Canadian regulatory body signs reciprocal membership agreement with Pakistani equivalent

The regulatory body that oversees chartered accountants in Canada recently signed a memorandum of understanding with the Institute of Chartered Accountants of Pakistan (ICAP), specifying the eligibility criteria for reciprocal membership arrangements.

In order to be eligible for reciprocal membership with ICAP, members of the Canadian Institute of Chartered Accountants (CICA) must pass advanced taxation and corporate law examinations. Conversely, ICAP members looking to attain eligibility must pass the Canadian Uniform Evaluation and prove they have the necessary experience.

"It is important to help internationally trained professionals earn their Canadian CA as this fosters mobility and helps us attract the brightest and the best individuals," said CICA president and CEO Kevin Dancey.

He added that the regulated profession "has considerable expertise in determining substantial equivalency of foreign qualifications in a manner that is fair, consistent, transparent and timely."

Last year, CICA came to a similar accord with the Institute of Chartered Accountants of India (ICAI).

"The global economy opens many windows of opportunity," noted ICAI president Amarjit Chopra at the time.

Entering into such agreements is one way Canadian regulatory bodies that oversee short-staffed industries can encourage foreign-trained professionals to set up shop in the country.