UK chartered accountants ‘might be allowed to practice in India’
Chartered accountants from UK and Canada could be allowed to work in India, the President of the Institute of Chartered Accountants of India (ICAI) has announced.
It will be the first time that an overseas chartered accountant will be allowed to practice in India. The proposal is part of India’s ongoing negotiations for Free Trade Agreements (FTAs) with the UK and Canada.
ICAI President Ranjeet Kumar Agarwal said chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, under the ICAI’s proposal.
That means chartered accountants from India will also be allowed to practice in the United Kingdom and Canada.
Agarwal also said that a similar arrangement is being looked with Australia. Once the reciprocal system is implemented, the chartered accountants from the foreign countries will have to be registered with the ICAI, which will regulate them.
Agarwal, who took over as ICAI President in February 2024, said: “It will be reciprocal basis and not on standalone basis. If they agree, it will be a win-win for both countries… we are very hopeful… in the UK, there is an ageing population and most of the work has shifted from the UK to India.”
He added that should the proposal be approved it would “be in our interest because our members can go [to the UK and Canada]”, saying that Indian chartered accountants, because of their capabilities and expertise, are in huge demand [overseas].
The ICAI estimates India will need around three million chartered accountants in the next 20-25 years. The institute has more than 400,000 members and 850,000 students. Currently, around 42,000 chartered accountants from India are working overseas.
New forensic accounting courses launched
The Global Association of Forensic Accountants (GAFA) has launched a certification programme aimed at empowering professionals in the field of financial crime investigation.
With headquarters in New Delhi, GAFA specialises in a wide array of accountancy disciplines including fraud investigation, cybersecurity, forensic accounting, anti-money laundering, artificial intelligence and blockchain technology.
GAFA said the new certification course is customised to cater to corporate entities, financial institutions, industries, and individuals aspiring to pursue a career in financial crime prevention.
It said: “One of the key distinguishing features of the GAFA certification is its special focus on Indian cyber laws, the DPDP act, and other relevant Indian legislation pertaining to fraud prevention and anti-money laundering measures. By providing in-depth training on these critical aspects, GAFA aims to equip individuals with the necessary tools to tackle emerging challenges effectively.”
Forensic auditor Kanwaljeet Kaur Soni, the President of GAFA, said the organisation was “committed to driving GAFA’s mission of promoting excellence and integrity in financial crime detection and mitigation”.
She said: “We are thrilled to unveil our ground-breaking certification course, which represents a significant milestone in our efforts to raise the bar in forensic accounting and financial crime prevention.
“At GAFA, we are dedicated to empowering professionals with the knowledge and skills needed to combat fraud, safeguard assets, and uphold the principles of transparency and accountability.”
Soni said the GAFA certification course “promises to be a game-changer for individuals seeking to advance their careers in the field of financial crime investigation. With its comprehensive curriculum, expert faculty, and practical approach, GAFA is poised to become the go-to destination for those looking to make a meaningful impact in this critical domain.”
In the fiscal year 2023, the Reserve Bank of India (RBI) reported that bank frauds exceeded 302.5 billion rupees (£3 billion).
The central bank’s figures also revealed that between 1 June 2014 and 31 March 2023, Indian banks detected 65,017 frauds, resulting in a loss of Rs 4.69 trillion.
