Singapore, India accounting bodies take ‘stepping stone’ towards mutual recognition of qualifications
They also sign a letter of cooperation setting out a framework for a proposed Global AI Fluency Initiative
The Institute of Singapore Chartered Accountants (Isca) and the Institute of Chartered Accountants of India (ICAI) are moving towards mutual recognition of their professional qualifications. This could expedite the process for Indian chartered accountants to obtain the Singapore qualification, named Chartered Accountant of Singapore (CA (Singapore)).
The Institute of Singapore Chartered Accountants has approved a module exemption agreement with ICAI, allowing eligible ICAI members to be exempt from all six foundation-level modules of the Singapore Chartered Accountant Qualification (SCAQ). The SCAQ typically takes about three years to complete, including professional work experience.
The exemptions could potentially reduce the qualification journey by up to one-and-a-half years, depending on the candidate's remaining examination completion and work experience. Isca president Lee Boon Teck emphasized that this arrangement is a "stepping stone" towards a full-fledged mutual recognition agreement, which would require further steps involving authorities.
The ICAI president, Prasanna Kumar, described it as a "stepping stone" towards full mutual recognition, adding that India is crucial for Isca's global ambitions.
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