Venkat Raman –
Qualified Chartered Accountants from India must follow the qualification pathway set by the Chartered Accountants Australia New Zealand (CA ANZ) to gain its full membership.
Although the Institute of Chartered Accountants of India (ICAI) sets high standards and has a low percentage of passes (less than 6%) every year, its members are obliged to undergo rigid entry tests of CA ANZ. The New Zealand Institute of Chartered Accountants (NZICA) merged with its Australian counterpart two years ago to offer the benefit of Cross-Tasman qualifications and practicing rights, but this facility is restricted to the members of the respective bodies in the two countries.
ICAI in New Zealand
ICAI opened its New Zealand Chapter was launched in Auckland on February 4 (Indian Newslink, February 15, 2016) at which the then ICAI President Manoj Fadnis had said that the Institute has a Memorandum of Understanding with NZICA, which now extends to CA ANZ.
“We hope that a ‘Mutual Recognition Agreement’ will soon become a reality and enable our members to establish their professional practice in New Zealand. ICAI is one of the finest institutes of its type in the world,” he said.
KPMG Partner (IT Advisory) and India Market Leader Chandan Ohri, who is a senior member of CA ANZ and Chairman of the ICAI New Zealand Chapter had said that qualified Chartered Accountants from India who maintain their ICAI membership and comply with its rigid regulations can expect significant advantages of being members of the local Chapter.
“We will ensure that the members of this Chapter get benefits in the form of networking opportunities, continuing professional development, facilitation of membership issues and constant discussion on mutual recognition clauses,” he said.
The MoU with CA ANZ says that reciprocity rights would apply to ICAI members who hold a recognised bachelor’s degree (comparable to New Zealand Level 7 bachelor’s degree as assessed by the New Zealand Qualifications Authority- NZQA).
“They should not be under any investigation for professional conduct infringements with professional body or been subject to any disciplinary sanctions within the five years prior to application for membership,” it says.
However, CA ANZ all membership applications will be considered on individual basis and not as a part of the MoU or any other general agreement.
“Audit rights in either case are included in the MoU and members who have joined either the ICAI or the New Zealand Chapter through other reciprocal arrangements with another accountancy body are not eligible to join ICIA or its local Chapter.”
According to CA ANZ, ICAI and its New Zealand Chapter members who meet the prescribed criteria should also complete other New Zealand specified qualifications to become eligible for CA ANZ membership.
These include step-by-step qualifications in the following order: 1. The Commercial Law topic at an NZICA Accredited Tertiary Institute 2. The New Zealand Taxation Module of the Chartered Accountants Progamme (from 2014) 3. The Capstone Module of the Chartered Accountant Programme (from 1914) 4. A minimum of two years of relevant full-time equivalent post-qualification practical experience in New Zealand or India, evidenced by the concerned employer.
“ICIA Chartered Accountants who qualified after 2006 will not be required to demonstrate full-time equivalent years of relevant post-qualification experience. ICAI membership is also governed by a number of rules and regulations,” the MoU says.
Among the other office-bearers of the New Zealand Chapter of ICAI are Raj Kapoor (Vice-Chairman), Bimal Dalal (Secretary) and Prasad Khatkul (Treasurer).
For further details, please email Chandan Ohri (email@example.com) or Bimal Dalal (firstname.lastname@example.org).