The Hindu Business Line : ICAI for mutual recognition agreement

FEARING lack of genuine reciprocity from other countries affecting the chartered accountancy profession in India in the globalising scenario, the Institute of Chartered Accountants of India (ICAI) has impressed upon the Commerce Ministry the urgent need to initiate a dialogue under General Agreement on Trade and Tariff (GATT) for striking a mutual recognition agreement (MRA).

Stressing on the need for practical implementation of reciprocity by other nations, Mr Kamlesh Vikamsey, President, ICAI, told Business Line on the sidelines of the three-day convention, "this is our most genuine concern as we are opening out, but I am happy that the Commerce Ministry is fully alive to this demand. We cannot afford to allow chartered accountant firms from other countries to operate here freely when in their countries our people continue to face indirect impediments.

"For that matter, the ICAI has already given the roadmap to the Central Government to promote the reciprocity when agreements are signed so that it strengthens relations on both sides in the chartered accountancy sector," he said.

Already India has a reciprocity agreement with Sri Lanka, Nepal and it would sign similar MRA agreements with other countries such as Singapore, and US in the near future.

Excise, service tax audit: He said that the institute was helping the Central Excise Department overcome revenue leakages and hoped that chartered accountants would soon be roped in formally to conduct excise and service tax audits, considered a big breakthrough for expanding the scope of the profession.

Autonomy: Replying to the pending Bill in Parliament pertaining to autonomy for the 58-year-old institute, Mr Vikamsey said that the Bill seeking amendment of the ICAI statute was pending before the Rajya Sabha. He hoped it would be taken up in the forthcoming session.

Campus interviews: Mr Vikamsey said the initiative of the ICAI's Industry Committee on campus interviews for job opportunities for members has elicited huge demand from corporate and others, both from within the country as well as from outside, from countries such as Canada, Singapore, Australia and West Asia.

The response from the employers was so good that the institute has been flooded with complaints about many CAs who were given letters of appointment but did not join.

He explained that this had happened on account of multiple options available for the candidates.

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