Memorandum of Understanding between Canadian CPA bodies and the Institute of Chartered Accountants of Pakistan

A new Memorandum of Understanding between Canada’s Chartered Professional Accountant (CPA) bodies and the Institute of Chartered Accountants of Pakistan (ICAP) marks the first such agreement for the recently unified Canadian profession.

TORONTO, April 12, 2017 – Call it a milestone for the Canadian accounting profession.

A new Memorandum of Understanding between Canada’s Chartered Professional Accountant (CPA) bodies and the Institute of Chartered Accountants of Pakistan (ICAP) marks the first such agreement for the recently unified Canadian profession.

The Memorandum of Understanding on Reciprocal Membership Arrangements (MOU) specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the Canadian profession’s national body, Chartered Professional Accountants of Canada (CPA Canada), on behalf of the CPA provincial and territorial bodies and the Chartered Professional Accountants of Bermuda, which has a long affiliation with the Canadian CPA profession.

The MOU ensures that Canadian qualification standards are maintained while recognizing substantial equivalency in the core knowledge requirements of both countries. ICAP members looking to become Canadian CPAs are required to pass CPA Canada’s Common Final Examination (CFE) which is offered annually each September.

“International labour mobility and foreign credential recognition are required in today’s global economy,” says Joy Thomas, president and CEO, CPA Canada. “Streamlining the recognition process helps to integrate highly skilled professional accountants more quickly into the Canadian workforce and aligns with Canada’s strategy to attract top talent in support of strengthening the country’s capacity for innovation and productivity.”

The MOU also assists Canadian CPAs seeking opportunities in emerging marketplaces such as Pakistan.

CPA legacy bodies had about 20 agreements with international accounting bodies and the majority of these are expected to be renegotiated on behalf of the unified profession by the end of 2017.