PPI Original Text (PPI-OT) – Memorandum of Understanding signed by Chartered Accountants Institutes of Canada and Pakistan

Karachi, May 09, 2012 (PPI-OT): The Canadian Institute of Chartered Accountants (CICA) and the Institute of Chartered Accountants of Pakistan (ICAP) signed this week a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements.

The MOU specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the CICA on behalf of the provincial and territorial institutes/Ordre of Chartered Accountants of Canada and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA.

“Our profession is known as a leader in international labour mobility and in foreign credential recognition, said Kevin Dancey, President and CEO, CICA. “It is important to help internationally trained professionals earn their Canadian CA as this fosters mobility and helps us attract the brightest and the best individuals.”

The MOU recognizes the similarity of accounting education for CAs in both countries and will reduce the admission requirements for qualified CAs from Pakistan. Under the MOU:

An ICAP member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE), which is offered annually in Canada. In addition, the candidate must meet the profession’s experience requirements.

Individuals with a Canadian CA designation will be eligible to become an ICAP member by passing the ICAP’s examinations in Advanced Taxation and Corporate Laws.

“This increased recognition of accounting education programs in Pakistan is a true benefit for our members,” said Rashid Rahman Mir, President, ICAP. “ICAP is one of the few CA institutes which always implemented IFRSs and ISAs as national standards in their jurisdiction. With the recent drive of convergence of reporting frameworks to IFRSs by major economies, the unique expertise of ICAP members in the area of financial reporting became more relevant in global professional market. It is very encouraging to see our efforts being acknowledged by the CICA. This is a great example of two accounting bodies working together to provide windows of opportunity in today’s global environment.”

He further added. “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 Dancey.

Chartered Accountants (CAs) are Pakistan’s most prestigious qualification, adding value to the businesses and economy. The Institute of Chartered Accountants of Pakistan has remarkable history of 50 years of upholding integrity, fostering talent, inculcating professionalism and enhancing quality. There are a large number of ICAP members working in over 40 countries at very high management positions.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Phone: +9221 111-000-422
Fax: +9221 99251626
Cell: 0300 2128185

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