The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).

The MoU would enhance cooperation between the Institutes to work together to strengthen the Accounting profession and entrepreneurship base in Qatar.

Impact:

ICAI has a strong membership base of over 6000 members in Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI. ICAI members hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar. The signing of this MoU would provide an additional impetus to prospects of the ICAI Members in the entire Middle Eastern Region to have better recognition, together with working to support Indian businesses desirous of doing business in Qatar and thus supporting the growth of Qatar and India's economies.

Benefits:

ICAI has an active Chapter in Doha, Qatar which was established in the year 1981 and is the oldest among the 36 overseas Chapters of the ICAI. The membership of the Chapter has grown steadily since its founding days and presently has over 300 members who hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar. This MoU will benefit Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Qatar Financial Centre Authority.

Implementation strategy and Targets:

• MoU will endeavourto  increase opportunities for members  of ICAI  to provide professional services through setting up practice for providing professional services in the State of Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas.
• ICAI   shall   also nurture and develop local Qatar professionals, entrepreneurs and students through a specialized training programme, in collaboration with QFCA.
• ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organizing roundtables, networking events etc., as the case may be mutually agreed. 
• ICAI and QFCA shall collaborate on opportunities that may arise in the fields of corporate governance, technical research and advice, quality assurance, forensic accounting, issues for small and medium sized practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949', to regulate the profession of Chartered Accountancy in India. Qatar Financial Centre Authority (QFCA) an independent legal entity established pursuant to Law No. (7) of 2005,is responsible for the development and promotion of the QFC as a world-class on-shore financial and business centre in the State of Qatar.

Memorandum of Understanding boosts professional recognition and cooperation for chartered accountants between India and Qatar. Approval of a Memorandum of Understanding between the Institute of Chartered Accountants of India and the Qatar Financial Centre Authority creates a cooperation framework to strengthen the accounting profession in Qatar, enhance recognition and prospects for ICAI members, support Indian businesses in Qatar, and provide institutional benefits to the Ministry of Corporate Affairs, ICAI and QFCA. The MoU envisages facilitating professional service provision in assurance, auditing, advisory and taxation, delivering specialized training for local professionals and students, and collaborating on corporate governance, quality assurance, forensic accounting, Islamic finance and Continuing Professional Development.