Cabinet nod to MoU with Kuwait in accounting, audit

The Union Cabinet on Wednesday approved the Memorandum of Understanding (MoU) for capacity building and strengthening the accounting, financial and audit knowledge-base in Kuwait.

An official release said the MoU entails Institute of Chartered Accountants of India (ICAI) and Kuwait Accountants and Auditors Association (KAAA) working together to hold and conduct technical events, seminars and conferences in Kuwait for the benefit members of the two organiations and development of their professional expertise.

Costs will be shared by both parties for each event.

The release said KAAA and ICAI will collaborate to offer short-term professional courses in the domain of accounting, finance and audit in Kuwait for Kuwaiti nationals and members of the ICAI.

It said Indian Chartered Accountants fraternity in Kuwait is helping the local business community and stakeholders on financial reporting matters and is held in high esteem.

"The proposed MoU is expected to consolidate the trust and help to build a positive image for the Indian chartered accountants in Kuwait," it said.

The release said ICAI has over 6000 members in the middle east region and MoU shall benefit the ICAI members in the region.