The two institutes signed a memorandum of understanding yesterday, creating the formal basis for cooperation, at CIPFA’s head offices in London.
Rob Whiteman, CIPFA’s chief executive, said it was “fantastic news” that CIPFA and the ICAI will be partnering to share expertise and further their common goals.
“We at CIPFA are greatly looking forward to working with the ICAI to build confidence and capacity, which will ultimately enhance public financial management in India,” he added.
The memorandum will also explore whether members of the ICAI can be recognised as CIPFA members.
Mansas Kumar Thakur, president of the ICAI, said: “We are confident that the signing of this memorandum will enhance governance processes in public sector institutions and promote high quality public financial management in India.”