CICA, ICAP forge agreement on accounting compliance, reciprocal membership
May 08, 2012
The Canadian Institute of Chartered Accountants (CICA) recently signed a memorandum of understanding with the Institute of Chartered Accountants of Pakistan (ICAP) regarding the accounting legislation
that dictates which members of each body are eligible for membership in the other.
Specifically, ICAP members with the necessary experience must pass the Canadian Uniform Evaluation to prove they are equipped to follow accounting compliance
regulations in order to meet eligibility requirements to become a chartered accountant in Canada. Conversely, members of CICA must prove their eligibility by passing ICAP examinations pertaining to advanced taxation and corporate laws.
"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
CICA president and CEO Kevin Dancey.
ICAP president Rashid Rahman Mir lauded the reciprocal membership agreement, calling it "a great example of two accounting bodies working together."
In February of last year, CICA signed a similar agreement with the Institute of Chartered Accountants of India.