The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved the signing of Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India(ICAI) and the Polish Chamber of Statutory Auditors (PIBR) to establish mutual co-operation in the areas of Member Management, Professional Ethics, Technical Research, CPD, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development.

Implementation Strategy and Targets:

The proposed MoU aims to strengthen co-operation in the matters of study and application of new innovative methods in the field of audit and accounting including application of blockchain, smart contract system, transition from Traditional Accounting to Cloud Accounting etc. ICAI and PIBR also intend to share information through exchange of books, magazines and other publications published by professional organizations, mutual publication of articles on audit and accounting on the magazines and websites of both parties and to undertake joint co-operation in the fight against corruption and money laundering.

Impact:

The MoU between ICAI and PIBR, Poland, is expected to strengthen its foot prints in Europe by providing prospects for the ICAI Members to get professional opportunities in Poland in short to long term future. The aim of MoU is to work together to develop a mutually beneficial relationship for the members of ICAI and PIBR. With MoU, ICAI would be able to strengthen the partnership with Poland by providing the Export of Services in the accountancy profession.

ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organizations of a country. ICAI through its vast network of Chapters and Representative Offices in 73 cities of 47 countries of the world is committed to play an important role by sharing the prevalent practices in these countries so that the Government of India can adopt the best practices being followed by them to attract foreign investment and to encourage them to establish their setup in India. This MoU will benefit Ministry of Corporate Affairs, Institute of Chartered Accountants of India and The Polish Chamber of Statutory Auditors (PIBR).

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in India. ICAI has contributed immensely in the field of education, professional development, maintenance of high accounting, auditing and ethical standards in furtherance of the profession of Chartered accountants, which is recognized globally. The Polish Chamber of Statutory Auditors (PIBR) a self-government of Statutory Auditors was established in accordance with the Act of October 1991 on auditing and publishing financial statements and on statutory auditors which came into force on 1 January 1992 to regulate the audit profession in Poland.

International professional cooperation establishes joint standards and training to enhance audit quality and cross border accountancy services. A Memorandum of Understanding creates a framework for mutual cooperation between ICAI and the Polish Chamber of Statutory Auditors on member management, professional ethics, technical research, CPD, accountancy training, audit quality monitoring, and information exchange, including collaboration on innovative accounting and audit techniques and joint anti-corruption and anti-money laundering efforts.