The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organisations.

The Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) have signed MoUs with foreign organisations namely Institute of Public Accountants (IPA), Australia, Chartered Institute for Securities and Investment, UK (CISI), Chartered Institute of Public Finance and Accountancy (CIPFA), UK, Institute of Certified Management Accountants, Sri Lanka and Institute of Chartered Secretaries and Administrators (ICSA), UK.

The various memoranda seek to facilitate mutual recognition of qualifications and range of collaborative activities for exchange of knowledge, experience sharing and technical cooperation by way of participation in annual conferences/training programmes/workshops, seminars and joint research projects etc., relevant to their jurisdiction.

Impact:

The signed MoUs would help in advancement of the goals on equity, public accountability and innovation among the beneficiaries countries.

Background:

The Institute of Cost Accountants of India (ICoAl) was established by a Special Act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost Accountancy. The Institute is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost Accountancy.

Institute of Company Secretaries of India (ICSI) is a statutory body established by an Act of Parliament of India, i.e. The Company Secretaries Act, 1980 (Act No. 56 of 1980), to develop and regulate the profession of Company Secretaries in India.

Ex-post facto approval of MoUs enabling mutual recognition and international cooperation in professional qualification and training. The Union Cabinet granted ex-post facto approval to Memoranda of Understanding executed by the Institute of Cost Accountants of India and the Institute of Company Secretaries of India with foreign professional bodies to regularise bilateral arrangements that facilitate mutual recognition of qualifications and collaborative activities such as technical cooperation, exchanges, conferences, training programmes, workshops, seminars and joint research projects.