New Delhi:The Union Cabinet chaired by the Prime Minister Narendra Modi today approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified Chartered Accountant members of either Institute to join the other Institute by receiving appropriate credit for their existing accountancy qualification.
The cabinet also approved Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG) to work together in capacity building and strengthening the Accounting, Financial and Audit Knowledge base in Papua New Guinea.The twin decisions are expected to boost ICAI’s credentials in these regions and allow it to assume leadership role in Asia Pacific region.
The ICAI and MICPA would enter into an arrangement for the purpose of recognition of each other’s qualification through specific module of papers and determining the basis upon which admission to membership of appropriately qualified members of the other body may occur. The proposed MoU would cover Chartered Accountant members of either professional body, who had achieved membership by completing the education, ethics, examination and practical experience and membership requirements of the two parties, both ICAI and MICPA would agree to provide each other with information on material changes to their qualifying/admission requirements, Continuing Professional Development (CPD) policy, exemptions, and any other relevant matter.
With the signing of the MoU, the two accountancy institutes would have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment. A formal arrangement between two regulatory institutions at both ends brings in element of enhanced visibility and wider acceptance amongst stakeholder community thus paving way for augmentation of increased professional opportunities.
In the context of Papua New Gunea, the Institute of Chartered Accountants of India (ICAI) and Certified Practising Accountants Papua New Guinea (CPA PNG) would work together for the following:
- To hold and conduct technical events, seminars and conferences in PNG,
- Establishing possible cooperation and collaboration in areas of Corporate Governance, technical research and advice, quality assurance, forensic accounting, Continuing Professional Development (CPD) and other subjects of mutual interest.
- Share available unrestricted information concerning the accountancy profession in India and PNG and internationally when required, develop the modules for specific subjects for CPA, PNG Examination.
- To have students and faculty exchange programs.
- Offer short term professional courses in the domain of accounting, finance and audit in PNG.
