ICAI to sign pact with ICA Australia for members to practice in both countries
Press Trust of India / New Delhi Jun 07, 2009, 17:31 IST
Accounting regulator ICAI today said it will sign an agreement with the Institute of Chartered Accountants in Australia next month which will facilitate the qualified members of the respective bodies to practise in the two countries.
"We will be signing a Mutual Recognition Agreement (MRA) with the Institute of Chartered Accounts in Australia on July 3 in Agra at the International Conference to be organised by the institute," ICAI President Uttam Prakash Agarwal said during a function here.
Under the MRA, the qualified members can seek reciprocal membership in the respective accounting bodies.
The institute said it is also looking at signing MRAs with other countries like Canada, Ireland in the next two-three months.
"We may be signing an MRA with Insitute of Chartered Accountants in September. Discussions with other countries, including Ireland are also in progress. We will be signing in another two-three months period," Agarwal said.
Agarwal said the such agreements will benefit CAs in our country and will give them as well as the institute a global recognition.
To The Editor, Are you listening? Please desist from describing ICAI as Accounting regulator. ICAI regulates only Chartered Accountancy regulation for financial audits. Moreover, it can only frame Accounting Standards which need to be approved by NACAS and on these lines, you cannot come to conclude that ICAI is an accounting regualator. Moreover, there is another Statutory institute established by Indian Parliament - namely ICWAI - which regulates Cost accountancy profession and also issues COST ACCOUNTING STANDARDS. Therefore, please desist from desribing ICAI as Accounting regulator in your future columns - which gives a misleading direction that only ICAI regulates Accounting profession in India which totally ignores the fact that ICAI regulates only financial accounting WHEREAS it has no jurisidiction in cost accounting.
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