The mutual recognition agreement has been authorised by Shri Narendra Modi who is also the union cabinet Minister within the Institute of Chartered accountant of India (ICAI) and Malaysian Institute of Certified Public Accountants (MICPA) for joining the institute to the qualified CA of either institute to join the other institute taking credit for previously qualification of their account.
Implementation plan and Objectives:
There is an agreement held between ICAI and MICPA that they both will recognise the degree of the students via particular modules and papers. In this MoU the members of CA whether professional, ethics, completed the CA education, practical experience, and need of ICAI as well as MICPA which gives details of each other with the modifications in data to their qualifying/admission requirements, Continuing Professional Development (CPD) policy, exemptions.
Read Also : ICAI: Empanelment of CAs as Observers in CA Exam November 2020
Severe Effect:
In the Asia Pacific region, ICAI will discover the relation with all the institutes in the area and thus have an intention to sign MoU with MICA. in the present globalised scenario, the two administrative bodies has an opportunity to play the lead roles in defending the issues. The decision of these two institutes can create more opportunities for others.
Background:
The CA profession in India can control by The Institute of Chartered Accounts of India (ICAI) which is a legal organisation founded under “The Chartered Accountants Act, 1949” whereas the MICPA Malaysian Institute of Certified Public Accountants is founded in 1965 with the companies Act in Malaysia.
Read more official Announcement by ICAI : Click here
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