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The Union Cabinet on Wednesday approved the mutual recognition agreement between the Institute of Chartered Accountants of India (ICAI) and Malaysian Institute of Certified Public Accountants (MICPA).
This would enable appropriately qualified chartered accountant members of either institutes to join the other by receiving appropriate credit for their existing accountancy qualification.
Besides, the Cabinet cleared a Memorandum of Understanding (MoU) between the ICAI and the Certified Practising Accountants, Papua New Guinea (CPA PNG) to work together in capacity building and strengthening the accounting, financial and audit knowledge base in Papua New Guinea.
"ICAI and MICPA would enter into an arrangement for the purpose of recognition of each other's qualification through specific module of papers and determining the basis upon which admission to membership of appropriately qualified members of the other body may occur," an official release said.
According to the release, the ICAI intends to establish bilateral cooperation with institutes in the Asia Pacific region and therefore intends to sign an MoU with the MICPA.
The institute along with CPA PNG will work together in various areas, including having students and faculty exchange programmes, and offering short-term professional courses in the domain of accounting, finance and audit in Papua New Guinea.
"The proposed MoU is expected to consolidate the trust and help to build positive image for Indian chartered accountants in Papua New Guinea. ICAI has a strong membership of over 3,000 members in Australasia-Oceania Region comprising its chapter in PNG," another official release said.
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