November 25, 2020: Union Cabinet approved the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Vereniging van Register controllers (VRC) based out of the Netherlands.
Memorandum of Understanding (MoU) has been signed between the two premier institutes in India and Netherlands to strengthen and develop base knowledge in the field of accounting, financial, and audit among both countries.
Indian chartered accountants will be highly benefited from this engagement among ICAI and VRC Netherlands. Under the signed MoU, both institutes are mutually bound to generate significant employment opportunities for CA and bring large remittances back to India.
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The Union Cabinet stated that ICAI and VRC will work on various key areas to implement strategies and targets related to accounting disciplines. The key areas in which both the institutes will work together are:
- Conduct and organize technical events, seminars, conferences in the Netherlands.
- Establishing feasible co-operation with respect to member management, technical research, professional ethics, and continuation of professional education.
- Provide professional accountancy training, and conducting education and examinations.
- Building institutional capacity in the profession of accountancy.
- Providing short-term professional courses in Accounting, Finance, Information Technology, and Audit domains in the Netherlands.
- Conducting students and faculty exchange programs to discuss potential emerging developments.
- Intentionally sharing of unrestricted information concerning the accountancy profession in India and the Netherlands.
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The members of professional voluntary organization, VRC Netherlands offer various services in financial accounting, management accounting, strategic control, corporate governance, integrated reporting, and risk management.
ICAI has a strong membership of more than 1,500 members in European countries including 80 members in the Netherlands.
The contemplated MoU will provide an impetus to prospects of the ICAI. Additionally, it will provide assistance to VRC Netherlands benefiting the ICAI members in the European region. Even ICAI members will get professional opportunities in the Netherlands.
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