The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA), which inter-alia provides that both 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 pPractices (SMPs) etc.
An official statement said that as the 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.
Mohammad Alaqeel, Assistant Secretary General for Membership and Professional Development of SOCPA said: "This MoU would be a step forward to strengthen bilateral relation between India and Saudi Arabia".
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.