Kathmandu. The Institute of Chartered Accountants of Nepal (ICAN) and the Central Investigation Bureau (CIB) of Nepal Police have agreed to collaborate in the fight against Corporate Economic Crimes. To this end, the two organizations signed a memorandum of understanding on Tuesday for cooperation against institutional economic crimes.
The MoU was signed by ICAN Chairman CA Nil Bahadur Saru Magar and CIB Chief Additional Inspector General of Police Dr. Manoj Kumar KC signed the agreement. The signing ceremony was attended by high officials of both the organizations.
The objective of the MoU is to enhance knowledge and competency in the investigation of institutional economic crimes and to establish coordination and cooperation between the two bodies by exchanging information on auditing-related matters between the institutions and bureaus, to provide assistance to the bureau in regulatory activities including monitoring as per the Nepal Chartered Accountants Act, 2053 (2053), to take action against fake auditors and to take action against fake auditors and corporate financial frauds. According to a press release issued by the NGO after the signing of the MoU, necessary coordination, cooperation and assistance would be exchanged to raise public awareness on the issues related to economic and financial crimes.
As per the agreement, the bureau will provide technical and expert support to the bureau in course of investigation of economic and financial crimes and will make necessary arrangements to enhance the knowledge and competency of the bureau employees by involving them in the forensic accounting and fraud detection (FAFD) certification course to be conducted by the organization.
In case of any complaint or complaint against the members of the association, the bureau shall coordinate with the institution of Chartered Accountants in accordance with the Nepal Chartered Accountants Act, 2053, Nepal Chartered Accountants Regulations, 2061, the auditing standards issued by the organization and the code of conduct issued by the organization for the members of the association. As per the agreement, the organization will inform the Bureau with necessary documents for further investigation if the matter falls under the jurisdiction of Nepal Police as per the prevailing law.
On the occasion, ICAN President and CIB chief expressed the belief that the MoU would play an important role in enhancing knowledge, skills and capacity in the investigation and control of institutional financial crimes, in controlling the auditing and accounting business taking place in an illegal or unauthorized manner and in the exchange of information between the organizations and bureaus.
The MoU is expected to help control undesirable activities in the field of financial crimes investigation and control in Nepal and protect interest of ICAN members.
