ICWA in talks with UK counterpart for overseas assignments

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Hyderabad, Jan 16 : The Institute of Cost and Works Accountants of India (ICWA) is in talks with its counterpart in the UK to expand the services of its members globally.

Speaking to newsmen, Chandra Wadhwa, vice-president, ICWA said that the negotiations are in advanced stages and hopefully it may fructify in the next couple of months.

"We are keen on the overseas assignments for our members. We are seeking help from the UK Management Accountants body for extending certain facilities to our members in the areas like Visa, residential, employment security etc. The UK Accountants are demanding for opening up of the audit sections for their members, he added.

On the Canada front, ICWA has already achieved some progress and hopeful of signing an agreement shortly for sharing research work between both the countries. Similarly, it also wants to have an agreement in the courses like exemptions for those who passed out of CMA in India. Wadhwa said that the education and training areas will be taken up in the second phase.

Further, the institute also plans to expand its reach to developing and neighbouring countries like Bangladesh, Sri Lanka etc.

On the domestic front, the institute is gearing up to meet the growing demand. Interestingly, there is a perceived demand of over 25,000 accounts generated annually, both ICWA and ICAI together produce about 5,000 accounting professionals, said Dhananjay Vishnu Joshi, president, ICWA.