Good news for CAs: Union Cabinet approves MOA between ICAI and Chartered Accountants of Maldives

With the help of this MoU, ICAI would be able to strengthen the relationship with the Maldives by exporting accounting services.

ICAI Memorandum of Understanding

CA Pratibha Goyal | May 17, 2023 |

Good news for CAs: Union Cabinet approves MOA between ICAI and Chartered Accountants of Maldives

Good news for CAs: Union Cabinet approves MOA between ICAI and Chartered Accountants of Maldives

The Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives) was today approved by the Union Cabinet, which is presided over by the Honourable Prime Minister Shri Narendra Modi.

Details:

In order to advance accounting knowledge, professional and intellectual development, advance the interests of their respective members, and positively impact the growth of the accountancy profession in the Maldives and India, ICAI and CA Maldives intend to establish mutual co-operation.

Impact:

Along with helping CA Maldives, this MoU will give ICAI Members who are interested in finding employment possibilities in Maldives in the near or distant future yet another boost. ICAI members hold middle to top level positions in numerous organisations across the world and can have an impact on the decision/policy making strategies of respective organisations of a country. With the help of this MoU, ICAI would be able to strengthen the relationship with the Maldives by exporting accounting services.

Benefits:

The MoU will give ICAI members the chance to broaden their professional horizons and will encourage ICAI to support the development of local nationals’ capacity. The MoU will promote effective business ties between India and the Maldives. The accord would promote professional mobility on both ends and usher in a new era of global commerce.

Targets for Implementation and Strategy:

By exchanging ideas and information about professional accountancy training, professional ethics, technical research, and the professional development of accountants, the MoU seeks to promote cooperation between the ICAI and CA Maldives in regard to subjects pertaining to the accountancy profession. Through connections to each other’s websites, seminars, conferences, student exchange programmes, and other collaborative initiatives that are advantageous to both institutes, it is also designed to foster cooperation between them. In order to advance the field globally, this MoU will also offer updates on the growth of the accountancy profession in India and the Maldives. Additionally, CA Maldives plans to join the International Federation of Accountants (IFAC), the organisation that represents accountants around the world and has more than 180 members in 135 nations. To become a member of IFAC, CA Maldives will undergo technical due diligence on the part of ICAI.

Background:

The Chartered Accountants Act of 1949 created the Institute of Chartered Accountants of India (ICAI) as a statutory entity to oversee the regulation of the chartered accounting profession in India. In order to advance the Chartered Accountants profession, which is respected internationally, ICAI has made significant contributions in the areas of education, professional development, preservation of high accounting, auditing, and ethical standards.

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