July 30: The Institute of Chartered Accountants of India through its Cooperation and NPO Committee signed a Memorandum of Understanding with the National Council for Cooperative Training, to strengthen the financial governance, professional capabilities and institutional capacity of cooperative institutions across the country.
Under the collaboration, ICAI will contribute its professional expertise in accounting, auditing, taxation, financial management, governance and compliance, while NCCT will leverage its extensive institutional network and expertise in cooperative training and capacity building. The two institutions will also explore developing technical guidance materials and learning resources, with ICAI professionals and subject matter experts contributing to specialised training programmes through the NCCT ecosystem.
The MoU was signed in the presence of Ms. Minu Shukla Pathak, IRS, Secretary, NCCT, CA. Pankaj Shah, Chairman, Cooperation and NPO Committee, ICAI; CA. Chandrashekhar Vasant Chitale, Vice-Chairman, Cooperation and NPO Committee; along with Sr. officials, NCCT and few Central Council Members of ICAI.
On this occasion, CA. Prasanna Kumar D, President, ICAI, said,
“With over 30 crore members across more than 8.5 lakh cooperative societies spanning diverse sectors, India’s cooperative movement is a vital pillar of inclusive and sustainable economic development. This MoU with NCCT brings together ICAI’s professional expertise and NCCT’s institutional strength to strengthen financial governance and promote greater transparency and accountability across the cooperative sector. Through this collaboration, we aim to equip cooperative institutions with the knowledge and skills needed to become more resilient, efficient and future-ready, contributing meaningfully to the vision of ‘Sahakar se Samriddhi’.”
The partnership will facilitate joint training programmes, workshops and capacity-building initiatives for cooperative office bearers, directors, accountants, managers and other stakeholders. The programmes will focus on practical aspects of accounting, financial reporting, audit, taxation, internal financial controls, financial management, governance, statutory compliance and digital accounting systems, enabling cooperative institutions to strengthen their financial systems, transparency and accountability.
The collaboration builds on ICAI’s sustained engagement with the cooperative sector through its Cooperation and NPO Committee, which has been undertaking capacity-building and knowledge-sharing initiatives to strengthen financial and professional practices among cooperative societies.
ICAI had earlier conducted financial management programmes in states including Arunachal Pradesh and Tripura, equipping cooperative functionaries with practical knowledge in areas such as financial record-keeping, internal controls, audit preparedness and statutory compliance.
The Committee has also been working on technical publications and guidance resources covering accounting, taxation and audit of cooperatives, while engaging with key institutions and stakeholders to identify emerging requirements and strengthen professional practices across the sector.
Through sustained engagements, ICAI is contributing to the professionalisation of the cooperative sector by bringing greater focus on sound financial practices, effective governance and informed decision-making at the grassroots level.