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ICAEW and Institute of Chartered Accountants of India (ICAI) to promote cross-border accountancy skills

8 October 2019. ICAEW - The Institute of Chartered Accountants in England and Wales, a world leader in the accountancy and finance profession, and the Institute of Chartered Accountants of India (ICAI), a statutory body for regulating the profession of Chartered Accountants in India, have signed a Memorandum of Understanding (MoU) for mutual recognition of their qualifications and to create a pathway for their members to become members of the other’s institutes. The signing of this MOU demonstrates the strengthening and further commitment of ICAI and ICAEW to work even more closely to build a World of Strong Economies with the best professional skills.

ICAEW - The Institute of Chartered Accountants in England and Wales, a world leader in the accountancy and finance profession, and the Institute of Chartered Accountants of India (ICAI), a statutory body for regulating the profession of Chartered Accountants in India, have signed a Memorandum of Understanding (MoU) for mutual recognition of their qualifications and to create a pathway for their members to become members of the other’s institutes. The signing of this MOU demonstrates the strengthening and further commitment of ICAI and ICAEW to work even more closely to build a World of Strong Economies with the best professional skills.

The agreement between the two bodies was signed on 2 October, by ICAEW President Fiona Wilkinson and ICAI President Mr. Prafulla P. Chhajed, at a ceremony in ICAEW’s headquarters in London, Chartered Accountant’s Hall. Also present at the event was ICAI Vice President Mr Atul Kumar Gupta. 

ICAI Vice President Atul Kumar Gupta, ICAI President Prafulla P. Chhajed, and ICAEW President Fiona Wilkinson sign a memorandum of understanding

(From left to right) ICAI Vice President Atul Kumar Gupta, ICAI President Prafulla P. Chhajed, and ICAEW President Fiona Wilkinson

The Memorandum of Understanding establishes a framework for the two bodies to recognise each other’s qualifications and provide a fast track for members to gain the other Institute’s qualifications. ICAEW and ICAI have also embarked on a plan to develop research in areas of mutual interest – such as sharing the latest advances in automation. The Institutes are producing a joint report on IT, robotic processing and automation using case studies of companies both in the UK and India.

Fiona Wilkinson, ICAEW President, said: “We are pleased to be signing this MoU. In the spirit of unity ICAEW and ICAI are collaborating to strengthen our relationship and give our members greater opportunities. In the modern, globally connected world, professional bodies need to work together across country borders, ensuring we learn from each other and support our members in different jurisdictions.

“Accountants and auditors play important roles in delivering business confidence, a very valuable commodity which is crucial for the continuing growth of the Indian economy and of financial markets worldwide. ICAEW works in partnership with national accountancy bodies around the world to help promote and develop best practice, and we are happy to be working closely with ICAI too."

Mr Prafulla P. Chhajed said: “Signing of this MoU would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.

The membership of the local accounting body would provide larger professional avenues to members at respective end and would lead to a win-win situation for the members of both the accounting bodies.”

Notes to Editors:

About ICAEW
There are over 1.8m chartered accountants and students around the world – talented, ethical and committed professionals who use their expertise to ensure we have a successful and sustainable future.

Over 181,500 of these are ICAEW Chartered Accountants and students. We train, develop and support each one of them so that they have the knowledge and values to help build local and global economies that are sustainable, accountable and fair.

We’ve been at the heart of the accountancy profession since we were founded in 1880 to ensure trust in business. We share our knowledge and insight with governments, regulators and business leaders worldwide as we believes accountancy is a force for positive economic change across the world.

About ICAI
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament in the year 1949 for regulating the profession of Chartered Accountants in India. The ICAI, which functions under the administrative control of Ministry of Corporate Affairs, Government of India, has five Regional Councils and 164 branches in India; in addition to 34 chapters outside India has about 3,00,000 members and 7,50,000 students as of now. The Institute is one of the few accounting bodies worldwide, which provides the entire gamut of services for the growth, development and regulation of the accountancy profession in India.

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