Cabinet approved mutual recognition pact between India’s ICAI and Malaysia’s MICPA

The Union Cabinet has approved the mutual recognition agreement between the Institute of Chartered Accountants of India (ICAI) and Malaysian Institute of Certified Public Accountants (MICPA).

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Key-Points

This would enable appropriately qualified chartered accountant members of either institutes to join the other by receiving appropriate credit for their existing accountancy qualification.

ICAI intends to establish bilateral cooperation with the Institutes in the Asia Pacific Region and therefore intends to sign the MoU with the MICPA.

The Institute of Chartered Accounts of India (ICAI) is a statutory body established under “The Chartered Accountants Act, 1949” to regulate the profession of Chartered Accountants in India.

ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to National Financial Reporting Authority

Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013.

It was established on 1 July 1949.