The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved the signing of a Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Chartered Professional Accountants of Canada (CPAC).
The Cabinet's nod has been granted to the ex-post facto approval of the MoU signed in 2011, and approval for signing of MoU between ICAI and CPAC, Law Minister Ravi Shankar Prasad said at a press conference.
"The MoU envisages arrangements for reciprocal membership that will apply to the respective members of both the Institutes subject to specified criteria. It also includes further collaboration on the definition, learning, and evaluation of the professional qualities and skills and competencies of entry-level chartered accountants," said the Minister.
Prasad said the aim is to work together to develop a mutually beneficial relationship in the best interest of ICAI members, students and their organizations. "The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously the institute will become an entity to aid strengthen brand building of local nations. It will foster strong working relations between the ICAI and CPAC."