The Indian government’s Cabinet has approved two Memorandums of Understanding (MoUs) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) for mutual recognition of qualification and training. The move is expected to promote the mobility of professionals and enhance cooperation between the two countries.
The first MoU will enable members of the ICAEW to obtain membership of the ICAI and vice versa, subject to certain conditions. The second MoU will enable the two institutes to explore opportunities for collaboration in areas such as continuing professional development, technical research, and quality assurance.
The MoUs were signed during the visit of the UK Prime Minister Boris Johnson to India in December 2021. The signing of the MoUs is a significant step towards enhancing the global mobility of professionals and promoting the exchange of knowledge and best practices between the two institutes.
The ICAI is a statutory body established under the Chartered Accountants Act, 1949, and is responsible for regulating the profession of chartered accountancy in India. It has more than 320,000 members and is recognized as a premier accounting body in the country.
The ICAEW is a world-leading professional membership organization for chartered accountants and other finance professionals. It has more than 160,000 members worldwide and is recognized for its high-quality education, training, and professional development.
The MoUs between the ICAI and the ICAEW are expected to enhance the professional standards of both institutes and promote the exchange of best practices in the areas of accounting, auditing, and financial reporting. They will also provide a platform for the two institutes to collaborate on research and development and promote the exchange of knowledge and expertise.
The MoUs are expected to benefit both institutes’ members, as they will have greater mobility and recognition of their qualifications and training. It will also help enhance their career prospects and professional development opportunities, as they will have access to a broader range of resources and expertise.