The Chartered Accountant

MoU Between ICAI and ICAEW
Heralds New Era of Professional Ties
In a major move to expand the professional
horizons of Indian Chartered
Accountants, the Institute of
Chartered Accountants of India has
signed a Memorandum of Understanding
(MoU) with the Institute of Chartered
Accountants in England & Wales,
which inter alia provides for Recognition
and Examination arrangements between
the two Institutes. The MoU is effective
from December 01, 2008.
This agreement would facilitate mobility
of members across the borders and
further strengthen the ties between India
and Great Britain. The MoU entails
membership of Institute without license
to practice. General practice rights excluding
auditing rights would be available.
Existing members of ICAI, in good
standing and with two years post qualification
experience (availing credit of prior
learning) will be eligible for ICAEW
membership on passing of only one
paper of ICAEW on Case Study. The
ICAI members with less than two years
experience (not availing credit for prior
learning) will be required to appear additional
papers in Business Reporting (T1)
and Business Change (T2) along with
Case Study. They will also be required
to pursue the structure training in ethics.
There is no additional requirement of
undergoing any additional training experience
requirements or take any other
examinations. The procedure/steps to
be followed to become ICAEW member
is given in Chart 1 on next page.
Registration with ICAEW would require
documents such as Personal De-
tails, Proof of active ICAI membership,
Proof of Good standing, Confirmation of
work experience and Registration fee. ICAI
members with no adverse disciplinary findings
made against them and those who have
confirmed their compliance with the CPD
requirements of ICAI will only be eligible
for the arrangement.
On the other hand, members of ICAEW
who are trained in public practice will become
eligible for ICAI membership subject
to passing ICAI’s examination papers for the
special modules of Auditing & Assurance;
Law, Ethics & Communication; Information
Technology & Strategic Management;
and Taxation.
Members of the ICAI who join the ICAEW
will be eligible for an ICAEW practicing certificate
on the same basis as ICAEW members.
Similarly, members of the ICAEW
who join the ICAI will have general practice
rights, excluding audit rights in India.
A maximum of four attempts are permitted
per paper of Technical Integration Business
Change and Technical Integration Business
Reporting papers. However, one is advised
to sit no more than 3 times in order to remain
eligible to apply for credit for prior
work experience if you have gained two
years’ post qualification work experience.
A maximum of four attempts are permitted
for the Case Study. Pass marks are 50%
in the Technical Integration and Case Study
papers.
There is a four-week period between the latest
deadline for registering for an examination
and the examination date.
For further details visit ICAI website www.
icai.org or email at icaewmra@icai.in.
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THE CHARTERED ACCOUNTANT DECEMBER 2008