Cabinet clears India-Qatar deal on accounting profession

The union cabinet on Wednesday cleared a proposed deal between accounting rule maker The Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA), the body that promotes financial services industry in the Arab nation.

The deal will enhance cooperation between the Institutes in strengthening the accounting profession and the entrepreneurship base in Qatar, said an official statement.

QFCA is an independent legal entity responsible for developing the financial and business centre in Qatar.

India is keen to encourage partnerships that help its services sector and movement of professionals across the border.

ICAI members hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar, the statement said.

Signing of this deal would help ICAI Members in the entire Middle Eastern Region to have better recognition besides supporting the economies of both the countries, the statement said.

The proposed deals will improve opportunities for ICAI members to offer professional services through setting up practice in Qatar in assurance and auditing, advisory, taxation, financial services and allied areas.

ICAI has a membership base of over 6,000 professionals in the Middle East and Qatar (Doha) Chapter is one of the most vibrant among them, said the statement.

ICAI will also develop local Qatar professionals, entrepreneurs and students through a specialized training programme, in collaboration with QFCA.

ICAI and QFCA will work together to explore opportunities for Indian businesses in Qatar. They will also work on opportunities in corporate governance, technical research and advice, quality assurance, forensic accounting, issues for small and medium sized practices (SMPs) and Islamic Finance, said the statement.