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TORONTO, February 7, 2011 –The Canadian Institute of Chartered Accountants (CICA) and the Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements. The MOU specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the CICA on behalf of the provincial and territorial Institutes/Ordre of chartered accountants and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA. The MOU requires ratification by these bodies as well as the boards of directors of the CICA and ICAI. The MOU recognizes the similarity of accounting education for CAs in both countries and will reduce the admission requirements for qualified CAs from India. Under the MOU: - An ICAI member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE) and meeting the profession’s experience requirements.
- Individuals with a Canadian CA designation will be eligible to become an ICAI member by passing the ICAI’s examinations in corporate and allied laws and tax. This the first time this process has been clearly defined.
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