The Hindu Business Line : India, UK accountancy bodies ink MoU

New Delhi, Nov. 20 Chartered accountancy bodies of India and the UK have signed a memorandum of understanding (MoU) that provides for mutual recognition of qualifications.

It, however, does not provide for auditing rights in respective countries.

The MoU was signed by Mr Martin Hagen, Deputy President of the Institute of Chartered Accountants in England & Wales (ICAEW), and Mr Ved Jain, President of the Institute of Chartered Accountants of India (ICAI) in the presence of the Corporate Affairs Minister, Mr Prem Chand Gupta, at Jaipur today.

Both the institutes have now agreed on the number of papers to be completed for the purpose of membership.

“A historic MoU was signed today which would recognise the membership of the other institute. It is an excellent bilateral co-operation and I am very glad that the two largest accounting bodies have initiated this exercise and concluded it,” Mr Prem Chand Gupta said.

The MoU 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 three papers — case study, technical integration business change and technical integration business reporting.

On the other hand, members of ICAEW will become eligible for ICAI membership subject to passing ICAI’s four examination papers for the special modules — taxation; law, ethics and communication; information technology and strategic management and auditing and assurance.

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