Cabinet approves Mutual Recognition Agreement between the ICAI, South African Institute of Chartered Accountants
New Delhi, May 2 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA).
Approval of the Cabinet has been granted in respect of Mutual Recognition Agreement (MRA) 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.
The Agreement will 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.
It will 'foster strong working relations between the two accounting institutes.'
It will also increase mobility of professionals at either end and would herald a new dimension for small and medium businesses in both countries, as per government statement released on Wednesday.
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