Cabinet approves renewal of MoU between ICAI, India and CBFS Oman

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman.

The MoU will facilitate working together for strengthening the accounting, financial and audit knowledge base within Oman.

The MoU is also expected to provide an opportunity to the ICAI members to expand their professional horizons and, simultaneously, ICAI is expected to become an entity which aids and strengthens professional capabilities of Omani nationals.

Since Oman does not have a local professional accountancy Institute and it is the ICAI which has been collaborating with CBFS, Oman in matters relating to the profession.

The MoU is expected to make a positive impact for the Indian Chartered Accountants currently working in Oman and other markets and for those Indian professionals who intend to move to Oman for pursuing their profession there. As such, enhanced employment opportunities are expected to be created for Indian professionals in the Sultanate of Oman.