There is a new scope for the Indian chartered accountants who want to practice in UK. The Indian chartered accountants with minimum two years of working experience will now have to pass only one paper for doing their practice in England and Wales.

For a chartered accountant who has less than two years of experience will have to qualify three papers. The Institute of Chartered Accountants of India (ICAI) has signed a memorandum of understanding (MoU) with The Institute of Chartered Accountants in England & Wales (ICAEW), which will foster working relations between the two bodies. The MoU was signed by Martin Hagen, deputy president, ICAEW and Ved Jain, president, ICAI.

Jain said, 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 Great Britain. We look forward to working closely with each other and to collaborate further in the field of research and accounting.

The arrangement provides that existing members of ICAI with two years of post-qualification experience will be eligible for the ICAEW membership on passing the ICAEW membership on passing the ICWAEs one paper on case study. ICAI members with less than two years of experience will be required to pass three papersCase Study, Technical Integration Business change, Technical Integration Business Reporting.

ICWAE who are trained in public practice will become eligible for ICAI membership subject to passing ICAIs four papers for the special modules taxation, ethics and communication, information technology and strategic management and auditing and assurance.