Chartered Accountancy is among the most desirable professional courses offered in India.
With rapid globalisation and expansion of the corporate world, several Indian Chartered Accountants are now holding top-level positions in companies overseas.
Speaking to Education Times, Debashis Mitra, president, of ICAI says "The curriculum of ICAI is in compliance with international education standards (IESs) of International Federation of Accountants (IFAC). Also, the curriculum is in line with practices followed by leading international professional accountancy organisations (PAOs), such as ICAEW, CPA Australia, CPA Canada and so on. "
ICAI has been playing a significant role in the development of the global accountancy profession by entering into Mutual Recognition Agreements (MRAs) with a number of international accounting bodies that set out procedures for members of one country to become members of another country by qualifying only 2 to 3 papers of the other accounting body, he says. All the MRAs, MoUs and tie-ups with foreign bodies enhance the prospects of the Indian CAs to get professional opportunities in those countries.
“The scope of Indian Chartered Accountants in foreign countries is broad, which aligns with the curriculum and competencies. These professionals have a choice to set up their own independent practise to serve companies and clients, or they can pursue a professional career with a company,” explains Ajay Sharma, founder, Abhinav Immigration Services Private Limited, an immigration consultancy. However, Indian Chartered Accountants must pursue a locally recognised course or appear for an examination to be eligible to work in foreign countries.
Explaining how ICAI members can expand professional horizons abroad, he adds, “The Institute of Chartered Accountants of India has maintainedMOU and MRA with many countries. The nine MoUs are with the England and Wales Institute of Chartered Accountants, the Chartered Professional Accountants of Canada, Institute of Professional Accountants of Russia, Qatar Financial Centre, College of Banking & Financial Studies in Oman, Bahrain Institute of Banking and Finance, the Institute of Certified Public Accountants of Kenya, the National Board of Accountants and Auditors in Tanzania and the Institute of Chartered Accountants of Nepal. ”
“Mutual Recognition Agreements have been signed with Certified Public Accountants in Australia, the Institute of Certified Public Accountants in Ireland, the South African Institute of Chartered Accountants, the Malaysian Institute of Certified Public Accountants, and the Institute of Chartered Accountants of Nepal. These MoUs and MRAs would facilitate both the institutes to recognise the qualification of each other and admit the members in good standing by prescribing a bridging mechanism. Indian CAs need to appear for the local examination to attain membership in the governing body of the chosen country,” he says.
Mitra further says, "ICAI has 44 overseas chapters and 31 representative offices spanning across 47 countries. Through its overseas chapters and representative offices, ICAI has been playing a prominent role in global professional accountancy development. “
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