ICAI has signed an MoU with the CPA Canada to facilitate mutual recognition of each other’s qualification through a bridging mechanism between the two Institutes. Now ICAI members can acquire CPA qualification by passing common final exam of CPA Canada spread over 3 days only.
MoU between ICAI and CPA Canada: Press Release dt. 20 Nov. 2018
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.
Want to know more about CPA Canada course for members of ICAI, like how to apply for the course, syllabus, duration of course, exams pattern, contact detail of the person who can resolve query on above matter.
Hi i have conpleted my ca from icai india in nov 2014 and currentky working with mnc. I would like to explore canada for my future job ventures and that through CPA. How much papers I need to pass and what will be the duration assuming passing of papers in one go. Also will there be any further articleship as in India?
Is it beneficial for all CAs? Or some conditions exist in getting exemptions?
Is there any benefit to IPCC cleared students under this MOU?