Cabinet okays MoU between ICAI and CA Maldives
1 min read . Updated: 17 May 2023, 04:52 PM IST
PremiumThe MoU aims to establish mutual cooperation between ICAI and CA Maldives for the advancement of accounting knowledge, professional and intellectual development, and the interests of their respective members
New Delhi: The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).
The MoU aims to establish mutual cooperation between ICAI and CA Maldives for the advancement of accounting knowledge, professional and intellectual development, and the interests of their respective members. It seeks to contribute positively to the development of the accountancy profession in both the Maldives and India.
The MoU will also provide additional opportunities for ICAI members to explore professional prospects in the Maldives in the short and long term. It will strengthen the partnership between ICAI and Maldives by facilitating the export of services in the accountancy profession. ICAI members, who hold middle to top-level positions in various organizations across countries, can play a significant role in influencing decision-making and policy strategies in the Maldives.
The MoU offers numerous benefits, including expanding the professional horizons of ICAI members and contributing to capacity building for local nationals. It will foster strong working relations between India and the Maldives, promoting mutual cooperation and increasing professional mobility between the two countries. The agreement will also open new dimensions for global business opportunities.
Under the MoU, ICAI and CA Maldives will collaborate on matters related to the accountancy profession, including professional accountancy training, professional ethics, technical research, and the professional development of accountants. They will exchange views, information, and best practices through linkages on their respective websites, seminars, conferences, student exchange programs, and other joint activities beneficial to both institutes.
The MoU will also provide updates on the development of the accountancy profession in India and the Maldives, contributing to its promotion globally.
Furthermore, CA Maldives intends to become a member of the International Federation of Accountants (IFAC), the global voice of the accountancy profession. ICAI will conduct technical due diligence to assist CA Maldives in becoming an IFAC member.