ICAS signs deal with Chinese accountants institute

ICAS, sometimes known as the Institute of Crooked Accountants of Scotland, has signed a deal with the Chinese Institute of Certified Public Accountants.

The Herald reports :

ICAS signs pact with counterpart in China

DOUGLAS HAMILTON January 22 2008

The Institute of Chartered Accountants of Scotland (ICAS) and the Chinese Institute of Certified Public Accountants (CICPA) yesterday signed an agreement to foster co-operation between the two professional bodies.

ICAS and the Chinese organisation will work together 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.

A memorandum of understanding was signed by ICAS president, Isobel Sharp and CICPA president, Liu Zhongli, at a ceremony in Beijing.

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."

She added: "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."

Liu said: "Developing and promoting international co-operation with overseas accountancy bodies has been among the major initiatives and strategies of CICPA."

He went on to say the agreement between the two professional organisations will help promote staff and technical exchanges, international accountancy standards, training and examinations.

Mairi MacRae, China head for Scottish Development International, described the agreement as "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."

Since it was set up in 1988, CICPA has enjoyed one of the world's fastest growing accountancy membership. It has 6800 organisations among its members and 140,000 individuals across China.

ICAS has more than 17,000 members worldwide.