The Hindu : Business : ICAI to set up accounting body in UAE

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Friday, Sep 08, 2006

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ICAI to set up accounting body in UAE

Staff Reporter

Signs MoU with UAE Government

MANGALORE: In what is seen as a major global recognition of the growing prowess of chartered accountant professionals from India, the Institute of Chartered Accountants of India (ICAI) has signed a memorandum of understanding with United Arab Emirates Government to set up a professional accounting body there.

The ICAI would develop curriculum, modules, and skill sets for accounting professionals there as per the MoU.

Inaugurating a continuing professional education seminar on `practice management organised' by the Mangalore branch of ICAI here on Thursday, the President of the Institute, T. N. Manoharan, said the institute had been persuading the UAE Government to set up a professional accounting body for the last three to five years.

The stock market there was booming and the flow of international investments was alarmingly high.

Even the cash rich corporates across the world were increasingly looking at this part of the world to mobilise funds, he said, and added that all this economic activity needed auditing and accounting by way of setting up a professional accounting body with a training module.

Mr. Manoharan said the institute signed the MoU with the Centre for Excellence for Applied Research and Training, Ministry of Education, Government of UAE, in the presence of their Education Minister on August 25.

The ICAI had set up similar professional bodies in Nepal and other countries, he said.

FM's direction

Noting that a delegation of the institute called on the Union Finance Minister P. Chidambaram in New Delhi recently to discuss about professional issues, Mr. Manoharan said the Finance Minister, convinced by the ICAI's abilities, had directed the Central Board of Direct Taxes and Central Board of Excise and Customs not to issue any circular, notification or clarification without taking the views of the institute henceforth.

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