20 Nov ; The Institute of Chartered Accountants of India (ICAI) today signed a Memorandum of Understanding (MOU) with The Institute of Chartered Accountants in England & Wales (ICAEW) at Jaipur, Rajasthan. This will foster working relations between the two bodies.
The MoU was signed by Shri Ved Jain, President, ICAI and Shri Martin Hagen, Deputy President, ICAEW in the presence of Union Minister of Corporate Affairs, Shri Prem Chand Gupta during the ongoing International Conference on "Accounting Profession- Shining bridge between Global Economies” hosted by the ICAI. The MOU will provide for mutual Recognition and Examination arrangements for the members of the two largest Institutes of the world. The two largest Chartered Accountancy bodies joined hands in recognition arrangements for their members.
Shri Prem Chand Gupta said that he was happy to note that, “A historic MOU was signed today which would recognize the membership of other Institute. It is an excellent bilateral cooperation and I am very glad that the two largest Accounting bodies have initiated this exercise and concluded it.”
Shri Ved Jain in his address remarked “This is a historic and momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 1, 50,000 & 1, 30,000 respectively.” Shri Martin Hagen commented that both India and UK have a strong trade interest. This MOU will establish closer working linkages as well as provide recognition for members of the two bodies in the respective countries. With this arrangement, the two nations would be playing leadership role in their respective region, he said.
The arrangement provides that existing members of ICAI with two years of post qualification experience will be eligible for ICAEW membership on passing the ICAEW’s one paper on Case Study. The ICAI members with less than two years of experience will be required to pass 3 papers- Case Study, Technical Integration Business change, Technical Integration Business Reporting. On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 nos. of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing & Assurance.
Looking at the trade relationship between India & UK, it is expected that quite a good number of members of ICAI will be opting for the membership of ICAEW and vice-versa.