The Union Cabinet has approved the Mutual Recognition Agreement between the Institute of Chartered
Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable
appropriately qualified CA members of either Institute to join the other Institute.

 ICAI intends to establish bilateral cooperation with the Institutes in the Asia Pacific Region and therefore intends
to sign the MoU with the MICPA.

 The Institute of Chartered Accounts of India (ICAI) is a statutory body established under “The Chartered
Accountants Act, 1949” to regulate the profession of Chartered Accountants in India.

 It was established on 1 July 1949.

 ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It
recommends the accounting standards to be followed by companies in India to National Financial Reporting

 Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013.

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