New Delhi, Dec 22 (Agency) The Union Cabinet on Wednesday 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 different areas. The areas of collaboration include member management, professional ethics, technical research, CPD, professional accountancy training, audit quality monitoring, advancement of accounting knowledge, and professional & intellectual development.
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, and transition from Traditional Accounting to Cloud Accounting, an official statement said here.
ICAI and PIBR also intend to share information through exchange of books, magazines and other publications published by professional organisations, 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. The MoU is expected to strengthen its footprints in Europe by providing prospects for the ICAI Members to get professional opportunities in Poland in the 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, the ICAI would be able to strengthen the partnership with Poland by providing the Export of Services in the accountancy profession, officials said. ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision and policy making strategies of respective organisations of a country. The Union Cabinet was chaired by Prime Minister Narendra Modi 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.