Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India and The Chartered Accountants of the Maldives

Newdelhi:17/5/23:The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, today approved the signing of Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).

Details:

ICAI and CA Maldives aim to establish mutual co-operation for the advancement of Accounting Knowledge, Professional and Intellectual Development, Advancing the interests of their respective members and positively contributing to the development of the Accountancy Profession in the Maldives and India.

Impact:

This MoU besides aiding CA Maldives will provide an additional impetus to prospects of the ICAI Members to get professional opportunities in Maldives in short to long term future. With this MoU, ICAI would be able to help strengthen the partnership with Maldives by providing the export of services in accountancy profession, ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organisations of a country

Benefits:

The MoU will provide an opportunity to ICAI members to expand their professional horizon and provide impetus to ICAI to aid in the strengthening the capacity building of local nationals. The MoU will foster strong working relations between India and Maldives. The agreement would increase mobility of professionals at either end and also would herald a
new dimension for business globally.

Implementation Strategy and Targets:

The MoU aims to strengthen cooperation between ICAI and CA Maldives in the matters of accountancy profession through exchange of views, information in respect of Professional Accountancy Training, Professional Ethics, Technical Research, Professional Development of Accountants. It is also intended to promote mutual cooperation through linkages to each others’ website, seminars, conferences, students exchange programmes and other joint activities mutually beneficial to both the institutes. This MoU will also provide updates on the development of the accountancy profession in India and Maldives to promote the profession in the world. Further, CA Maldives intends to become the member of International Federation of Accountants (IFAC), the global voice of accountancy profession with more than 180 members in 135 countries. ICAI will do technical due diligence for CA Maldives to make CA Maldives the member of IFAC.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. ICAI has contributed immensely in the field of education, professional development, maintenance of high accounting, auditing and ethical standards in furtherance of the profession of Chartered Accountants, which is recognized globally.