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Cabinet nod for MoU between ICAI and Azerbaijan’s Auditors’ body

Our Bureau New Delhi | Updated on September 08, 2021

Will help in exchanging knowledge and strengthen best practices in both jurisdictions in the field of accountancy

The Union Cabinet has approved the signing of Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Chamber of Auditors of the Republic of Azerbaijan (CAAR).

The signing of MoU would help in establishing the mutual cooperation in the areas of member management, professional ethics, technical research, continuing professional development, professional accountancy training, audit quality monitoring, advancement of accounting knowledge, professional and intellectual development, an official release said.

“This MoU will lead to focus on exchange of knowledge and strengthen best practices in both jurisdictions including application of new innovative methods and technologies in the field of accountancy,” it added.

With this MoU, ICAI would be able to strengthen the partnership with Azerbaijan by providing the export of services in accountancy profession, the release added.

Geosciences

The Cabinet also approved the signing of MoU on cooperation in the field of Geosciences between the Joint Stock Company Rosgeologia, State holding company, (referred to as ROSGEO), a legal entity incorporated under the laws of the Russian Federation and the Geological Survey of India (GSI), Ministry of Mines, government of India.

The objective of this MoU is to extend mutual cooperation for technological collaboration on exploration for deep-seated and/or concealed mineral deposit; analysis and interpretation of the aero-geophysical data; PGE and REE exploration and research; joint development of the Indian Geoscience Data repository with the Russia’s state-of-the-art information technology, an official release said.

It also aims for “exchange of technology & knowledge in the field of drilling, sampling and laboratory analysis to achieve data accuracy, and cost optimisation; training and capacity building of scientific personnel, between both the parties in the fields of Geosciences,” the release added.

“In view of the rich experience of ROSGEO and GSI and their potential of cooperation, this MoU is particularly beneficial in order to provide an umbrella framework for their co-operation in the field of Geosciences,” it said.

Published on September 08, 2021

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