Chartered Accountants of India (ICAI)
chartered Accountants of India (ICAI) The Union Cabinet on Tuesday approved the signing of a fresh memorandum of understanding between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CAANZ) which provides for mutual recognition of qualification of members.
The engagement between the two institutes is expected to result in greater employment opportunities for Indian chartered accountants and also greater remittances back to India, a statement said.
“The ICAI and CA ANZ aim to establish a mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their respective members and contribute positively to the development of the accounting profession in Australia, New Zealand, and India,” it said. The pact provides for mutual recognition of qualification of members who have achieved
membership by completing the examination, Chartered Accountants of India (ICAI) professional program, and practical experience membership requirements of the institutes. Chartered Accountants of India (ICAI) Further, the agreement intends to develop a mutually beneficial relationship in the best interest of members, students, and their organizations. It is expected to provide an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the institutes.
“The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ),” it said. As per another statement, the Cabinet has also approved the signing of a mutual recognition agreement between ICAI and Certified Practising Accountant Australia. Under this, the two bodies will mutually recognize the qualification of members of the other body who have achieved membership by completing the examination, training, and practical experience requirements of the institutes.
The agreement will foster working relations between the two accounting institutes, develop mutually beneficial relationships in the best interest of members, students, Chartered Accountants of India (ICAI), and their organizations. Besides, it would increase the mobility of professionals and herald a new dimension for small and medium businesses in both countries. They will also have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment, the statement added.
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Jain also served as a member of Governing Council Board of the Indian Institute of Banking and Finance The Institute of Chartered Accountants of India (ICAI) appointed CA Mukesh Kumar Jain as the. the new secretary of the organization. The new appointment was made on 2021 April 1 Jain is a chartered accountant and postgraduate from the Delhi School of Economics.
He started his career in Banking in 1986. Jain has previously headed the Oriental Bank of Commerce as MD and CEO. He has also held positions as director in Oriental Insurance Co Ltd and Canara HSBCOriental Bank of Commerce Life Insurance Co Ltd. Jain also served as a member of Governing Council Board of the Indian Institute of Banking and Finance and a Member of the IBA Management Committee.
ICAI elects Nihar N Jambusaria as new president
The Council of the Institute of Chartered Accountants of India (ICAI) has elected its new president and vice-president for the term 2021-2022. Nihar N Jambusaria is the new president and Debashis Mitra has been elected as the new vice-president of ICAI.
Jambusaria qualified as a Chartered Accountant in 1984 and was in practice for nearly 27 years. He has also served as Chairman of WIRC of ICAI in 2004-05.
Jambusaria is now Chairman of all Standing Committees including Executive, Finance, and Examination Committees. He is also the chairman of the ICAI Research wing, ICAI – Accounting Research Foundation and Extensible Business Reporting Language (XBRL) India.
Debashis Mitra has extensive experience of more than 33 years. Besides being a practicing member, he is a Cost Accountant, Company Secretary, Law graduate, and qualified Information Systems Auditor. He was awarded Ph.D. for his Thesis ‘A Critical Study of Select Indian GAAP, US GAAP, and IAS / IFRS.’