The CA Institute has signed a mutual recognition agreement (MRA) with the South African Institute of Chartered Accountants (SAICA). The MRA was signed on June 4 at the SAICA head office, Johannesburg, South Africa.

“The MRA between ICAI and SAICA would help foster strong working relations between the two accounting institutes, and will lead to greater mobility of professionals at either end,” Naveen D Gupta, President, ICAI, said in a statement. Signing of the agreement between ICAI and SAICA would facilitate mutual recognition of each other’s qualifications and admit members in good standing by prescribing a bridging mechanism between the two institutes.

Gupta also said the MRA would herald a new dimension of professional opportunities for chartered accountants of both countries, thus, benefiting more than 1000 Indian CAs in the Africa region and other ICAI members in India, who wish to get international qualifications.

Panisa Lamola, SAICA’s Chief Executive Officer, said the MRA, leading to Membership Pathways, between ICAI and SAICA, would be beneficial for members of both countries.

It may be recalled that the Union Cabinet had last month approved the signing of an MRA between ICAI and SAICA to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in South Africa and India.