Pailles, Mauritius. A top priority for the Mauritius Institute of Professional Accountants (MIPA) is to become a full member of the International Federation of Accountants (IFAC).
MIPA vice-president Panna Jhugroo told The Accountant that the full IFAC membership is essential for the global development of the national profession, which provides the human capital to make the island an investment gateway for the African continent.
Jhugroo, senior partner at a Geneva Group International Mauritian member firm, said one of the main obstacles is to have in place proper funding to undertake the reforms needed to achieve full IFAC membership.
One of those reforms is to set a national qualification and examination system, which is costly and would involve rising MIPA members fee (at about $30 per year) as well as to find other sources of finance.
Mauritians accountants are predominantly qualified abroad, the majority of them are members of ACCA an ICAEW.
MIPA was established in the 2000s by an act of the parliament. Before that accountants come together under the local ACCA and ICAEW associations and student chapters.
Jhugroo, who could become MIPA president if elected in future, said the application to become full IFAC member should be a priority to grow further the national profession.
According to sources close to the situation, MIPA is in the right track to achieve that goal, provided those funding issues are resolved.