ICAI have trained over 50,000 members AI capabilities
Chartered Accountants from India and Singapore are exploring collaboration in Artificial Intelligence (AI) capabilities among their members as well as have express intent to recognised CAs in the two countries.
This was announced on Friday (Aug 21) in Singapore by the Institute of Chartered Accountants of India (ICAI) and the Institute of Singapore Chartered Accountants (ISCA) following the exchange of letters, marking two parallel steps forward in their institutional relationship.
“We are working towards a full Mutual Recognition Agreement (MRA) between the two institutes, and have also signed a separate letter expressing intent to explore collaboration on Artificial Intelligence capability building for the profession,” ICAI President Prasanna Kumar D said, after exchanging the letters with ISCA President Lee Boon Teck.
ICAI’s AI push is substantial, having trained over 50,000 members, added Kumar who leads the world’s largest accounting body with over 4.5 lakh globally renown members.
“Both letters represent a further step in the two institutes’ ongoing engagement, which ISCA and ICAI have been exploring since as early as 2023,” added Lim.
He noted that ICAI has steadily expanded its global recognition architecture. In February 2023, ISCA added the ICAI qualification to its Recognised Professional Qualifications list, allowing eligible Indian Chartered Accountants in Singapore to become ISCA Associate Members. “From today onwards, our institutes are working towards a full MRA — a more comprehensive framework offering reciprocal membership recognition,” said Lim.
ICAI holds 8 Qualification Reciprocity Agreements/MRAs and 16 MoUs with overseas bodies, which, Kumar said, reflect the group’s push for global mobility.
Kumar continued, “For our members, particularly Indian Chartered Accountants based in Singapore or considering professional opportunities and relocation to Singapore, this ICAI-ISCA agreement opens up the potential for greater mobility and professional recognition across borders.”
“At the same time, our discussions on Artificial Intelligence capability building reflect our shared commitment to strengthening AI capabilities across the profession. We look forward to working closely with ISCA to explore mutually beneficial opportunities for knowledge sharing, capacity building and preparing a future ready profession,” underlined Kumar.
Sanjay Gattani, Chairman, ICAI Singapore Chapter, added, “History is built through years of quiet, consistent partnership, and today we see the fruits of that effort. The exchange of letters between ICAI and ISCA, expressing our shared intent to move towards a full Mutual Recognition Agreement, opens the door to deeper cross-border collaboration and greater opportunities for accountants on both sides.”
Having worked on the agreements, the Singapore-based Gattani said, “We are equally encouraged by the early conversations around AI capability building, which speaks to a profession that is globally connected and future-ready.” Fiinews.com
