The Institute of Chartered Accountants of India signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA) yesterday at ICAI Bhawan, New Delhi.

The MoU interalia provides that both ICAI and SOCPA would be working together in establishing possible co-operation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues for Small and Medium Sized Practices (SMPs) etc.

As ICAI has taken upon itself being a mentor and collaborative partner to transition economies, developing of accountancy profession in Saudi Arabia is a step forward in achieving the desired goal.

Mr. Mohammad Alaqeel, Assistant Secretary General for Membership and Professional Development, SOCPA stated “This MoU would be a step forward to strengthen bilateral relation between India and Saudi Arbia”.

CA. K Raghu, President, ICAI remarked “This MoU will establish closer working linkages between ICAI and SOCPA as it will enable the two to draw synergies from the professional expertise available with each other in areas of accounting, technical research, corporate governance and alike.”

Memorandum of Understanding on professional cooperation enables joint work on corporate governance, quality assurance and forensic accounting. Memorandum of Understanding establishing inter-organisational cooperation between the Institute of Chartered Accountants of India and the Saudi Organization for Certified Public Accountants creates a framework for collaborative engagement on professional development and technical matters, including corporate governance, technical research and advice, quality assurance, forensic accounting and support for Small and Medium Sized Practices, focused on capacity building and knowledge transfer rather than creating enforceable regulatory obligations.