Cabinet approves agreement with South Africa to increase avenues for CA professionals

NEW DELHI, MAY 2: Cabinet has approved a Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and the South African Institute of Chartered Accountants to increase the mobility of professionals from one country to other.

The agreement will facilitate recognition of Indian Accountancy Professionals with local Accountancy qualification in addition to existing ICAI qualification in increasing their professional avenues in South African markets.

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the Mutual Recognition Agreement between the two bodies.

The Cabinet approval for Mutual Recognition Agreement (MRA) has been granted between ICAI and 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, ICAI officials said.