Memorandum of Understanding with the Institute of Chartered Accountants of Pakistan

The Memorandum of Understanding between Canada’s Chartered Professional Accountant (CPA) bodies and the Institute of Chartered Accountants of Pakistan (ICAP) marks the first international credential assessment agreement for the unified Canadian CPA profession.

Joy Thomas, president and CEO, CPA Canada (right) signing the MOU with Nadeem Adil, president, ICAP.

On February 28, 2017 in New York, NY, Nadeem Adil, president, ICAP and Joy Thomas, president and CEO, CPA Canada, signed the Memorandum of Understanding on Reciprocal Membership Arrangements (MOU) on behalf of the provincial and territorial bodies and the Chartered Professional Accountants of Bermuda, which has a long affiliation with the Canadian profession. The signing of the MOU between CPA Canada and the ICAP marks the first international credential assessment agreement negotiated by the unified profession's International Qualifications Appraisal Board on behalf of all Canadian CPAs. The MOU specifies the criteria for membership in each other’s organization.

The MOU recognizes 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) ensuring that all Canadian qualification standards are maintained.

“International labour mobility and foreign credential recognition are required in today’s global economy,” says Joy Thomas. “By collaborating with international accounting bodies, employers and other stakeholders, the Canadian CPA profession will adapt and evolve to ensure it meets the needs of the marketplace. Streamlining the recognition process helps to integrate highly skilled professional accountants into the Canadian workforce more quickly, and aligns with Canada’s strategy to attract top talent to support our nation’s goal to increase its capacity for innovation and productivity.”

Combined, CPA legacy bodies (CA, CGA, and CMA) negotiated over 20 agreements with international accounting bodies, and most agreements remain in place until new ones are negotiated on behalf of the unified profession. The majority of these agreements are expected to be renegotiated by the end of 2017.