The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with the Institute of Certified Public Accountants of Kenya (ICPAK) in Nairobi, Kenya on January 21, 2019. Signing of the MoU between ICAI & ICPAK would facilitate collaborative approach to identify opportunities for ICPAK and ICAI and support the development of the accountancy profession through capacity building initiatives and to promote sustainable development of the accountancy profession.
While signing the MoU, CA. Naveen N D Gupta, President - ICAI said “Considering that Kenya's economy is one of the top amongst the African countries and the kind of investments and trusts entrusted by the two counties in the recent past, India's Chartered Accountants have already been playing a significant role in the economic growth of the country and the African region; there is a lot of scope for professional opportunities for Indian Chartered Accountants in Kenya and Africa.”
The MoU signing ceremony was also attended by Mr. Rajesh Swami, Deputy High Commissioner, High Commission of India, offering full support towards the endeavors of the Institute in Kenya.
Speaking at the occasion, CPA Edwin Makori, Chief Executive Officer, ICPAK expressed “The MoU will help in establishing areas of co-operation and collaboration for the mutual benefit of both ICPAK and ICAI members and to enhance the reputation and influence of both Parties within their respective home countries and globally. The MoU will foster strong working relations between the ICAI & ICPAK“.
While attending the MoU signing ceremony and addressing the audience during the event, CA. Prafulla P. Chhajed, Vice President, ICAI said “ICAI is committed to provide technical assistance to different accountancy bodies in the World. The MoU with ICPAK will help to establish mutual co-operation and collaboration in the areas of knowledge sharing through joint research, quality support, capability and capacity building, trainee accountant exchange programmes and conducting Continuous Professional Development (CPD) Courses, workshops and conferences”.
In September 2018, the Union Cabinet Chaired by Shri Narendra Modi, Hon’ble Prime Minister of India, had approved the MoU between ICAI and ICPAK. Earlier, the Union Government has identified the Accountancy and Finance Services as one of the 12 Champion Sectors. ICAI is taking all possible efforts for mutual recognition agreements with maximum foreign accounting Institutes which is the first step for promotion of export of accountancy services in the overseas market.
The Institute of Certified Public Accountants of Kenya (ICPAK) was established in 1978 and is the member of the Institute of the Pan-African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), the global umbrella body for the accountancy profession. The Vision of the Institute is ‘A world class professional accountancy institute‘, while the Mission is ‘To develop and promote internationally recognised accountancy profession that upholds public interest through effective regulation, research and innovation’.