Indian CAs may soon get recognition in Singapore as ICAI, ISCA move towards MRA

Chartered Accountants from India may soon enjoy greater professional recognition in Singapore, as the Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) seek to formalize a Mutual Recognition Agreement (MRA). The two bodies exchanged letters of intent to pursue an MRA aimed at recognizing each other's professional qualifications reciprocally. This development comes after ongoing dialogue between the two institutions since at least 2023.

In addition to the MRA, ICAI and ISCA are also exploring collaboration in the field of artificial intelligence. The institutes plan to examine ways their AI initiatives can complement one another and support professional development within the accounting sector. ICAI has already trained over 50,000 chartered accountants, developed numerous AI-powered tools, and launched a three-tier certification program. Meanwhile, ISCA offers its own AI Fluency Programme.

A full MRA would provide a broader framework for professional mobility and career opportunities for Indian Chartered Accountants working in Singapore. Currently, ISCA has recognized the ICAI qualification since February 2023, allowing eligible Indian CAs to become ISCA Associate Members. However, the proposed MRA would extend this reciprocal recognition to a more comprehensive level.

ICAI maintains a significant international presence, with over 4.67 lakh members and eight existing Qualification Reciprocity Agreements or MRAs, alongside 16 Memoranda of Understanding with overseas professional bodies.