The Institute of Chartered Accountants of India (ICAI) has signed the Mutual Recognition Agreement (MRA) with CPA Ireland on October 5, 2018 in Ireland. Signing of the Agreement between ICAI & CPA Ireland 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.
Under the terms of MRA, an ICAI member in good standing of ICAI can become the member of CPA Ireland on completing and passing 2 online tests in Irish Taxation and Irish Law & Strategy.
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi on July 18, 2018 had approved the signing of MRA between the ICAI and CPA Ireland. The Agreement provides for recognition of their respective Members’ prior qualifications and providing membership services to each other’s Members in their “home” locations; and jointly undertake a range of activities and initiatives.
While signing the MRA, CA. Naveen N.D. Gupta, President, ICAI mentioned that “The MRA between ICAI and CPA Ireland would help to foster strong working relations between the two accounting institutes and will lead to greater mobility of professionals at either end.”
Mr. Cormac Mohan, President, CPA Ireland expressed that “The MRA between ICAI and CPA Ireland would be beneficial for the members of both Institutes and they can enjoy the benefits that each organisation offers.”
Mr. Eamonn Siggins, CEO, CPA Ireland and CA. S.B. Zaware, Central Council Member, ICAI were also present during the MRA signing ceremony and expressed their pleasure at the signing of the agreement between the two bodies that would herald new dimensions for professionals at either end.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in the country. The Institute, which functions under the administrative control of Ministry of Corporate Affairs, Government of India has 5 Regional Councils and 163 branches covering the length and breadth of the country. In addition, it has also set up 33 chapters outside India.
The main functions of the Institute are prescribing qualifications for membership, holding examination and arranging practical training of candidates, enrollment of members, publication and maintenance of register of members qualified to practice the profession, carrying on activities for development of the profession and regulation and maintenance of status and standard of professional qualification of the members.
About CPA Irelan
The Institute of Certified Public Accountants in Ireland (CPA Ireland) is a professional body for Certified Public Accountants (CPAs) in Ireland. It is one of the main Irish accountancy bodies, with 5000 members and students. The Institute fulfils its statutory role as a recognised body by overseeing the professional activities of its members in practice and ensuring that education and training standards are maintained.
As the first accountancy body to introduce a mandatory regime of Continuing Professional Education, the Institute ensures that all CPAs remain at the leading edge throughout their careers. The Institute provides a quality service to its members and students, which has been recognised through the award and maintenance of ISO 9001:2008.