Cabinet approves MOU between ICAI and CAAR

The Union Cabinet, presided over by Prime Minister Shri Narendra Modi, has approved the signing of a Memorandum of Understanding between The Institute of Chartered Accountants of India (ICAI) and The Chamber of Auditors of the Republic of Azerbaijan (CAAR)
Details:

The signing of a Memorandum of Understanding between (ICAI) and The Chamber of Auditors of the Republic of Azerbaijan (CAAR) would aid in the establishment of Mutual Cooperation in the areas of Member Management, Professional Ethics, Technical Research, CPD, Professional Accountancy Training, Audit Quality Monitoring, Accounting Knowledge Advancement, Professional and Intellectual Development.

Implementation Strategy and Goals:

Both the ICAI and CAAR intend to expand their collaboration in the areas of audit, finance, and accounting professional training. ICAI and CAAR intend to exchange books, magazines, and other publications published by professional organisations, as well as mutual publication of articles on audit and accounting in the Parties’ magazines and websites, as well as conducting and financing joint conferences, symposiums, round tables, and trainings on the development of audit, finance, and accounting. ICAI and CAAR also intend to conduct research on the use of new innovative methods in auditing and accounting, such as the use of blockchain, smart contract systems, and telecommunications.

ICAI and CAAR also intend to conduct research on the application of new innovative methods in the field of audit and accounting, such as the use of blockchain, smart contract systems, and the transition from traditional accounting to cloud accounting, as well as to collaborate in the fight against corruption and money laundering.

Impact:

ICAI members hold middle to upper-level positions in a variety of organisations throughout the world, and they have the ability to influence the decision-making and policy-making strategies of their respective countries’ organisations. This Memorandum of Understanding will direct attention to the exchange of knowledge and the strengthening of best practises in both jurisdictions, including the application of new innovative methods and technologies in the field of accounting.

Benefits:

ICAI, through its vast network of Chapters and Representative Offices in 69 cities across 45 countries, is committed to playing an important role in sharing prevalent practises in these countries so that the Government of India can adopt the best practises being followed there in order to attract foreign investment and encourage them to set up shop in India. With this MoU, ICAI will be able to strengthen its partnership with Azerbaijan by exporting services in the accounting profession.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act of 1949 to regulate the profession of Chartered Accountants in India. ICAI has made significant contributions in the fields of education, professional development, and the upholding of high accounting, auditing, and ethical standards in the advancement of the globally recognised profession of Chartered Accountants. To regulate the audit profession in the Republic of Azerbaijan, the Chamber of Auditors of the Republic of Azerbaijan (CAAR) was established in accordance with the Law on Audit of 1994, as amended in 2004.