New Delhi, May 2 : Approval of the Cabinet has been granted in respect of Mutual Recognition Agreement (MRA) between Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (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 Union Cabinet chaired by Prime Minister Narendra Modi has has approved the Mutual Recognition Agreement between (ICAI) and (SAICA). 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.
Strategically it is very important for the ICAI to maintain a close relationship with SAICA. The MRA is likely to lead to greater employment opportunities for the Indian Chartered Accountants in the region and also lead to greater remittances from them to India.