New Delhi, Dec 22 (PTI) The Union Cabinet on Wednesday gave its nod for the signing of a Memorandum of Understanding (MoU) between chartered accountants' apex body ICAI and the Polish Chamber of Statutory Auditors (PIBR).

The MoU aims to strengthen cooperation in the matters of study and application of new innovative methods in the field of audit and accounting, including application of blockchain, smart contract system, transition from traditional accounting to cloud accounting.

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"ICAI and PIBR also intend to share information through exchange of books, magazines and other publications published by professional organisations, mutual publication of articles on audit and accounting on the magazines and websites of both parties and to undertake joint cooperation in the fight against corruption and money laundering," an official release said.

The MoU was cleared by the Cabinet chaired by Prime Minister Narendra Modi.

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According to the release, the MoU would help ICAI to strengthen the partnership with Poland by providing the export of services in the accountancy profession.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949.

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