The Chartered Accountants in India got more opportunities in the foreign countries in the past three years as the Institute of Chartered Accountants of India (ICAI) signed a number of MoUs with the accounting bodies of foreign countries.
The MoU signed with the Institute of Chartered Accountants in England & Wales (ICAEW) in last month would help to encourage more and more young Indian Chartered Accountants to take up the recognition of ICAEW professional designation to further help them pursue professional opportunities in the UK. Currently, a number of Indian Chartered Accountants are holding top-level positions in companies in the UK and with the recognition from ICAEW, the Corporates in the UK would be trusting Indian talents and skills more to hire them.
In January, signed an MoU with the Institute of Certified Public Accountants of Kenya (ICPAK) in Nairobi, Kenya which would facilitate a collaborative approach to identify opportunities for ICPAK and ICAI and support the development of the accountancy profession through capacity building initiatives and to promote sustainable development of the accountancy profession.
A recently signed MoU with the National Board of Accountants and Auditors (NBAA), Tanzania would provide professional support to ICAI Chapter in Tanzania and the ICAI members. It will also 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.
In July last year, ICAI had signed MoUs with the Bahrain Institute of Banking and Finance (BIBF), Bahrain, and the Institute of Chartered Accountants of India (ICAI) and National Board of Accountants and Auditors (NBAA), Tanzania.
Further, a Mutual Recognition Agreement (MRA)” was 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.
After the introduction VAT in the Gulf countries last year, the Indian Chartered Accountants have higher demands in these countries. The ICAI, in last June, signed an MoU with the Saudi Organisation for Certified Public Accountants ( SOCPA ) to work together to 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 and simultaneously ICAI will become an entity to aid and strengthen capacity building of local nationals. The MoU will further enable ICAI to promote the Accounting and Auditing profession and all matters that might lead to the development of the profession and improve its status.