India, Australia to mutually recognise their CAs

New Delhi (PTI): The country's apex accounting body ICAI on Tuesday signed a pact with the Australian chartered accountancy entity CPA for mutual recognition of each others professionals, a move that will enable Indian CAs practise in Australia.

"As per the mutual recognition agreement reached, members of ICAI who are graduates will be eligible for CPA Australia membership on passing just one paper," said ICAI President Ved Jain after signing the agreement.

The agreement will be effective from April 1 and will help Indian chartered accountants practise with ease in Australia after they fulfil the formalities for being a member of CA Australia.

ICAI had recently signed similar agreement with the Institute of Chartered Accountants of England and Wales in UK while agreements with countries like Scotland, Ireland and Canada are in the Pipeline, Jain said.

Earlier, CAs from India had to take various tests to prove their credentials and be able to practise in Australia.

He added that the agreement will put accountancy practise in the two countries at par with the global standard.