Saturday, November 22, 2008

CAs from India can work in UK now

The Institute of Chartered Accountants of India (ICAI) signed a Memorandum of Understanding (MoU) with The Institute of Chartered Accountants in England & Wales (ICAEW) as on 20th November, 2008. This MoU will foster working relations between the two bodies. This has been 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 two Institutes have been following highest standards of professional education, training, technical & ethical standards. 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.). 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.
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.