The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of Nepal (ICAN) had entered into an MoU that was approved by the Union Cabinet chaired by Hon’ble Prime Minister of India Shri Narendra Modi and later on formally signed and exchanged by both the Institutes in his august presence in the year 2017.
The MoU interalia provides that both ICAI and ICAN would be jointly working for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in India and Nepal.
Recently, ICAI provided technical assistance to ICAN in further strengthening their examination systems wherein officers from ICAN visited ICAI to peruse the examination system and discuss various activities related to smooth conduct / flow of Examinations. The representatives of ICAN were briefed about the entire examination process and the various activities being carried out by the Examination department of ICAI. The delegation was very appreciative of the efforts taken by ICAI in this regard.
It is pertinent to note that the Institute of Chartered Accountants of Nepal came into being with the technical support provided by the Institute of Chartered Accountants of India. The first MoU between ICAI & ICAN was signed in the year 1998 wherein ICAI provided assistance for development of profession and regulatory framework namely drafting of syllabi, setting up of the examination system, setting up of the functioning disciplinary system, setting up of a technical cell and research in accounting areas. In furtherance of the terms of the MoU, ICAI has been assisting ICAN in various areas from time to time.
ICAI is a harbinger of development of accountancy profession not just in India but in other developing countries as well. In this direction, many projects in the past were undertaken for various countries towards institutionalization of accountancy profession.