The two largest Chartered Accountancy bodies join hands in recognition arrangements for their members

The Institute of Chartered Accountants of India (ICAI) today signed a
Memorandum of Understanding (MoU) with The Institute of Chartered
Accountants in England & Wales (ICAEW), which will foster working relations
between the two bodies. The MoU was signed by Mr. Martin Hagen, Deputy
President, ICAEW and CA. Ved Jain, President, ICAI in the presence of Union
Minister of Corporate Affairs, Hon'ble Shri Prem Chand Gupta. The MoU will
provide for mutual Recognition and Examination arrangements for the members
of the two largest Institutes of the world. The two largest Chartered Accountancy
bodies joined hands in recognition arrangements for their members.

The Hon’ble Minister remarked, “A historic MoU was signed today which would
recognize the membership of the other Institute. It is an excellent bilateral
cooperation and I am very glad that the two largest Accounting bodies have
initiated this exercise and concluded it.”

CA. Ved Jain, President ICAI in his address remarked “This is a historic and a
momentous occasion for the members of the ICAI and ICAEW. These are two
largest accounting bodies with membership of over 1, 50,000 & 1, 30,000
respectively. The two Institutes have been following highest standards of
professional education, training, technical & ethical standards. At this point of
time, seeing the need of the hour, we have to make our profession recognized
globally. The MoU entails coming together of two largest Accounting bodies
working in tandem with each other to provide a synergy. This agreement would
facilitate mobility of members across the borders and further strengthen the ties
between India and United Kingdom (U.K.). Our mission is to make the next
decade for accounting professionals. We look forward to working closely with
each other and to collaborate further in the field of research & accounting.”
CA. Vijay Garg, Central Council Member and Conference director emphasized the
importance of this occasion in the present global scenario where world
economies are transitioning through a trying phase. Considering the emerging
scenario, the two Institutes have decided to come together to provide a wider
arena to their members.

Martin Hagen Deputy President, ICAEW commented that both India and UK have
a strong trade interest. This MoU will establish closer working linkages as well as
provide recognition for members of the two bodies in the respective countries.
With this arrangement, the two nations would be playing leadership role in their
respective region.
Delivering the vote of thanks, CA. Uttam Prakash Agarwal, Vice – President,
ICAI, reiterated, “ The Chartered Accountancy profession has carried out a realty
check and it understands that it has to compete with global professionals. I have
full conviction that this profession will find the path to professional achievements
in the outside world.”

The signing of MoU heralds a phase of new relationship between the members of
the two countries. It will enable the respective member at either end, to take the
membership of the other Institute. The membership of the local accounting body
would provide larger professional avenues to members at respective end and
would lead to a win-win situation for the members of both the accounting
bodies.

The 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 3 papers- Case Study, Technical
Integration Business change, Technical Integration Business Reporting.
On the other hand, members of ICAEW who are trained in public practice will
become eligible for ICAI membership subject to passing ICAI's 4 no.s of
examination papers for the special modules – Taxation; Law, Ethics &
Communication; Information Technology & Strategic Management; and Auditing
&Assurance.

Looking at the trade relationship between India & UK, it is expected that quite a
good number of members of ICAI will be opting for the membership of ICAEW
and vice-versa.