ICAI, country's apex body for chartered accountants, has entered into a pact with the Saudi Organization for Certified Public Accountants (SOCPA) for cooperation on host of issues including corporate governance, technical research and forensic accounting. The Memorandum of Understanding (MoU) was signed here yesterday, a official statement said.

"This MoU will establish closer working linkages between ICAI and SOCPA as it will enable the two to draw synergies from the professional expertise available with each other in areas of accounting, technical research, corporate governance and alike," ICAI President K Raghu said in the statement.

SOCPA Assistant Secretary General for Membership and Professional Development Mohammad Alaqeel said: "This MoU would be a step forward to strengthen bilateral relation between India and Saudi Arbia".

The Institute of Chartered Accountants of India (ICAI), which comes under the Ministry of Corporate Affairs, is a statutory body for the regulation of the profession of CA in India.