The IFAC Member Body Compliance Program, in which the ICAI is an active participant, is directly related to IFAC's goal of achieving convergence. This program supports the development of high quality auditing, accounting, ethical, educational and related quality assurance and disciplinary standards in IFAC member bodies throughout the world. The program is intended to guide accounting institutes in the full spectrum of their professional responsibilities, to demonstrate a shared commitment to our profession's values of integrity, transparency and expertise.

We know that India is committed both to these standards and to these values. Your participation in the Compliance Program has indicated that you have generally adopted standards as issued by IFAC and the International Accounting Standards Board (IASB) as national standards with very few modifications. This is indeed laudable and shows both great judgment and foresight as your country continues to advance its industries and economy.