Union Cabinet approves signing of MoU between ICAI and The Chartered Accountants of Maldives

The Union Cabinet presided by Prime Minister Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India and The Chartered Accountants of Maldives.

For the ICAI members, the Memorandum of Understanding will open up a world of possibilities for them to explore their professional diversity in the Maldives. The MoU desires to forge a cooperative relationship with the goal to establish itself in the field of accounting.

The MoU created new opportunities for the ICAI members in their professional field in the Maldives for both long term and short term. Through this MoU, the ICAI would be able to strengthen the partnership with Chartered Accountants of Maldives by providing the services in the profession.

Additionally, ICAI members who hold mid- to senior-level roles in a variety of companies in different nations can have a great impact on the decision making strategies of those organisations.

Conversing about the positive aspects of signing this MoU, it will enable the ICAI members to broaden their horizons or to expand their sphere of expertise to the Maldives. Additionally, it will give professionals with an accounting background exposure to a new dimension.

Regarding the implementation strategy and targets, the MoU aims to improve cooperation in the accounting profession through discussions and the sharing of knowledge regarding professional accountancy education, professional ethics, technical research, and the professional development of accountants.

Also, intended to conduct seminars, conferences, student exchange programmes and other joint activities which will benefit mutually.

According to sources, the Chartered Accountants  of Maldives is contemplating joining the International Federation of Accountants (IFAC), the organisation which unites accountants throughout the world and has more than 180 members in 135 nations. Since India is a member of IFAC, the ICAI may do the technical due diligence necessary for CAs of  Maldives to become a member as well.

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