The Hindu Business Line : ICAI in tie-up with UK institute

THE Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England and Wales (ICAEW) have agreed to consider further initiatives towards the possibility of recognition of training imparted to members of the two institutes.

Both the institutes have also agreed to move towards the recognition of their continuing professional education programmes and also make comparative study of each other's professional code of ethics and disciplinary mechanism in the wake of recent corporate failures in the US.

This was decided at a meeting held here between the Presidents of the two institutes on Sunday. "We are moving towards a scenario where we would be able to say that the training imparted to a member of ICAI at an audit firm in India (training undergone by articled clerks) would be counted in our country while conforming to our requirements," Mr Peter Wyman, President, ICAEW, told reporters here. The two institutes also shared their concern over a provision contained in the Sarbanes Oxley Act 2002 that subjects a review of foreign accounting firms by a US Public Oversight Board. They also reaffirmed their commitment to a principle-based approach to the Codes of Corporate Governance rather than a legislative response currently adopted in the US.

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