Cabinet approves signing of MoU between ICAI and VRC, Netherlands

Union Cabinet approved the memorandum of understanding between India and the Institute of Chartered Accounts of India (ICAI) and the Vereniging van Registercontrollers (VRC), the Netherlands.

New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of a memorandum of understanding (MoU) between the Institute of Chartered Accounts of India (ICAI) and the Vereniging van Registercontrollers (VRC), the Netherlands.

The MoU would help in strengthening and developing the accounting, financial and audit knowledge base between the Netherlands and India, read a press statement from the Cabinet.

Regarding the implementation strategy and targets, the Cabinet said, "ICAI and VRC will work together to hold and conduct technical events, seminars, conferences in the Netherlands; to establish possible co-operation in respect of member management, professional ethics, technical research, continuing professional education; professional accountancy training, education and examinations, as well as the institutional capacity building of the accountancy profession."

They will also work together "To offer short-term professional courses in the domain of Accounting, Finance, Information Technology and Audit in the Netherlands; to discuss potential emerging developments in the form of students and faculty exchange programmes; share available unrestricted information concerning the accountancy profession in India and the Netherlands and internationally when required."

The engagement between the premier institutes of both countries would help to generate greater employment opportunities for Indian Chartered Accountants and also greater remittances back to India, the statement from the Cabinet read.

It said ICAI has a strong membership base of over 1,500 members in the European region and around 80 members in the Netherlands. The contemplated MoU, for providing assistance to VRC, the Netherlands, shall benefit the ICAl members in the region and would provide an additional impetus to prospects of the ICAI members to get professional opportunities in the Netherlands.

As per the statement, The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. Vereniging van Registercontrollers (VRC), established in 1988, is a voluntary professional organisation and members offer services in management accounting, financial accounting, integrated reporting, strategic control and risk management, and corporate governance.

ANI Report