The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG)to work together in capacity building and strengthening the Accounting, Financial and Audit Knowledge base in Papua New Guinea.

Implementation strategy and Targets:

Institute of Chartered Accountants of India (ICAI) and Certified Practising Accountants Papua New Guinea (CPA PNG) will work together for the following: 

1. To hold and conduct technical events, seminars and conferences in PNG,
2. Establishing possible cooperation and collaboration in areas of Corporate Governance, technical research and advice, quality assurance, forensic accounting, Continuing Professional Development (CPD) and other subjects of mutual interest.
3. Share available unrestricted information concerning the accountancy profession in India and PNG and internationally when required, develop the modules for specific subjects for CPA, PNG Examination.
4. To have students and faculty exchange programs.
5. Offer short term professional courses in the domain of accounting, finance and audit in PNG.

 Major Impact: 

The Indian Chartered Accountants (CA) fraternity is helping the local business community and stakeholders on Financial Reporting matters and is held in high esteem. The proposed MoU is expected to consolidate the trust and help to build positive image for Indian Chartered Accountants in Papua New Guinea. ICAI has a strong membership of over 3000 members in Australasia-Oceania Region comprising its chapter in PNG. The contemplated MoU for providing assistance to CPA, PNG shall benefit the ICAI members in the region and would provide an additional impetus to the prospects of the ICAI members.

Background 

The Institute of Chartered Accounts of India (ICAI) is a statutory body established under “The Chartered Accountants Act, 1949” to regulate the profession of Chartered Accountants in India. Certified Practising Accountants Papua New Guinea (CPA PNG) is premier Accounting Professional Body established under the Accountants Act, 1996 to set accounting and auditing standards and to promote the interests of the accountancy profession in Papua New Guinea.

Memorandum of Understanding for capacity building in accounting between ICAI and CPA PNG to strengthen professional standards. Approval of a Memorandum of Understanding between the Institute of Chartered Accountants of India and Certified Practising Accountants Papua New Guinea to strengthen accounting, financial and audit capacity in PNG by holding technical events, cooperating on corporate governance, quality assurance, forensic accounting and CPD, sharing professional information and examination modules, instituting student and faculty exchanges, and offering short-term professional courses.