Tying the knot: Indian and British Accountancy Profession

Jaipur, Nov 20 (UNI) It was a nostalgic moment with India and the United Kingdom once again tying the knot, as an MoU was signed making it easier for British Chartered Accountants to practice in India and vice-versa.

The fostering of the relationship was reminiscent of the Raj era, with the signing ceremony having the ambience required for the occasion.

The Memorandum of Understanding (MoU) was signed between the represenatives of The Institute of Chartered Accountants of India (ICAI) and The Institute of Chartered Accountants in England&Wales (ICAEW) here.

The occasion of the signing ceremony was the five-day ICAI's 'International Conference on Accountancy Profession,' a mega event and high point on the agenda of the Institute.

The MoU entails ''coming together of two largest accounting bodies working in tandem with each other to provide synergy.'' The agreement provides for ''mutual recognition and examination arrangements'' for the members of the two Institutes.

The members of the ICAI with two years of post-qualification experience will be eligible for ICAEW membership on passing one paper entitled 'Case Study' and CAs with less than two years of experience will be required to pass three papers relating to a case study, Technical Integration Business change and Technical Integration Business Reporting.

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.

The agreement would ''facilitate mobility of members across the borders and further strengthening ties between India and Great Britain.'' ''We look forward to working closely with each other and to collaborate further in the field of research and accounting,'' ICAI President Ved Jain told an audience after the signing ceremony.

Institute officials said in view of the growing trade and investment relations between India and the UK and co-operation growing in other fields, it is expected that a good number of Indian Chartered Acountants will move over to the Great Britain, once the Colonial Empire which ruled India.

There is also a keen interest among the British Accountancy profession to come to India, a country which many people who were part of the Raj came to love.

It is not without reason that Indian companies are making a dent in the British marketplace, taking over British Corporates and undertaking greenfield projects. The Corus deal last year being the most vivid example.

There is also considerably high level of outsourcing interest by British firms in India.

It has always been the case that trade and accountancy move together--so be it between India and the UK.

UNI SG MP RK1830