Doing business with India

The ICAEW has today (Thursday 20 November) signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.

Memorandum of understanding

Under the agreement signed in Jaipur, India by ICAEW Deputy President Martin Hagen FCA and Ved Jain, President ICAI appropriately qualified and experienced members of either institute will be able to join the other by receiving appropriate credit for their existing accountancy qualification and, where relevant, recognition for their existing work experience.

Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:

“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”

Joining the ICAEW (as an ICAI member)

Existing members of the ICAI with a minimum of two years post qualification experience will be eligible for ICAEW membership subject to:

  • passing the ICAEW’s Case Study examination
  • completing the ICAEW’s Structured Training in Ethics programme applicable to ICAEW provisional members

Members of the ICAI who have less than two years post qualification experience will also be eligible for ICAEW membership subject to also passing the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers of the Advanced Stage examination.

Credits for prior learning

Members of the ICAI will receive credits for all papers of the ICAEW’s Professional Stage examination. ICAI members with a minimum of two years’ post qualification experience will also receive credits for the Technical Integration Business Change and Technical Integration Business Reporting papers of the Advanced Stage examination.

For more information please visit our dedicated web pages.

Joining the ICAI (as an ICAEW member)

Members of the ICAEW who are trained in public practice as per the ICAEW’s own requirements will become eligible for ICAI membership subject to passing ICAI examination papers for the special modules of:

  • Auditing and Assurance
  • Law, Ethics & Communication
  • Information Technology & Strategic Management
  • Taxation

They will be granted examination credit from all papers of the ICAI’s Common Proficiency Test, from all papers of the ICAI’s Professional Competence Course, and from all other papers of the ICAI’s Final (New) Course.

For more information please review the route to ICAEW membership diagram (PDF 44kb/1 page) and visit the ICAI website.

Practice certificate

ICAEW practice certificate

Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members. 

General practice rights in India

Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.

Professional Oversight Board

As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.

Ved Jain, President of the ICAI, remarked: 

“This is a historic and momentous occasion for members of the ICAI and ICAEW. With joint reputations in professional education, training, technical and ethical standards, our Institutes, have decided to come together to provide a wider service to all our members.

“The agreement will mean both professional Accounting bodies working in tandem with each other to provide membership of each others Institute. It will also allow the mobility of members and further strengthen ties between India and the United Kingdom. We look forward to working closer with each other, sharing technical expertise and carrying out joint research in accounting and related areas.”

Media enquiries

Contact Simon Thompson, ICAEW press office, on 020 7920 8515 or email simon.thompson@icaew.com