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Audit rejects probe modus operandi
KUWAIT CITY, Nov 24: The Institute of Chartered Accountants of India (ICAI), a premier statutory accounting body set up under the Act of Parliament having over 265,000 qualified Chartered Accountants as its members, and The Kuwait Accounting and Auditors Association (KAAA) have signed a historic Memorandum of Understanding (MOU) which has been approved by Union Cabinet of India.
The signing ceremony was held on Nov 21 at the KAAA premises in Kuwait. The President of ICAI CA Prafulla Chajjed, accompanied by the Vice President CA Atul Kumar Gupta, fl ew in to Kuwait from India to sign the MoU.
The Chairman of KAAA Faisal Al-Tabikh signed the MoU on behalf of KAAA in the presence of its Board members. 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.
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