ICAI, ICAEW renew qualification reciprocity pact

The apex body for chartered accountants, Institute of Chartered Accountants of India, has renewed qualification reciprocity agreement with the Institute of Chartered Accountants in England and Wales (ICAEW) in order to increase mobility of professionals.

The pact, that was renewed on Wednesday, "demonstrates the strengthening ties and further commitment of ICAI and ICAEW to work even more closely to build a world of strong economies with the best professional skills," the Institute of Chartered Accountants of India (ICAI) said in a release.

"It would help in increasing the professional avenues for Indian professionals by facilitating recognition of Indian accounting professionals with local accountancy qualification in UK in addition to existing ICAI qualification," ICAI President Prafulla P Chhajed said.

"It is befitting that we are signing this MoU on Gandhi Jayanti, the birthday of Mahatma Gandhi. He united India and we are uniting together to give our members greater opportunities in each other's countries," he added.

ICAEW President Fiona Wilkinson said, "Accountants and auditors play important roles in delivering business confidence, a very valuable commodity which is crucial for the continuing growth of economies and financial markets worldwide.