The Institute of Chartered Accountants of India (ICAI), a premier statutory accounting body in India and The Kuwait Accounting and Auditors Association (KAAA) have signed a historic Memorandum of Understanding (MoU) in the field of accounting, finance and audit knowledge base.
The MoU, which was approved by the Union Cabinet chaired by the Prime Minister Shri Narendra Modi last month, was signed by the President of ICAI CA Prafulla Chajjed and the Chairman of KAAA Mr.Faisal Al Tabikh, in presence of officials from both India and Kuwait at the KAAA premises in Kuwait. The ceremony was attended by ICAI Vice President CA Atul Kumar Gupta, CA Sai Devata, Chairman of Kuwait Chapter of ICAI and the board members of KAAA.
The main objective of the MOU is to work together to strengthen the knowledge base of accounting, auditing and financial management in Kuwait through knowledge sharing, faculty and student exchange programs.
As per teh MoU, ICAI and KAAA shall work together for establishing possible cooperation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues concerning Small and Medium-sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest.
CA Sai Devata, Chairman of Kuwait Chapter of ICAI, expressed his happiness on the signing of the MOU and profusely thanked all the previous and current committee members who worked tirelessly over the years to make this historic occasion a reality.
As Kuwait seeks to achieve its ambitions of becoming a regional financial hub in pursuit of its ‘New Kuwait’ Vision document and India’s economy expected to be one of the fastest-growing economies in the world, the MOU paves the way to explore various opportunities that may arise in the fields of accounting, auditing and financial management in the near future.
The MoU is expected to consolidate the trust and help to build a positive image for the Indian Chartered Accountants working in Kuwait.