Agra, July 4 Indian chartered accountants can now practise in Australia with the inking of an agreement between the chartered accountants institutes of India and Australia at an event here.

The agreement, signed Friday evening, will facilitate exchange of accounting professionals of the two countries.

The agreement was signed by Institute of Chartered Accountants in India (ICAI) chairman Uttam Prakash Agarwal and Graham Meyer, CEO of the Institute of Chartered Accountants of Australia, during an international convention of chartered accountants being held in the city of the Taj.

“In the era of globalisation this would serve as a major step in providing support to our members to excel,” Agarwal said.

Sir David Tweedie, chairman International Accounting Standards Board, welcomed the initiative and hoped this would pave the way for similar exchanges with other countries.

Graham Meyer of the Australian Institute said India and Australia had fairly strong trade ties. The new agreement would not only facilitate movement of professionals between the two countries but also create better understanding and bonds, he added.

The conference is being attended by over 2,000 Indian delegates and more than 50 delegates from 20 countries.

The theme of the three-day convention, organised by the Indian Institute of Chartered Accountants, which is celebrating its diamond jubilee this year, is ‘Winds of Change: Global Strategies for Accounting Profession’.

Conference officials said agreements with several countries were likely to be signed, which would allow Indian CAs to practise in those countries without having to undergo tests.