The Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of India (ICAI), have signed a Memorandum of Understanding (MoU) for mutual recognition of their qualifications and to create a pathway for their members to become members of the other’s institutes.

The agreement was signed on 2 October by ICAEW president Fiona Wilkinson and ICAI president Prafulla Chhajed at ICAEW’s headquarters in London, Chartered Accountant’s Hall. ICAI vice president Atul Kumar Gupta was also present.

The Memorandum of Understanding allows both bodies to recognise each other’s qualifications and provide a fast track for members to gain the other institute’s qualifications.

ICAEW and ICAI plan to develop research in the latest advances in automation. The institutes are producing a joint report on IT, robotic processing and automation using case studies of companies both in the UK and India.

Wilkinson said: “We are pleased to be signing this MoU. In the spirit of unity ICAEW and ICAI are collaborating to strengthen our relationship and give our members greater opportunities. In the modern, globally connected world, professional bodies need to work together across country borders, ensuring we learn from each other and support our members in different jurisdictions.

“Accountants and auditors play important roles in delivering business confidence, a very valuable commodity which is crucial for the continuing growth of the Indian economy and of financial markets worldwide. ICAEW works in partnership with national accountancy bodies around the world to help promote and develop best practice, and we are happy to be working closely with ICAI too."

Chhajed said: “Signing of this MoU will facilitate mobility of members across the borders and further strengthen the ties between India and the United Kingdom. Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.

“The membership of the local accounting body will provide larger professional avenues to members in each respective country and will lead to a win-win situation for the members of both the accounting bodies.”