Indian CAs to practice in Singapore under proposed treaty: ICAI

New Delhi, Dec 21 (UNI) Indian Chartered Accountants will soon be able to audit the balance sheets of companies operating in Singapore under an agreement for mutual recognition between the professional bodies of the two countries, now in the final stages of negotiation.

Announcing this, the Institute of Chartered Accountants of India (ICAI) President T N Manoharan told reporters here that negotiations between ICAI and its Singapore counterpart, Institute of Certified Public Accountants of Singapore (ICPAS), were in an advanced stage and were expected to be finalised within the next three months.

This will make Singapore the first country where Indian CAs can offer their services under the Comprehensive Economic Cooperation Agreement (CECA) signed with India last year, which allows for the professions of chartered accountants, nurses, dentists and health service providers to provide their services.

Admitting that ICAI had been aggressive in demanding opening up of other countries to the services offered by the Indian audit professionals under the World Trade Organisation's GATS negotiations, he said the Institute was determined that it was "a two-way street" based on mutual reciprocity.

So far, Indian CAs are practicing in the Gulf countries, but this is in partnership with local auditing companies.

Mr Manoharan said x x x here picking up from para five of DC 34,External-Singapore.

UNI SDKR HT1932