The Institute of Chartered Accountants of India (ICAI) plans to help developing countries in the Gulf region and Africa set up chartered accountants institutes as they do not have any recognized accountancy body.

ICAI president Uttam Prakash Agarwal told fe: Going through the World Bank report, I found that there was a critical shortage of accountants in some African countries and this being ICAIs diamond jubilee year, we have thought of setting up institutes in Gulf and African countries.

Agarwal said ICAI has entered into memorandums of understanding with Djibouti, Bahrain, Oman, Dubai and Abu Dhabi for setting up chartered accountants bodies.

I have sent my teams to the five places, he said.

Two years ago, ICAI had helped Nepal set up the Institute of Chartered Accountants of Nepal by providing free support in areas of education material, accounting standards, examination system, etc.

Asked by what time the five places will have their own chartered accountants institutes, Agarwal said, It would depend upon the local rules and regulations; it should take anywhere between six months to a maximum of one year to provide them ICAIs entire educational system.