ICAI, ICAEW ink MoU for easing practice procedures

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Jaipur, Nov 20 (UNI) With a view to ease the procedures for Indian CAs to practise in Britain, the Institute of Chartered Accountants of India (ICAI) signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants in England&Wales (ICAEW) here today.

''The MoU entails coming together of two largest accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. We look forward to working closely with each other and to collaborate further in the field of research&accounting,'' ICAI President Ved Jain told reporters here.

The agreement will provide for mutual recognition and examination arrangements for the members of the two largest institutes of the world.

As per the deal, the existing members of ICAI with two years of post qualification experience will be eligible for ICAEW membership on passing one paper on Case Study and CAs with less than two years of experience will be required to pass three papers on Case Study, Technical Integration Business change and Technical Integration Business Reporting.

However, ICAEW members trained in public practice will be eligible for ICAI membership subject to passing four papers of ICAI, The papers will include special modules on Taxation; Law, Ethics&Communication; Information Technology&Strategic Management and Auditing&Assurance.

With the trade relationship between India and the UK getting better over time, it is expected that quite a good number of members of ICAI will be opting for the membership of ICAEW and vice-versa.

UNI SG MP HS1445

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