Indian chartered accountants (CAs) will soon be able to explore professional opportunities in the UK as India approved the signing of a pact between each other’s accounting bodies.

India’s federal cabinet today approved the signing of a memorandum of understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW).

The MoU is for providing recognition of the qualification and training of each other’s members and admit them in good standing by prescribing a bridging mechanism on the prevailing terms and conditions, the government said in a statement.

The parties will provide each other with the information on key changes to their qualifying/admission requirements, continuing professional development (CPD) policy, exemptions and any other relevant matters, it added.

ICAI’s collaboration with ICAEW will bring several professional opportunities for Indian CAs in the UK and also for Indian CAs, who are looking for the global professional opportunities in the UK, according to the statement.

ICAI, which recently elected its new president and vice president for 2023-24, is the world’s second-largest accounting body with more than 3.60 lakh members and over 7.80 lakh students.

ICAEW represents more than 198,500 members and students around the world, according to its website.

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