The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Bahrain Institute of Banking and Finance (BIBF), Bahrain to work together to strengthen the accounting, financial and audit knowledge base within Bahrain.
The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to aid strengthen the building of local national capabilities.
The aim is to work together to develop a mutually beneficial relationship in the best interest of members, students, and their organizations.
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 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).