Bulls Eye: ICAP Members can now get membership from Canadian Institute of Chartered Accountant
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ICAP, Pakistan’s apex professional body, join hands with Canadian Institute of Chartered, and signed a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements. 
The MOU specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the CICA on behalf of the provincial and territorial institutes/Order of chartered accountants of Canada and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA.
“Our profession is known as a leader in international labour mobility and in foreign credential recognition,” said Kevin Dancey, president and CEO, CICA. “It is important to help internationally trained professionals earn their Canadian CA as this fosters mobility and helps us attract the brightest and the best individuals.”
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 admission requirements for qualified CAs from Pakistan. Under the MOU:
- An ICAP member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE), which is offered annually in Canada. In addition, the candidate must meet the profession’s experience requirements.
- Individuals with a Canadian CA designation will be eligible to become an ICAP member by passing the ICAP’s examinations in Advanced Taxation and Corporate Laws.
“This increased recognition of accounting education programs in Pakistan is a true benefit for our members,” said Rashid Rahman Mir, president, ICAP. “It is very encouraging to see our efforts being acknowledged by the CICA. This is a great example of two accounting bodies working together to provide windows of opportunity in today’s global environment.”
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Congratulations to all ICAP members in general and specifically to those residing in Canada.
GREAT NEWS… its Encouraging … CONGRATULATIONS… ICAP
Its not as easy as it seems … its pretty complicated !!! Though we should appreciate the first step taken by ICAP towards enlightenment !!!”
Excellent achievement.
i am student at ICAP. can i get membership from CIAA?
can you please tell me the source
I couldnt find it on Icap’s website
Our Website EconomyAge is the primary source. You will get it in few hours/days on ICAP website (depending on their speed) OR may be you have to look harder and look again
)
Tht sounds interesting but wats ths Canadian Uniform Evaluation (CUE) n profession’s experience requirements?????
Any1′s ans wil b highly appreciated
Thanks to ICAP and especially to Mr.
Khalid Rahman
here is the link from Canadian Institute website
http://www.cica.ca/about-cica/media-centre/media-releases-and-backgrounders/2012/item64816.aspx
Still too complicated, the UFE exam can only be held in Canada and that too once in a year. Its too expensive and cost somewhere around 500 Canadian dollars. Plus ICAP members require to be a holder of university degree and it still says ICAP members will need to complete some experience requirements. This MOU is still too unjust towards ICAP side and what I observe there has been no change in CICA policy, this policy has been there for ICAP since many years.
Just FYI, ICAP has always been categorised under non recognised professional qualification and in order to get Canadian CA designation ICAP members were required to pass an approved course in Canadian Business Law, the Core-Knowledge Examination (CKE), the School of Accountancy (SOA), the Uniform Evaluation (UFE) the prescribed practical experience requirement.
Only through this MOU they have waived requirements like business law, CKE AND SOA. Also Indian CAs gets the same reciprocity!!
It is really a great news over which ICAP council and maangement deserve big applause.
wow.it is really superb…
Great acheivement, only hurdle is travelling to Canada
Thanks Allah, atlast ICAP has taken some concrete step towards the betterment of its members. I think now the next step should be to ask HEC to give some equivalence degree to CA Inter as awarded by HEC to ACCA members.
This is the mail i have received in this regard on Wednesday, May 09, 2012 2:30:18 PM
Dear Member,
The Canadian Institute of Chartered Accountants (CICA) and the Institute of Chartered Accountants of Pakistan (ICAP) signed this week a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangements.
The MOU specifies the criteria by which members of one body are eligible for membership in the other. It was signed by the CICA on behalf of the provincial and territorial institutes/Ordre of chartered accountants of Canada and the Institute of Chartered Accountants of Bermuda, which has long been affiliated with the CICA. The territorial institutes/Ordre of chartered accountants of Canada will be uploading the procedure for enrolment on their websites very soon.
The MOU recognizes the similarity of accounting education for CAs in both countries and will reduce the admission requirements for qualified CAs from Pakistan. Under the MOU:
An ICAP member who holds a recognized university degree will be eligible to become a Canadian CA by passing the Canadian Uniform Evaluation (UFE), which is offered annually in Canada. In addition, the candidate must meet the profession’s experience requirements.
Individuals with a Canadian CA designation will be eligible to become an ICAP member by passing the ICAP’s examinations in Advanced Taxation and Corporate Laws.
Shoaib Ahmed
Secretary
What does this line means that says:
“An ICAP member who holds a recognized university degree??”
Do one need to do Bachelors or Masters after qualifying CA from ICAP..??
Anyone’s answer will be highly appreciated.
Regards
Salam people,
I have Canadian CA designation and can answer some of your concerns. Everyone in Canada needs to have a bachelors degree with accounting major to enter into CA program. If you guys have b.com, which I believe you need to start your CA in Pakistan, you should not worry about it.
CICA has 3 days evaluation process called UFE, where you right several cases and it is only done once every year in September. So the process is the same for everyone.
Lastly, the professional experience requirement here is working in a recognized audit firm for upto 30 months max, which is much shorter than experience requirement in Pakistan.
So in a netshell, all you have to do is pass UFE as most of you meet all othe requirements.
Hope this helps.
thanks Omer
Thanks Omer for much needed clarification.
Members would appreciate If you can provide us the web link from where we can get further information related to registration process and UFE.
Np Ahsen. Here is the link:
http://www.icao.on.ca/Admissions/InternationallyTrainedAccountants/MemberSpecifiedAcctgBody/1010page12529.aspx
You can find links for registration under the heading “Registration with the Institute”
Also, here is the link which will give you complete information about the UFE process for ICAP members:
http://www.icao.on.ca/Admissions/InternationallyTrainedAccountants/MemberSpecifiedAcctgBody/1010page13696.aspx
Hope this answers your question.
thanks omar…it really helped… but would these 30 months include thr training peroid of a CA student with an audit firm? would that be given credit?
Of course Maaz. It includes training period in the CA firm. However, I haven’t read the details on the acceptance of training in Pakistan, but one can imagine that at least CICA would accept the trainig done in Pakistan with firms that are affiliated with foreign firms or independent accounting bodies e.g. KPMG, PwC, RSM etc.
Please check out links I posted above for further information.
i think its not as simple as it looks..but gud thing is that at least icap has has taken a step toward beterment,it should be continued with other main CA bodies.
That is the great acheivement. I want to know, what will be the composition of the paper to be given and the study material availability. Further, the paper has to be given in Canada only? or there are other places for these examination.
Zeeshan you can just google UFE exam and will get loads of info on it. You have to come to Canada to write it. It’s a three days exam.. All case studies. Each case study is multi subject e.g. assurance, financial accounting, cost accounting, tax, IT, business etc… They are called competencies. There are several schools that offer prep courses. You can also purchase study materials online. One of them is called Densmore.
[...] after ICAP successfully land an agreement with Canadian Institute of Chartered Accountants, which many believes will help in improving Pakistan’s image in international market and with [...]
The Experience required by icap I.e 3 and half years in an audit firm. is this experience accepted by cica?