Agra, July 03: Accounting regulator ICAI on Friday entered into an agreement with the Institute of Chartered Accountants in Australia that would allow professionals to
practice in each other's country after fulfilling a few
conditions.
The memorandum of understanding signed today would enable
firms from Australia, wanting to practice in India as limited
liability partnership, a new form of business entity notified
this year, to join hands with domestic firms once they become
members of the ICAI.
"In the era of globalisation...this would serve as a
major step in providing support to our members to excel
globally," The Institute of Chartered Accountants of India
(ICAI) President Uttam Prakash Agarwal said here at an
international conference 'Winds of Challenges--Global
strategies for accounting profession'.
The members of the Institute of Chartered Accountants in
Australia (ICAA) will have to undertake and pass one single
module on Indian law, taxation and ethics for becoming member
of the ICAI.
Similarly, the members of ICAI will have to complete the
final module of ICAA's programme of ethics and business
application to be eligible to practice as chartered accountant
in Australia. This MoU will help the members of both the institutes to
expand the professional market across the world, Agarwal said.
The ICAI is also in the process of signing similar
treaties with Behrain and Canada. It already has such
arrangements with the UK.
This mutual recognition agreement with countries would
open up new professional opportunities and would also help in
promoting the LLP structure.
LLP is the new form of business which will help the
professionals like chartered accountants and company
secretaries to come on a single platform and provide services.
Bureau Report
First Published: Friday, July 03, 2009, 18:19