Gold industry strengthening accord signed between ICAI and IAGES for credible accreditation.
The Institute of Chartered Accountants of India (ICAI) and the Indian Association of Gold Excellence and Standards (IAGES) have joined forces to implement a robust accreditation framework for value chain partners in the gold industry. The Memorandum of Understanding (MoU) was exchanged on July 30, in the presence of Arjun Ram Meghwal, Minister of Law and Justice.
Established in 1949, ICAI is a statutory body with regional councils and branches located within India. With a global presence spanning 85 cities across 47 countries, ICAI boasts over 14.5 lakh members and students, making it the largest professional accountancy body in the world.
The MoU aims to strengthen accreditation processes within the gold industry's value chain, ensuring better standards, transparency, and quality control. The objective is to enhance regulatory compliance and operational efficiency for the numerous value chain partners involved in India's gold market.
Charanjot Singh Nanda, President of ICAI, stated that the MoU represents a significant step forward in aligning industry standards with global best practices. He remarked that the collaboration marks a significant step toward realizing the vision of gold standardization in India, first conceived by Babasaheb Dr BR Ambedkar.
The accreditation framework is expected to contribute positively to the economy by boosting investor confidence, improving supply chain integrity, and increasing competitiveness internationally. Given India's significant gold industry, involving a large informal sector and substantial gold imports, strengthening accreditation can also help in better governance and traceability, reducing risks associated with smuggling, fraud, and unethical practices.
Arjun Ram Meghwal, commending the collaborative efforts, underscored the importance of standardisation and excellence within the gold industry. The Professional Development Committee of ICAI will create awareness amongst its members about the MoU and the opportunities it provides, and shall supply a panel of Chartered Accountant firms to IAGES as per their requirement to empanel them for undertaking the work arising out of this MoU.
The collaboration is expected to create meaningful professional opportunities for members of the ICAI and contribute significantly to improving governance and standardization of processes within the gold industry. ICAI functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India.
With this MoU, ICAI and IAGES are poised to bring transparency and standardization to the gold industry, ultimately impacting the Indian economy by bolstering this critical sector's integrity and efficiency.
- This accreditation framework, resulting from the collaboration between ICAI and IAGES, aims to align industry standards with global best practices in finance and business, particularly within the gold industry.
- The objective of this partnership is to enhance regulatory compliance, operational efficiency, and transparency in the gold market, thereby contributing positively to the economy and boosting investor confidence.
- The MoU is anticipated to raise the bar for excellence in the gold industry, potentially reducing risks associated with smuggling, fraud, and unethical practices, while providing meaningful professional opportunities for members of ICAI.
