MoU between ICAI and PIBR

• Union Cabinet approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Polish Chamber of Statutory Auditors (PIBR).
• The MoU aims to establish mutual co-operation in the areas of member management, professional ethics, technical research, CPD, professional accountancy training, audit quality monitoring, advancement of accounting knowledge, and training.

Implementation strategy and targets:

• The proposed Memorandum of Understanding aims to strengthen cooperation in the areas of research and application of new innovative methods in audit and accounting, such as the application of blockchain, smart contract systems, and the transition from traditional accounting to cloud accounting, among others.
• ICAI and PIBR also seek to share information through the exchange of books, magazines, and other professional publications, mutual publication of audit and accounting articles through both parties’ magazines and websites, and co-operation in the fight against corruption and money laundering.

Impact:

• The Memorandum of Understanding between ICAI and PIBR, Poland, is expected to strengthen its footprint in Europe by providing chances for ICAI Members to work in Poland in the short to long term future .
• The goal of the MoU is to collaborate in order to build a mutually advantageous partnership between ICAI and PIBR members. With this MoU, the ICAI will be able to enhance its collaboration with Poland by facilitating the export of accountancy services.
• Members of the ICAI have middle to top-level positions in several organizations around the world, and can influence the decision and policy-making strategies of their respective countries.
• ICAI, with its vast network of Chapters and Representative Offices in 73 cities across 47 countries, is committed to playing a key role in sharing best practices in these countries so that the Government of India can adopt the best practices in order to attract foreign investment and encourage companies to set up in India.
• The Ministry of Corporate Affairs, the Institute of Chartered Accountants of India, and the Polish Chamber of Statutory Auditors will all profit from this agreement.

About PIBR:

• The Polish Chamber of Statutory Auditors (PIBR) is a self-governing body of Statutory Auditors.
• It was established in accordance with the Act of October 1991 on auditing and publishing financial statements and on statutory auditors, which came into effect on January 1, 1992 and regulated the audit profession in Poland.