Memorandum of Understanding (MoU) between ICAI and College of Banking & Financial Studies (CBFS), Oman
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of Memorandum of Understanding (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.
ICAI has a strong membership base of over 6000 members in the Middle East region and the MOU aims at providing assistance to CBFS by admitting Omani Nationals to the membership of ICAI. The aim is to work together to develop a mutually beneficial relationship in the best interests of members, students and the institutes. 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.
Through such activities, substantial goodwill is expected to be generated for India, Indian citizens and Indian Chartered Accountants in the Sultanate of Oman. It is also expected to lead to enhancement of remittances by Indian nationals to India.
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.
License Agreement with ISACA
The Institute has signed a License Agreement with M/s. ISACA to get their IS Auditing Standards, IS Auditing Guidelines, IS Auditing Procedures and related content. Under this license, ISA Members can use these contents to benchmark their IS Audit work to the well researched standards, guidelines and procedures established by ISACA
Saudi Organization for Certified Public Accountants (SOCPA)
The Institute of Chartered Accountants of India has signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA) on June 18, 2014 at ICAI Bhawan, New Delhi.
Saudi Organization for Certified Public Accountants (SOCPA) is a professional organization in Kingdom of Saudi Arabia. It operates under the supervision of the Ministry of Commerce in order to promote the accounting and auditing profession and all matters that might lead to the development of the profession and upgrading its status. A thirteen members Board manages SOCPA affairs, and practices the powers required for realizing its objectives.
The MoU interalia provides that both ICAI and SOCPA would be working together in establishing possible co-operation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues for Small and Medium Sized Practices (SMPs) etc.
The Accounting and Auditing Standards Board of Bhutan(AASBB)
The MOU between ICAI and the Accounting and Auditing Standards Board of Bhutan was signed on November 22, 2013 coinciding with the ICAI International Conference. The MoU aims at preparing the institutional framework for development of Accounting and Auditing profession in Bhutan through establishment of Bhutanese Institute of Chartered Accountants.
The Vietnam Association of Certified Public accountants (VACPA)
The MoU between ICAI and the Vietnam Association of Certified Public accountants has also been signed. The MoU aims at establishing mutual co-operation between the two institutions 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 accounting profession in Vietnam and India.