The Union Cabinet chaired by Prime Minister Shri Narendra Modi today has approved Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India ( ICAI ) and Bahrain Institute of Banking and Finance (BIBF), Bahrain to work together to strengthen the accounting, financial and audit knowledge base within Bahrain.
Under the MoU, the ICAI will provide technical assistance to BIBF by reviewing the current curriculum of BIBF related to accounting and finance. The ICAI will recommend introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI’s Examination with an aim to acquire membership of ICAI. Further, the ICAI will provide technical assistance in holding ICAI’s professional examination for qualified BIBF students;
The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen building of local national capabilities. The aim is to work together to develop a mutually beneficial relationship in the best interest of members, students and their organizations.
Since Bahrain does not have a local professional accountancy Institute and it is the ICAI which has the collaboration with BIBF, this in turn is likely to build positive impact for Indian Chartered Accountants currently working in Bahraini markets and those intending to move to this country relatively easier. Bahrain having the confidence in the credibility and the ability of ICAI, is desirous of ICAI’s assistance in promoting and developing its own nationals in area of accounting and auditing performance thus addressing issue of creating a base of competent accounting professionals to pave the way for gradual skill development in accountancy.
The cabinet also approved signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and National Board of Accountants and Auditors (NBAA), Tanzania to establish mutual co-operation framework in the areas of Member Management, Professional Ethics, Technical Research, Continuing Professional Development, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development.
The MoU will develop a mutually beneficial relationship in the best interest of ICAI members, students and their organizations. The MoU will provide an opportunity to the ICAI members to expand their professional horizons. The MoU will foster strong working relations between the ICAI & NBAA, Tanzania.
Further, the Union Cabinet has given its ex-post facto approval of the “Mutual Recognition Agreement (MRA)” signed in 2010 and Approval for fresh MRA between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants (CPA), Ireland for promotion of mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in Ireland and India.
The MRA will provide opportunities to members of both the parties to be exposed to best practices of either country and thus expand their scalability to cater to demand of newer markets.