ICAI inks pact with AIA

Hi friends,

About two months back, the below article was published in the HINDU, Business Line (January 07, 2012 edition) 

The CA Institute has signed a memorandum of understanding with the Association of International Accountants (AIA), a UK-based professional accountancy body, for reciprocal membership arrangement.

This MOU was signed by the President, Institute of Chartered Accountants of India, Mr G. Ramasway, and Mr Andrew Lamb, President of AIA, at Chennai today. This is the fifth qualification recognition arrangement entered into by the ICAI.

INTERNATIONAL ACCOUNTING

AIA was founded in the UK in 1928 as a professional accountancy body. From conception, it has promoted the concept of ‘international accounting' to create a global network of accountants in over 85 countries worldwide. AIA is recognised by the UK Government as a recognised qualifying body for statutory auditors under the Companies Act 2006.

Under this MOU, a CA institute member can simply apply for membership of the AIA without having to clear any tests. Indian CAs will, however, not get auditing rights in the UK, but an added qualification from the AIA could enable them to gain employment there.

An AIA member looking to become a CA institute member here will have to clear five papers, an ICAI official said. No auditing rights would be offered in India also for such members.

This MOU will help establish closer linkages between the two bodies as it will enable them to draw synergies from the professional expertise available with each other in areas such as accounting, auditing and corporate governance.