The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) renew qualification reciprocity agreement to increase mobility of professionals

CA. Prafulla P. Chhajed, President, ICAI and Ms. Fiona Wilkinson, President, ICAEW along with Central Council Members, ICAI during MOU signing ceremony at London, UK.

The Institute of Chartered Accountants of India renewed its Memorandum of Understanding (MOU) with the Institute of Chartered Accountants in England and Wales on historic day of October 2, 2019 at London, UK to recognize the qualification, training of each other and admit the members in good standing by prescribing a bridging mechanism. The renewal of this MOU demonstrates the strengthening ties and further commitment of ICAI and ICAEW to work even more closely to build a World of Strong Economies with the best professional skills.

Speaking on the renewal of agreement with ICAEW, CA. Prafulla P. Chhajed, President ICAI in his address remarked “Signing of this MoU would renew India’s focus for facilitating export of Accountancy Services and promotion of Accountancy Services in digital world which is earmarked as one of the important Champion Sector initiative of the Government of India. It would help in increasing the professional avenues for Indian professionals by facilitating recognition of Indian accounting professionals with local Accountancy qualification in UK in addition to existing ICAI qualification.”

President ICAI further added “The MoU would facilitate global mobility of members and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade as decade of accounting professionals. It is befitting that we are signing this MoU on Gandhi Jayanti, the birthday of Mahatma Gandhi. He united India and we are uniting together to give our members greater opportunities in each other’s countries."

Ms. Fiona Wilkinson, President, ICAEW said “ This MOU will further strengthen the relationship between ICAEW and ICAI. In the modern, globally connected world, professional bodies need to work together across country borders, ensuring we learn from each other and support our members in different jurisdictions.”

He further added “Accountants and auditors play important roles in delivering business confidence, a very valuable commodity which is crucial for the continuing growth of economies and financial markets worldwide. ICAEW works in partnership with national accountancy bodies around the world to help promote and develop best practice, and we are happy to be working closely with ICAI too. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament in the year 1949 for regulating the profession of Chartered Accountants in India. ICAI has 5 Regional Councils and 164 branches in India in addition to 34 chapters outside India. ICAI has more than 3 lakh members and 7.50 lakh students as of now. The Institute is one of the few accounting bodies worldwide, which provides the entire gamut of services for the growth, development and regulation of the accountancy profession in India.

About ICAEW

ICAEW is a world leading professional membership organisation based in UK that promotes, develops and supports over 1,81,500 Chartered Accountants worldwide. It provides qualifications and professional development, technical expertise and protects the quality and integrity of the accountancy and finance profession. (Source - ICAI Wesite)