The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved signing of the following Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and:
1. National Board of Accountants and Auditors (NBAA), Tanzania to establish mutual co-operation framework & international opportunities 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. This will open up a huge potential for ICAI and its members to help develop the Accountancy and Auditing profession as well as respective jobs in African & Tanzania market.
2. Bahrain Institute of Banking and Finance (BIBF), Bahrain to work together to strengthen the accounting, financial and audit knowledge base within Bahrain. This will entail offering technical assistance to BIBF by reviewing the current curriculum of BIBF related to accounting and finance; recommendation of an introduction of Indian CA Course curriculum and holding ICAI's professional examination for qualified BIBF students; that will facilitate BIBF students to write ICAI's Examination with an aim to acquire membership of ICAI. Since Bahrain does not have a local professional accountancy Institute, this, in turn, will build positive impact for Indian Chartered Accountants currently working in Bahraini markets and those intending to move to this country relatively easier and help Bahrain to develop its own nationals for the greater good to Accountancy and Audit practices.
Also, The Union Cabinet gave its ex-post facto approval of the "Mutual Recognition Agreement (MRA)" signed in 2010 and Approval for fresh MRA between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants (CPA), Ireland for promotion of mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in Ireland and India. Notably, The Institute of Certified Public Accountants in Ireland (CPA Ireland) is one of the main Irish accountancy bodies with 5,000 members and students.
The above MoUs are aimed to provide global recognition to Chartered Accountancy Profession and ensure free exchange of Information between nations.
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