Memorandum of Understanding with Chartered Professional Accountants of Canada (CPA Canada)

The Institute of Chartered Accountants of India (ICAI) and the Chartered Professional Accountants of Canada (CPA Canada) has signed the Memorandum of Understanding, leading the Membership Pathway Arrangements, which would facilitate mutually recognizing the Qualification of each other’s and admit the Members in good standing by prescribing a bridging mechanism between the two Institutes.

The MoU applies to members in good standing who have gained membership in ICAI or one of the Canadian Provincial CPA bodies by meeting the education, experience and practical experience requirements of the ICAI or Canadian Provincial CPA bodies. In August 2018, the Union Cabinet of India, chaired by Hon’ble Prime Minister of India, Shri Narendra Modi, approved the proposed MoU. ICAI and CPA Canada share common and strong interests in the advancement of the profession of accountancy, especially in relation to the maintenance and strengthening of professional and educational standards in all sectors, as well the internationalisation of the profession.

Under the terms of MoU, ICAI members in good standing with requisite experience are eligible for exemption from practical training requirements of CPA Canada as well as appearing in CPA Professional Education Program (CPA PEP), Capstone 1 and Capstone 2 modules and can acquire the CPA qualification by passing the final examination of CPA Canada i.e. the 3 day’s Common Final Examination (CFE) only.

The members are advised that they are required to maintain their respective home body membership. The MoU does not provide the members of ICAI and CPA Canada any rights access to public accounting and to other regulated services requiring provincial registration or licensure.