The Institute of Chartered Accountants of India (ICAI) will place itself globally by "hard selling" Indian chartered accountancy and auditing standards. It has already signed Mutual Recognition Agreement with different institutes and professional bodies in England and Wales and soon similar agreements will be signed with Canada, Australia, Ireland and Singapore.
Addressing a press conference here today president of the ICAI Uttam Prakash Agarwal said Indian accounting system was one of the best and most complicated in the world and there were checks and balances in every step of accounting and auditing. The ICAI was imparting technical know how to the west Asian countries and the Gulf. The Institute has already entered an agreement in Africa and the Orient and has agreed to impart accounting education in Djibouti and Mongolia.
Mr. Agarwal quoting a world bank report stated that absence of accounting and auditing standards in a majority of nations in African continent has to be corrected by taking examples of fool proof accounting and auditing systems from other countries The ICAI will share with Africa its expertise in this field, he said.
The ICAI has also introduced a new 11-month course - accounting technicians for students who have passed their plus two level earlier this year.
Citing a world bank report that allegedly lack of any accounting and auditing standards in a majority of nations in the African continent, the ICAI is looking towards Africa with greater interest in an effort to share its expertise in this field with these nations. The MoU signed with Djibouti is a beginning made in this direction and we have students from Djibouti as well as Mongolia coming over to India to pursue their CA course, he said.
The ICAI, set up as per an act of the Parliament has 118 branches, five decentralized regional offices and 21 chapters outside India.. The ICAI will train these students in the nuances of accounting and they will take up the task of preparing annual balance sheets of small firms. This, he said, will help the firms tide over shortage of qualified accountants who can do this statutory requirement for reasonable consideration.
Earlier Mr. Agarwal inaugurated a conference of chartered accountants in the city and addressed them.