The government Thursday gave approval to the pact between the
Institute of Chartered Accountants of
India (ICAI) and the
Institute of Chartered Accountants in England &
Wales (ICAEW).
The Union Cabinet, chaired by
Prime Minister Narendra Modi, gave ex-post facto approval of the
memorandum of understanding signed in 2008 and renewed in 2014 between
ICAI and ICAEW, said an official statement.
The pact will encourage more Indian chartered accountants to take up
the recognition of ICAEW professional designation to further help them
pursue professional opportunities in the UK, the statement added.
Besides,
it will help in developing a mutually beneficial relationship in the
best interest of members, students and their organisations.
The
MoU apply to all qualified and experienced ICAEW and ICAl members
irrespective of the syllabus they followed for their home body
membership, the statement said.
The
ICAI is a statutory body established by an Act of Parliament of
India.