ICAI PACT WITH NEW ZEALAND

CA institute plans to ink pact with New Zealand accounting body
K. R. Srivats
Share  ·  print  ·  T+  New Delhi, Dec 1:  The CA institute plans
to ink a mutual recognition agreement (MRA) with the New Zealand
Institute of Chartered Accountants (NZICA) in January next year.

“We are in the final stages. The agreement may be signed during an
international conference at Chennai on January 6-8. Our central
council had recently cleared this,” Mr G. Ramaswamy, ICAI President,
told Business Line here.

The central council of the Institute of Chartered Accountants of India
(ICAI) had in the second week of November given its nod for the
signing of mutual recognition agreement with NZICA, which is the
operating name for the Institute of Chartered Accountants of New
Zealand.

The MRA provides for recognition of qualifications in each other’s
country. Once the MRA is signed, an Indian chartered accountant can
become a member of this New Zealand body. However, the Indian CA would
not get practising rights in New Zealand, according to Mr Ramaswamy.

There would be opportunities for Indian CAs to provide corporate
advisory services. Similarly, New Zealand chartered accountant cannot
practice here.

The MRA proposal is now before the Corporate Affairs Ministry, sources
said. While ICAI has over 1.75 lakh members, NZICA has over 30,000
members