The Institute of Chartered Accountants of India (ICAI) and the South African Institute of Chartered Accountants (SAICA) has signed the Mutual Recognition Agreement, leading the Membership Pathway Arrangements, which would facilitate mutually recognizing the Qualification of each other’s and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes.
In May 2018, the Union Cabinet of India, chaired by Hon’ble Prime Minister of India, Shri Narendra Modi, approved the proposed MRA. This recognition agreement provides for 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. The Agreement will:
ICAI and SAICA acknowledge that any rights to practice, within regulated or statutory areas of practice, are outside the scope of this MRA.
- Facilitate recognition of Indian Accountancy Professionals with local Accountancy qualification in addition to existing ICAI qualification, which will increase their professional avenues in South African markets
- Foster strong working relations between the two accounting institutes
- Increase mobility of professionals at either end and would herald new avenues for business in India and South Africa’s young professionals