New Delhi, May 26 (KNN) The Union Cabinet has given approval to the Memorandum of Understandings (MoUs) entered into by the Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) with various countries and organisations.

The Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) have signed MoUs with foreign organisations namely Institute of Public Accountants (IPA), Australia, Chartered Institute for Securities and Investment, UK (CISI), Chartered Institute of Public Finance and Accountancy (CIPFA), UK, Institute of Certified Management Accountants, Sri Lanka and Institute of Chartered Secretaries and Administrators (ICSA), UK.

The MoUs seek to facilitate mutual recognition of qualifications and range of collaborative activities for exchange of knowledge, experience sharing and technical cooperation by way of participation in annual conferences, training programmes or workshops, seminars and joint research projects etc., relevant to their jurisdiction.

The Institute of Cost Accountants of India (ICoAl) was established by a Special Act of Parliament, namely, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost Accountancy. The signed MoUs would help in advancement of the goals on equity, public accountability and innovation among the beneficiary countries.

ICoAl is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost Accountancy.

Institute of Company Secretaries of India (ICSI) regulates the profession of Company Secretaries in India.