The Institute of Chartered Accountants of India today signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA) on June 18, 2014 at ICAI Bhawan, New Delhi.

The MoU interalia provides that both ICAI and SOCPA would be working together in establishing possible co-operation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues for Small and Medium Sized Practices (SMPs) etc.

As ICAI has taken upon itself being a mentor and collaborative partner to transition economies, developing of accountancy profession in Saudi Arabia is a step forward in achieving the desired goal.

Mr Mohammad Alaqeel, Assistant Secretary General for Membership and Professional Development, SOCPA stated “This MoU would be a step forward to strengthen bilateral relation between India and Saudi Arbia”.

CA. K Raghu, President, ICAI remarked “This MoU will establish closer working linkages between ICAI and SOCPA as it will enable the two to draw synergies from the professional expertise available with each other in areas of accounting, technical research, corporate governance and alike.”

This MoU would entail designing distance education programs, designing study materials for students, examination systems, and disciplinary and regulatory mechanisms by ICAI for the benefit of Bhutan.

About SOCPA
Saudi Organization for Certified Public Accountants (SOCPA) is a professional organization in Kingdom of Saudi Arabia. It operates under the supervision of the Ministry of Commerce in order to promote the accounting and auditing profession and all matters that might lead to the development of the profession and upgrading its status. A thirteen members Board manages SOCPA affairs, and practices the powers required for realizing its objectives.

About ICAI
The Institute of Chartered Accountants of India is a statutory body established by an Act of Parliament viz., The Chartered Accountants Act, 1949 in the year 1949 for regulating the profession of Chartered Accountants in the country. The Institute, which functions under the administrative control of Ministry of Corporate Affairs, Government of India, has five Regional Councils and 148 branches covering the length and breadth of the country. In addition, it has also set up 23 chapters outside India. The main functions of the Institute of the Chartered Accountants of India are prescribing qualifications for membership, holding examination and arranging practical training of candidates, enrollment of members, publication and maintenance of register of members qualified to practice the profession, carrying on activities for development of the profession and regulation and maintenance of status and standard of professional qualification of the members.