ICAI Celebrates Africa Day

The Institute of Chartered Accountants of India (ICAI) and Indo-African Chambers of Commerce and Industry celebrated Africa Day from 18-19 May, 2009 at Mumbai. Diplomats from various countries from African Continent congregated to formalize strategy for working towards the growth of the Africa. The diplomats applauded the endeavors of India for development of African continent and expressed confidence for taking forward the productive relationship among India and Africa to new heights.

To mark the augmentation of relationship a Memorandum of Understanding between ICAI and University of Djbouti was signed for imparting training to Djbouti nationals in sphere of accountancy and working collaboratively for institutionalization of Accountancy Body in Djbouti. Honble Shri S C Jamir Governor, Maharastra, Honble Shri Musalia Mudavadi, Deputy Prime Minister of Kenya and Shri Jayant Rao Patil, Minister of Home Affairs, Maharastra Govt. graced the occasion.

Citing the World Bank Report on Africa Accounting Profession, CA. Uttam Prakash Agarwal, President, ICAI indicated that World Bank Report highlights access, equity, quality of learning, internal efficiency and fiscal sustainability.  As some of the areas leading to critical shortage of accountants at all levels and that assistance is required to help the accountancy profession development.

He further added that during its Diamond Jubilee Year, ICAI has pioneered to land a helping hand to all such least developed countries whose economy is under transition.

Speaking on the occasion CA. Uttam Prakash Agarwal, President ICAI lauded the efforts of the African countries for their development. He stated that Africa is full of natural resources and has huge potential to grow itself into a developed continent by complementing the same with development of its human resource through proper education and training especially in financial domains, where ICAI a premier and second largest accounting body across the globe can contribute enormously in capacity building of the human resources especially in areas of Accountancy, Auditing, taxation and in other allied areas. He extended ICAI helping hand to African nations in form of imparting education and training in accountancy to its students, through ICAI. He stressed that accountancy helps a nation to put in place robust financial systems and procedures for proper financial reporting to provide sound governance for furtherance of millennium development goals.

ICAI has been actively sharing its professional expertise in education, training, licensing and helping in framing policy for growth of accountancy profession and countries like Nepal, Srilanka, Oman, Mongolia, Dubai and Djbouti have benefited from the same.       

ICAI is premier and second largest accountancy body globally with 155000 members and 500000 students regulating the profession in India. The ICAI has 118 branches and 21 Overseas chapters for promoting the Accountancy profession. ICAI is also founding partner of International Federation of Accountants, Confederation of Asia- Pacific Accountants and South Asian Federation of Accountants.