The Union Cabinet on Wednesday approved a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Netherlands-based Vereniging van Registercontrollers (VRC).
The MoU would help in strengthening and development of accounting, financial and audit knowledge base between the Netherlands and India, according to an official release. “The engagement between the premier institutes of both the countries would help to generate greater employment opportunities for Indian chartered accountants and also greater remittances back to India,” it added. VRC is a voluntary professional organisation and members offer services in management accounting, financial accounting, integrated reporting, strategic control and risk management, and corporate governance.
ICAI, the chartered accountants’ apex body, has over 1,500 members in the European region and around 80 members in the Netherlands. “The contemplated MoU, for providing assistance to VRC, the Netherlands, shall benefit the ICAI members in the region and would provide an additional impetus to prospects of the ICAI members to get professional opportunities in the Netherlands,” said.