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South African and Namibian institutes sign recognition of mutual agreement

The South African Institute of Chartered Accountants (SAICA) and the Institute of Chartered Accountants of Namibia (ICAN) have signed a recognition of mutual agreement (RMA) opening reciprocal membership to their respective members.

SAICA project director of training Adri Kleinhans said: “RMAs enable SAICA members to become members of the professional bodies with whom SAICA has formal agreements in these other jurisdictions, thereby attaining local recognition. Our CAs are then able to use the CA designation in the relevant jurisdictions without writing conversion examinations as long as they retain the South African CA designation. For audit rights, some further examinations and accreditation may be required in some jurisdictions.”

ICAN CEO Jacobus de la Rey du Toit added: “The conclusion of the RMA with SAICA provides [Namibian] CAs with the opportunity to obtain SAICA membership, a world leading accounting institute, and creates new opportunities for ICAN members. At the same time, achieving mutual recognition with SAICA gives ICAN increased confidence that the Namibian CA designation meets the highest quality and competence benchmarks.”

In announcing the RMA, SAICA said that while its CA designation is highly rated by the World Economic Forum, it wanted to ensure that its members were equally highly regarded around the world. “As a professional organisation, it is deemed as important that its designation is recognised at the same level as a local designation would be should a SAICA member wish to work in another jurisdiction,” SAICA statement read.

As such SAICA has signed similar RAMs with other professional bodies worldwide. Thus far, SAICA has RAMs in place with:

  • The Institute of Chartered Accountants in England and Wales (ICAEW);
  • Chartered Accountants in Australia and New Zealand (CAANZ);
  • The Chartered Professional Accountants of Canada (CPAC);
  • The Hong Kong Institute of Certified Public Accountants (HKICPA);
  • Chartered Accountants Ireland (CAI);
  • The Institute of Chartered Accountants in Scotland (ICAS);
  • The Institute of Chartered Accountants Zimbabwe (ICAZ); and
  • The Institute of Chartered Accountants of Namibia (ICAN).

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