BY TIOL News Service

NEW DELHI, JULY 04, 2018: WITH an aim to promote the accounting and auditing profession, the Cabinet on Wednesday gave its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certified Public Accountants (SOCPA). The MoU would promote mutual co-operation framework in the areas of Corporate Governance, Technical Research & Advice, Quality Assurance, Forensic Accounting, issues for Small and Medium Sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest related to accountancy profession.

The aim was to work together to develop a mutually beneficial relationship inthe best interest of ICAI members, students and their organizations. The MoU would provide an opportunity to the ICAI members to expand their professional horizons and simultaneously ICAI would become an entity to aid and strengthen capacity building of local nationals. Further, this MoU would further enable ICAI to promote the accounting and auditing profession and all matters that might lead to the development of the profession and improve its status.

The ICAI had strong presence of 3 Chapters at Eastern Province covering Jeddah, Riyadh and Saudi Arabia, whereby, more than 200 members were engaged at different professional level. The MoU would foster strong working relations between the ICAI & SOCPA thus giving strong professional opportunities to Indian Chartered Accountants in India and more confidence to employers in Eastern Province, thus creating significant employment opportunities for Indian Chartered Accountants.