24th August 2017
ICAI signed MoU with ICA Nepal (ICAN) to establish mutual co-operation for the advancement of accounting knowledge, professional and intellectual development in Nepal and India
The Institute of Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nepal (ICAN) in the august presence of Shri Narendra Modi, Hon’ble Prime Minister of India and Hon’ble Prime Minister of Nepal Shri Sher Bahadur Deuba today at Hyderabad House, New Delhi during the five day high level delegation visit from Nepal to India.
CA. Nilesh S. Vikamsey, President – ICAI and CA. Prakash Jung Thapa, President – ICAN today exchanged the signed copy of MoUs and stated that this MoU would be another milestone between the two Institutes in the field of Accountancy and the same is likely to benefit the members of both ICAI and ICAN.
The objective of the MoU between ICAI and ICAN is 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 accounting profession in Nepal and India.
Through this MoU Both the Accounting bodies will share views on the accountancy profession both nationally and internationally, with emphasis on possible co‐operation in respect of member management, professional ethics, technical research, continuing professional development, professional accountancy training, audit quality monitoring, education and examinations.
ICAI has a strong membership base of over 5000 members in the Nepal and the MoU aims at mutually work together for sharing and knowledge transfer of best practices in the Accountancy and Auditing profession in Nepal and India. Through such activities, substantial goodwill is expected to be generated for India, Indian citizens and Indian Chartered Accountants in the Nepal.
ICAI was instrumental in establishment of ICAN in 1997, wherein the ICAI played an important role in establishing systems and procedures relating to examination, technical and administrative areas in the ICAN. ICAI has extended the technical and expert manpower resources to facilitate ICAN in exercising the educational and developmental functions with respect to the profession of accountancy in Nepal. The Indian ICAI also acted as a facilitator and consultant expert in the process of development of profession as well as developing the regulatory framework for ICAN. ICAI had also recommended ICAN’s application for Full Membership of IFAC and in making ICAN compliant with IFAC Statement of Membership Obligations (SMOs).
The Institute of Chartered Accountants of India is a statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in the country is the second largest accounting body in the world. During its more than sixty eight years of existence, the ICAI has achieved recognition as a premier accounting body in the country for its contribution in the fields of education, professional development, maintenance of accounting, auditing and ethical standards. The ICAI’s sagacious journey has seen it expand nationally and globally with its establishing 163 branches in India, 30 chapters overseas and over 12000 members spread across the globe are large testimony of the professional virtues. ICAI has occupied the centre stage of worldwide accounting profession with its 273 thousand members and more than 800 thousand students.
The Institute of Chartered Accountants of Nepal (ICAN) was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awareness towards the importance of accounting profession as well as towards economic and social responsibility of the accountants, and to contribute towards economic development of the country.