Union Cabinet Approves MoU Between ICAI, India And CPA, Papua New Guinea

NEW DELHI || The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG)to work together in capacity building and strengthening the Accounting, Financial and Audit Knowledge base in Papua New Guinea.

Institute of Chartered Accountants of India (ICAI) and Certified Practising Accountants Papua New Guinea (CPA PNG) will work together to hold and conduct technical events, seminars and conferences in PNG, establishing possible cooperation and collaboration in areas of Corporate Governance, technical research and advice, quality assurance, forensic accounting, Continuing Professional Development (CPD) and other subjects of mutual interest.

Under the MoU, the two will share available unrestricted information concerning the accountancy profession in India and PNG and internationally when required, develop the modules for specific subjects for CPA, PNG examination an to have students and faculty exchange programs and offer short term professional courses in the domain of accounting, finance and audit in PNG.

The Indian Chartered Accountants (CA) fraternity is helping the local business community and stakeholders on Financial Reporting matters and is held in high esteem. The proposed MoU is expected to consolidate the trust and help to build positive image for Indian Chartered Accountants in Papua New Guinea.

ICAI has a strong membership of over 3000 members in Australasia-Oceania Region comprising its chapter in PNG. The contemplated MoU for providing assistance to CPA, PNG shall benefit the ICAI members in the region and would provide an additional impetus to the prospects of the ICAI members.

The Institute of Chartered Accounts of India (ICAI) is a statutory body established under “The Chartered Accountants Act, 1949” to regulate the profession of Chartered Accountants in India. Certified Practising Accountants Papua New Guinea (CPA PNG) is premier Accounting Professional Body established under the Accountants Act, 1996 to set accounting and auditing standards and to promote the interests of the accountancy profession in Papua New Guinea.