The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Mutual Recognition Agreement (MRA) between the 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 Agreement will facilitate recognition of Indian Accountancy professionals with local Accountancy qualification in addition to the existing ICAI qualification which will increase their professional avenues in the South African markets, foster strong working relations between the two accounting institutes, increase mobility of professionals at either end and herald a new dimension for small and medium businesses in both the countries. Strategically speaking, it is of utmost importance for the ICAI to maintain a close relationship with SAICA as this will significantly help the Institute to further the interests of its members and strengthen the ICAI brand in the region. 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.
ICAI is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949, to regulate the profession of Chartered Accountancy in India. SAICA is the foremost accountancy body in South Africa and one of the leading Institutes in the world.