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The Union Cabinet on Tuesday gave an ex-post facto approval to the Memorandums of Understanding (MoUs) entered into by the Institute of Cost Accountants of India (ICoAl) and the Institute of Company Secretaries of India (ICSI) with various foreign countries or organisations.

The MoUs would help in the advancement of the goals on equity, public accountability and innovation among the beneficiary countries.

The ICoAl and the ICSI have signed MoUs with foreign organisations namely Institute of Public Accountants (IPA), Australia, Chartered Institute for Securities and Investment, UK (CISI), Chartered Institute of Public Finance and Accountancy (CIPFA), UK, Institute of Certified Management Accountants, Sri Lanka and Institute of Chartered Secretaries and Administrators (ICSA), UK.

The various memoranda seek to facilitate mutual recognition of qualifications and range of collaborative activities for exchange of knowledge, experience sharing and technical cooperation by way of participation in annual conferences/training programmes or workshops, seminars and joint research projects etc., relevant to their jurisdiction.

The ICoAl was established by a Special Act of Parliament, the Cost and Works Accountants Act, 1959 as a statutory professional body for the regulation of the profession of Cost Accountancy. The Institute is the only recognised statutory professional organisation and licensing body in India specialising exclusively in Cost Accountancy.

However, the ICSI is a statutory body established by an Act of Parliament -- The Company Secretaries Act, 1980 (Act No. 56 of 1980)-- to develop and regulate the profession of Company Secretaries in India.