The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan). The MoU will establish mutual co-operation framework in the areas of Capacity Building of “Afghanistan Accountancy Board (AAB)”, strengthening the IT Capacity and Quality Assurance in Afghanistan through facilitating Knowledge Transfer; Students and Members Exchange Programs; Conduct of Seminars, Conferences and Joint Activities mutually beneficial to both the parties.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, ‘The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India.
ICAI is the second largest professional Accounting & Finance body in the world.
ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India.
It recommends the accounting standards to be followed by companies in India to the National Advisory Committee on Accounting Standards (NACAS).
ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India.
ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA).