Union Cabinet approves signing of MoU between ICAI and QFCA | Daily Current Affairs 2021

Union Cabinet approves signing of MoU between ICAI and QFCA

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The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the signing of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Qatar Financial Centre Authority (QFCA).

About:

  • ICAI has an active Chapter in Doha, Qatar which was established in the year 1981 and is the oldest among the 36 overseas Chapters of the ICAI.
  • ICAI has a strong membership base of over 6000 members in Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI.
  • The members of ICAI also hold key positions at various public and private companies. They are also actively involved in the support and development of the accounting profession in Qatar.
  • This MoU will benefit the Ministry of Corporate Affairs (MoCA), ICAI, and QFCA.

Highlights:

  • The MoU would enhance cooperation between the Institutes to work together to strengthen the Accounting profession and entrepreneurship base in Qatar.
  • Furthermore, the MoU will endeavor to increase opportunities for members of ICAI  to provide professional services through setting up practice for providing professional services in Qatar in the areas of assurance and auditing, advisory, taxation, financial services, and allied areas.
  • ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organizing roundtables and networking events.

About ICAI:

  • It refers to the Institute of Chartered Accountants of India.
  • ICAI functions under the administrative control of the Ministry of Corporate Affairs, Government of India(GOI).
  • It was established on 1st July in the year 1949 under an Act passed in Parliament.
  • It is the national professional accounting body of India and also the second biggest accounting organization in the world.
  • It is the sole licensing and regulatory body for the financial audit and accounting profession in India, and its recommendations are followed by everyone – from the National Financial Reporting Authority (NFRA) to companies and accounting organizations.
  • Its affairs are managed by a Council as per the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988.
  • It is headquartered in New Delhi.
  •  The current President of ICAI is Nihar N Jambusaria .

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