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Institute Council Adopts Reciprocal Membership Agreement with the Institute of Chartered Accountants of Pakistan
The Institute’s Council has adopted the Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements signed between the Institute of Chartered Accountants of Pakistan (ICAP) and the Canadian Institute of Chartered Accountants (CICA) on behalf of the provincial and territorial Institutes/Ordre of Chartered Accountants and the Institute of Chartered Accountants of Bermuda.
The MOU recognizes that there is substantial equivalency in the core knowledge component of the accounting education for CAs in both countries and will reduce the requirements for admission to membership in the Institute for qualified CAs from Pakistan. The MOU governs admission to the CA profession. The MOU does not provide for access to audit rights in Canada or in Pakistan. Accordingly, the MOU does not provide for eligibility to qualify for a public accounting licence in Ontario, for which specific requirements have been established under the Public Accounting Act, 2004 and the bylaws and regulations of the Institute.
Eligible ICAP members who seek admission to membership in the Institute
A member in good standing of the ICAP who holds a recognized university degree will be eligible to become a member of the Institute, and thereby to use the designation “Chartered Accountant” and the “CA” or “C.A.” initials in Ontario, by passing the Uniform Evaluation (UFE) and meeting the Institute’s prescribed practical experience requirements. Professional accounting experience acquired by eligible ICAP members both prior to and subsequent to admission to membership in the ICAP will be assessed by the Institute in determining whether the prescribed practical experience requirement has been met.
Eligible ICAP members who do not intend to be licensed to practise public accounting in Ontario following admission to membership in the Institute will not be required to successfully complete the ICAO Professional Program (consisting of the Core-Knowledge Examination (CKE), attendance at the School of Accountancy and writing the School of Accountancy Examination). However, they are strongly encouraged to attend the School of Accountancy to help prepare them to write the UFE. If they chose to attend the School of Accountancy, they will be exempted from the requirements to write and pass the CKE and the School of Accountancy Examination.
Registration with the Institute
An eligible ICAP member may now register with the Institute under the provisions of the MOU. Click here for more details. To access an application to register with the Institute, click here.
Members of the ICAP who are currently registered with the Institute will be contacted directly by the Institute in regard to the process for determining whether they are eligible to become members of the Institute under the provisions of the MOU.
Eligible ICAP members who seek qualification to be licensed as public accountants in Ontario following admission to membership in the Institute
An eligible ICAP member who at the time of admission to membership in the Institute under the provisions of the MOU does not intend to be licensed as a public accountant in Ontario and who later seeks to qualify for a public accounting licence will need to:
Contacting the Institute if you have questions or would like more information
Please contact Customer Service at the Institute or call (416) 962-1841 or 1-800-387-0735 if you have any questions or would like more information regarding the requirements established by the Institute’s Council for members of the ICAP who have a recognized university degree.