Two premier globally renowned accounting bodies — Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England and Wales (ICAEW) — have renewed their MoU, which will open opportunities for the “appropriately qualified” member of both the institutes.

While ICAEW has over 2 lakh members, the CA Institute has about 3.8 lakh members. 

The MoU, which will be reviewed after three years, was renewed on April 24 in London, Aniket Sunil Talati, President, ICAI said.

The MoU was signed by Talati and Julia Penny, President, ICAEW in presence of Ranjeet Kumar Agarwal, Vice President, ICAI along with other Council Members, ICAI and senior functionaries of ICAEW. 

The association between ICAI and ICAEW dates back to 2008 when the first MoU was signed between the two bodies.

“Appropriately qualified” member is one who has gained membership of either Institute through completion of their respective Institute’s training and education route. 

Any member, who is a member of either Institute by virtue of an advanced credit MoU or any other Mutual Recognition Agreement with another professional body , will not be eligible under the latest agreement.

ICAEW membership for ICAI members

As per the MoU, ICAI members will be eligible to apply for ICAEW membership subject to passing the ICAEW’s Advanced Level examinations (Corporate reporting, Strategic Business Management and Case study) and by completing the ICAEW’s Ethics Learning Programme, or on alternative ethics programme agreed by ICAEW to be equivalent.

ICAI Membership for ICAEW Members 

ICAI membership will open to all “appropriately qualified” ICAEW members subject to passing the ICAI examinations for the modules. (a) Auditing & Assurance (b) Law (c) Ethics & Communication (d) Information Technology & Strategic Management (e) direct tax and indirect tax laws.

Interestingly, UK statutory audit rights are not included in the agreement and will not be conferred on ICAI members joining ICAEW as these are controlled by the UK Financial Reporting Council, sources said.

However, General practice rights which exclude audit rights and also other work rights controlled by UK government regulation, such as insolvency and investment business, would be available to ICAI members provided they qualify for an ICAEW Practice Certificate, they added.

Also ICAEW members joining ICAI under the MoU route would not be eligible for ICAI Certificate of Practice and to undertake any statutory assignments.

ICAEW’s examinations will be administered by ICAI in India.  ICAI’s course papers will be administered by ICAEW in the UK on behalf of the ICAI, sources said.

Related Topics
comment COMMENT NOW