CPA Australia and the recently created Trans-Tasman institute, Chartered Accountants Australia and New Zealand (CAANZ), have renewed its relationship with the Institute of Chartered Accountants of India (ICAI).

The Indian institute signed an addendum to the existing agreements it holds with the two institutes, extending them by 1 year and 5 years respectively.

The original mutual recognition agreement (MRA) between ICAI and CPA Australia was signed in February 2009.

Conversely, ICAI’s relationship with CAANZ dates back to 2012, when the Indian institute signed a memorandum of understanding (MOU) with the then New Zealand Institute of Chartered Accountants (NZICA).

In November 2013 the NZICA joined forces with the Institute of Chartered Accountants in Australia to trade under the CAAZ name.

Contacted by The Accountant, a spokesperson for the ICAI said the renewal of both agreements "recognises the qualification, training of each other’s registered members in good standing by prescribing a bridging mechanism on principles of reciprocity".

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The spokesperson added: "All the three accounting bodies strongly believe that the renewal of the MRA will accelerate the growth between the two countries at a new level."

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Tran-Tasman institute forges corporate identity