Now Reading: ICAI and Singapore’s ISCA discuss MRA, AI cooperation for CAs
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ICAI and Singapore’s ISCA discuss MRA, AI cooperation for CAs
The Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) have exchanged letters to work towards a full Mutual Recognition Agreement (MRA) and explore cooperation on…
The Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) have exchanged letters to work towards a full Mutual Recognition Agreement (MRA) and explore cooperation on artificial intelligence capability building for the accounting profession. The letters were exchanged by the presidents of the two institutes on August 21, 2026, building on institutional engagement that began in 2023.
ICAI said it has more than 4.67 lakh members and currently has eight qualification reciprocity or MRA agreements and 16 MoUs with overseas bodies. The proposed MRA would provide broader reciprocal recognition of professional membership. ISCA had added the ICAI qualification to its Recognised Professional Qualifications list in February 2023, enabling eligible Indian CAs in Singapore to become ISCA Associate Members.
On AI, ICAI said it has trained over 50,000 members, developed more than 150 GPT-based tools, and introduced a three-level AICA certification programme. ISCA has its own AI Fluency Programme. Both initiatives are at the development stage, with scope and structure to be decided jointly. No final MRA or formal AI cooperation framework has been announced yet.
Indian Opinion Analysis
The MRA being explored with Singapore matters because it would give Indian CAs smoother access to a major financial hub in Southeast Asia without requalifying. ICAI already has eight such agreements, mostly with Commonwealth countries, but a Singapore deal would be strategically valuable given the city-state's role as a gateway for ASEAN markets. On AI, the two institutes are effectively trying to set common competency standards before regulators force the issue. Watch for whether the MRA covers only audit rights or extends to tax and advisory work, which is where most Indian CAs in Singapore actually practice. The next concrete signal will be a joint working group report, likely within 12 months.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
