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ACCA signs Mutual Collaboration Agreement with ICAN

Gyanmandu: ACCA (Association of Chartered Certified Accountants) has now signed a Mutual Collaboration Agreement with the Institute of Chartered Accountants of Nepal (ICAN). The agreement was signed by Helen Brand, ACCA’s Chief Executive on behalf of ACCA and on behalf of ICAN, it was signed by Mr. Jagannath Upadhyay (Niraula), President of ICAN.

The key highlights of the agreement are:
  • ACCA and ICAN will collaborate in a number of areas for the development of the profession and support of members in Nepal (e.g. IFRS, IPSAS, research, conferences, CPDs etc.)
  • ICAN will support ACCA’s efforts to secure the right level of recognition at different levels of government and other regulators

  • ACCA and ICAN will produce an annual work plan and will periodically review the same for the effectiveness of implementation

  • Both bodies will provide route to interested members for membership of their bodies. A CA Member from ICAN will have to complete the Strategic Professional Level of ACCA and Ethics and Professional Skills Module. For Certificate of Practice from ACCA, additional 2 years’ experience post ACCA Membership with an Approved Employer will be required. An ACCA member is exempted from the 2 papers from the final level of ICAN. 1 year additional experience is required if the prior 3 years’ experience was with an audit firm. In all other cases, 2 years’ experience is required. Further procedural guidelines will be issued for this jointly by ICAN and ACCA.
Membership pathway is a recommended option only for those members who are interested to undertake the audit practice which is a regulated profession in any country.

  • Agreement can be terminated by both bodies if they perceive one body’s work is disadvantaging the brand and reputation of the other body.

  • Agreement can be reviewed, changed from time to time depending on how the relationship progresses between both the bodies.

  • This agreement also has been approved by Ministry of Finance apart from ICAN’s council.

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