It is good news for all the Chartered Accountants in India. This is especially true for those who are seeking opportunities to go and work overseas. The Institute of Chartered Accountants of India (ICAI) has taken on itself to discuss with its Canadian, Singapore and Irish counterparts to permit the Indian professionals to work on various assignments in these nations.
Negotiations are in place with the Canadian Institute of Chartered Accountants, Institute of Certified Public Accountants of Singapore and the Institute of Certified Public Accountants in Ireland. Apart from these, the American Institute of Certified Public Accountants is also being considered.
The core of the discussions would be around accepting professionals for India, their academic qualifications. This would further lead to a membership with the counterparts abroad. As of now the main objective is a tie – up with Canada, Singapore and Ireland. However, bilateral talks are on with the United States.
Two years back, a MoU was signed between the ICAI and the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants in Australia (ICAA). These agreements have surely given that much needed edge to professionals from India. More so, an accreditation with such institutions makes qualified recognized at an international level.
The above MoUs permitted professionals to apply for positions at a senior level in organizations in the United Kingdom. All they had to do was clear three examinations out of the fifteen mandatory tests. This permits them to be a member of the ICAEW. These three papers included business reporting, business change and a case studies paper. Apart from this, structured training in the ethics programme of the ICAEW also has to be attended.
Additionally, the ICAEW membership makes an Indian professional eligible to work in the EU nations. With this, they would be permitted to attend all the programs pertaining to professional development.
Similarly, Australia’s ICAA provides for Indian Accountants to appear for examinations on business strategy and leadership, corporate governance and accountability. Almost ten percent of the members from the ICAI are working overseas, making the most of the opportunities being available to them.
In the previous year, more than two thousand chartered accountants had contacted the ICAI to acquire a certificate of “Good Standing”. These certificates are mandatory to be obtained to apply for any membership with an accounting institute. Almost nine hundred such certificates were issued in 2008. Currently, there are more than six lakh members with the ICAI.