Cabinet approves foreign deals around accountancy work

The Union Cabinet has approved three preliminary agreements between the Institute of Chartered Accountants of India (ICAI) and the respective accountancy and financial management institutes of Ireland, Bahrain, Tanzania and Saudi Arabia

July 18, 2018

The deal between the ICAI and Bahrain Institute of Banking and Finance (BIBF) will create opportunities to strengthen the accounting, financial and audit knowledge base within Bahrain

The deal between the ICAI and the Institute of Certified Public Accountants (CPA), Ireland will aid advancement of accounting knowledge as well as professional development in both nations

The deal between the ICAI and the National Board of Accountants and Auditors (NBAA), Tanzania will help ICAI members seek opportunities in Accountancy and Auditing profession in Africa

The latest accord with Saudi Arabia will renew an agreement signed in 2014 between the ICAI and the Saudi Organisation for Certified Public Accountants (SOCPA) to boost local opportunities

The Union Cabinet chaired by Prime Minister Narendra Modi on July 18 approved three preliminary agreements between the Institute of Chartered Accountants of India (ICAI) and respective accountancy and financial management institutes of Ireland, Bahrain, Tanzania and Saudi Arabia. The deals will lead to India sharing its regulatory framework, human resources and best practices from the accountancy space with the partner nations. The ICAI is a statutory body established by an Act of Parliament of India, ‘The Chartered Accountants Act, 1949′, to regulate the profession of chartered accountancy in India.

The deal between the ICAI and Bahrain Institute of Banking and Finance (BIBF) will create opportunities to strengthen the accounting, financial and audit knowledge base within Bahrain. Features of the agreement include: (1) ICAI will provide technical assistance to BIBF by reviewing the current curriculum of BIBF related to accounting and finance; (2) ICAI will offer introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI’s Examination with an aim to acquire membership of ICAI; (3) ICAI will provide assistance in holding ICAI’s professional examination for qualified BIBF students.

The partnership with Ireland comes as part of a “Mutual Recognition Agreement (MRA)” signed in 2010. The fresh MRA between the ICAI and the Institute of Certified Public Accountants (CPA), Ireland will aid advancement of accounting knowledge as well as professional and intellectual development in both the nations. The MRA will provide opportunities to members of both the parties to vail the best practices of either country and thus expand their scalability to cater to demand of newer markets. While ICAI has over 270,000 members, CPA Ireland is one of the main Irish accountancy bodies with 5,000 members.

The agreement between the ICAI and the National Board of Accountants and Auditors (NBAA), Tanzania will help establish mutual cooperation 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 deal will foster strong working relations between the ICAI & NBAA, Tanzania. There is a huge potential for ICAI members to help develop the Accountancy and Auditing profession in Africa.

The latest accord with Saudi Arabia will renew an agreement signed in 2014 between the ICAI and the Saudi Organisation for Certified Public Accountants (SOCPA) in Saudi Arabia to promote cooperation in the areas of Corporate Governance, Technical Research and Advice, Quality Assurance, Forensic Accounting, issues for Small and Medium Sized Practices (SMPs), Islamic Finance and Continuing Professional Development (CPD). ICAI has strong presence across three chapters at Eastern Province covering Jeddah, Riyadh and Saudi Arabia, with more than 200 members who will benefit from the deal.