The Institute of Chartered Accountants in England and Wales (ICAEW) has signed a memorandum of understanding with the Institute of Chartered Accountants of India (ICAI), recognising each other’s qualifications.
The agreement will also create a pathway for their members to become members of the other’s institutes.
The MoU was signed on 2 October at ICAEW’s headquarters in London by Fiona Wilkinson and Prafulla P. Chhajed, presidents of ICAEW and ICAI respectively.
“Signing of this MoU will facilitate mobility of members across the borders and further strengthen the ties between India and the United Kingdom,” Chhajed said. “The membership of the local accounting body will provide larger professional avenues to members in each respective country and will lead to a win-win situation for the members of both the accounting bodies.”
The agreement envisions close collaboration between the two organisations, particularly in the field of research. The Institutes are set to publish a joint report on IT, robotic processing and automation using case studies of companies both in the UK and India.
“In the modern, globally connected world, professional bodies need to work together across country borders, ensuring we learn from each other and support our members in different jurisdictions,” Wilkinson commented.