UPDATE ON PROGRESS OF MRA BETWEEN ICAI AND CICA as of July 27, 2010
We have been, for quite some time, in talks with CICA and we have requested CICA to provide the status of a designated and recognised accounting body as per their terminology whereby our members would be able to take up the specified examination as is available to fully recognised bodies under their parlance. Some headway has been made on this front but few contentious issues remain to be resolved. However, it is hoped that there will be a positive outcome in next few months. While the dialogue still continues, due to sensitivity of the process undergone, not much further detail could be shared at this stage but let me reassure you that the aim is to see that the best possible framework accrues for ICAI. It goes without saying that these processes are generally long drawn and one has to take into account the domestic regulatory structure before agreeing for a final outcome.
During the Canada visit, undertaken along with ICAI Vice President CA. G. Ramaswamy and Additional Secretary Rakesh Sehgal, we also had the occasion to meet Ms. Preeti Saran, Consulate General of India, Toronto and apprised her of the bilateral dialogue and the possible way forward for ICAI in vogue of specified enactments bill i.e. The Ontario Bill 158, The Accounting Professions Act, 2009, which inter alia prohibits the use of the designation “Chartered Accountant” contained within the Bill 158.
We have been, for quite some time, in talks with CICA and we have requested CICA to provide the status of a designated and recognised accounting body as per their terminology whereby our members would be able to take up the specified examination as is available to fully recognised bodies under their parlance. Some headway has been made on this front but few contentious issues remain to be resolved. However, it is hoped that there will be a positive outcome in next few months. While the dialogue still continues, due to sensitivity of the process undergone, not much further detail could be shared at this stage but let me reassure you that the aim is to see that the best possible framework accrues for ICAI. It goes without saying that these processes are generally long drawn and one has to take into account the domestic regulatory structure before agreeing for a final outcome.
During the Canada visit, undertaken along with ICAI Vice President CA. G. Ramaswamy and Additional Secretary Rakesh Sehgal, we also had the occasion to meet Ms. Preeti Saran, Consulate General of India, Toronto and apprised her of the bilateral dialogue and the possible way forward for ICAI in vogue of specified enactments bill i.e. The Ontario Bill 158, The Accounting Professions Act, 2009, which inter alia prohibits the use of the designation “Chartered Accountant” contained within the Bill 158.
