Reciprocal membership MOU signed by CA Institutes of Canada and Pakistan

TORONTO, May 7, 2012 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) and the Institute of Chartered Accountants of Pakistan (ICAP) signed a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements.

The MOU specifies the criteria by which members of one body are eligible for membership in the other.  It was signed by the CICA on behalf of the provincial and territorial institutes/Ordre of chartered accountants of Canada and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA.

"Our profession is known as a leader in international labour mobility and in foreign credential recognition," said Kevin Dancey, president and CEO, CICA. "It is important to help internationally trained professionals earn their Canadian CA as this fosters mobility and helps us attract the brightest and the best individuals."

The MOU recognizes that there is substantial equivalency in the core knowledge component of the accounting education for CAs in both countries and will reduce the admission requirements for qualified CAs from Pakistan. Under the MOU:

• An ICAP member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE), which is offered annually in Canada. In addition, the candidate must meet the profession's experience requirements.
  
  
• Individuals with a Canadian CA designation will be eligible to become an ICAP member by passing the ICAP's examinations in Advanced Taxation and Corporate Laws.

"This increased recognition of accounting education programs in Pakistan is a true benefit for our members," said Rashid Rahman Mir, president, ICAP.  "It is very encouraging to see our efforts being acknowledged by the CICA. This is a great example of two accounting bodies working together to provide windows of opportunity in today's global environment."

"The Canadian CA profession has considerable expertise in determining substantial equivalency of foreign qualifications in a manner that is fair, consistent, transparent and timely," noted Dancey.

Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 81,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

Tobin Lambie, Manager, Media
CICA
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www.cica.ca