement would facilitate recognition of Indian accountancy professionals in foreign land and would increase mobility of professionals.
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, which functions under the administrative control of Ministry of Corporate Affairs, Government of India, has five Regional Councils and 163 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, enrollment 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. SAICA members are business advisors, business leaders and entrepreneurs.