ICAS General News

ICAS and CICPA Agree International Co-Operation on Accounting Development

Following hot on the heels of the ICAEW the world’s first professional body of accountants and the sole accountancy body in mainland China today signed a Memorandum of Understanding which will help to develop the profession in the UK and People’s Republic of China.

Under the agreement, The Institute of Chartered Accountants of Scotland (ICAS) and the Chinese Institute of Certified Public Accountants (CICPA) will cooperate in the areas of research and development, the education of accountants and auditors, staff and technical exchanges and internships, joint conferences, developing links with UK and Chinese Universities.

The Memorandum of Understanding was signed by ICAS President, Isobel Sharp and CICPA President, Liu Zhongli at a ceremony in Beijing today.

Welcoming the agreement, Isobel Sharp said, “By working together and combining the expertise of both of our bodies, ICAS and the CICPA can make major contributions to the development of the global profession. China is the world’s most exciting economy. The Chinese accountancy profession, led by the CICPA, is doing a good job of providing stability and quality financial information to an enormous market. I believe that this agreement will enable the best ideas and practice in UK accountancy and accountancy education to be shared with the Chinese profession. In return, we hope to learn from the CICPA in developing their members’ expertise to operate in a rapidly changing economy of unlimited potential.”

Mr. Liu, President of CICPA, said, “Developing and promoting international cooperation with overseas accountancy bodies has been among the major initiatives and strategies of CICPA. The agreement between ICAS and CICPA will help promote staff and technical exchanges, international accountancy standards, training and examinations. These initiatives will greatly help to promote CICPA’s international development.  Our cooperation will also promote the roles that our two organizations play in the international accountancy community.”

Mairi MacRae , China Head for Scottish Development International (SDI) added “This agreement is a great example of how Scotland and China can develop significant and mutually beneficial partnerships in sectors such as Education and Financial Services where Scotland is internationally recognised as excellent. SDI is delighted to support the partnership between ICAS and CICPA.”