The ICAEW has Thursday 20 November signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants in India (ICAI) which will establish closer working relations between the two bodies as well as new recognition arrangements for members.
CA. Ved Jain, President ICAI in his address remarked “This is a historic and a momentous occasion for the members of the ICAI and ICAEW. These are two largest accounting bodies with membership of over 150,000 & 130,000 respectively. The two Institutes have been following highest standards of professional education, training, technical & ethical standards. At this point of time, seeing the need of the hour, we have to make our profession recognized globally. The MoU entails coming together of two largest Accounting bodies working in tandem with each other to provide a synergy. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and United Kingdom (U.K.). Our mission is to make the next decade for accounting professionals. We look forward to working closely with each other and to collaborate further in the field of research & accounting.”
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Commenting on the signing of the MoU, Michael Izza, ICAEW chief executive said:
“India has emerged as a significant player in the global economy. As a result of this agreement, members of the ICAEW will be able to work as chartered accountants within India. We also look forward to welcoming ICAI members to the ICAEW. Removing barriers for our members across markets through agreements such as this is an important part of our international strategy.”
Minimum Entry Requirements for ICAI member to join ICAEW
Members of the ICAI who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAI membership to be eligible for ICAEW membership, and comply with our CPD obligations and Code of Ethics.
ICAI members must complete the ICAEW’s Technical Integration Business Reporting and Technical Integration Business Change papers, Case Study and Structured Training in Ethics programme.
If you have two years of appropriate work experience, you will not need to take the Technical Integration papers. Click here for details.
Route for ICAEW member to become member of ICAI
On the other hand, members of ICAEW who are trained in public practice will become eligible for ICAI membership subject to passing ICAI’s 4 no.s of examination papers for the special modules – Taxation; Law, Ethics & Communication; Information Technology & Strategic Management; and Auditing &Assurance. Click here for more details
Practice certificate
ICAEW practice certificate
Members of the ICAI who join the ICAEW will be eligible for an ICAEW practicing certificate on the same basis as ICAEW members.
General practice rights in India
Similarly, members of the ICAEW who join the ICAI will have general practice rights, excluding audit rights in India.
Professional Oversight Board
As part of the agreement, the ICAEW has also agreed to assist the ICAI in any representations made to the Professional Oversight Board to grant UK audit rights to ICAI members.
Which Qualification is Expensive ?
The entry requirement for an ICAI member to ICAEW, UK is very stringent and expensive as compared to other way round. See Applying for Credit for prior learning.
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Post qualification experience (work experience)
Your two years’ post qualification experience must be certified by your current (and if appropriate, past) employer as meeting the learning outcomes of the ICAEW’s Technical Integration Business Change and Technical Integration Business Reporting papers.
Learning outcomes
To assess this, please review the learning outcomes. If you are employed, you will need to ask your employer to review these documents before signing the declaration.
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Sole practitioners
ICAI members who are sole practitioners may self-certify that their post-qualification experience meets the aims and learning outcomes of these papers.
Cost of credit for prior learning
- If sitting the ICAEW Advanced Stage Technical Integration papers £ 840.00
- If applying for credit for ICAEW Advanced Stage Technical Integration papers £1,150.00
ICAI norms for ICAEW members entry are very easy since ICAI accepts the standards of ICAEW membership. ICAEW member has to pass 4 papers in ICAI examination. See details. Surprising ICAI has mentioned that the applicants have to register with Northern Region of ICAI instead HQ (Is ICAI process dependent or Region dependent !!!). So ICAEW members can gain the membership of ICAI quickly and start practising in India.
Setting apart the entry requirements, I feel, signing of MOU is a good sign of progress by an Indian Accounting body. The standards of ICAI are bound to improve in course of time and also other Indian institutions will follow suit in pursing an alliance or MOU or MRA with overseas bodies.
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Who benefits the most of MOU ?
The party that would be benefited the most would be the one that has a larger business interest. The top 4 accounting firms, 3 are from UK and they have a strong presence in India.
With the MOU between the two accounting bodies, the qualifications of ICAEW members has become easily portable and partners of UK based firms in India will be on the register of ICAI. I do not feel that there are currently Indian Accounting firms in the UK and it would take years to build the presence, given the fact that Big 4 are dominating the world.
I wish good luck to members of ICAI and ICAEW to gain membership of each other accounting bodies and make the most of it.
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