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K.R. Srivats

New Delhi , Feb. 6

AS part of the initiatives for tapping newer opportunities in the international arena, the Institute of Chartered Accountants of India (ICAI) has decided to impart training to its members for offering services under the Sarbanes-Oxley Act of the US.

"There is a huge shortage of skilled manpower outside the country for rendering services in respect of the requirements under Sarbanes-Oxley Act. We intend to train our members in this area so that they can tap the opportunities and export their services," the new President of ICAI, Mr Kamlesh Vikamsey, told Business Line here.

On the area of value-added tax, which is seen as a new area for development of the chartered accountancy profession, Mr Vikamsey said that the institute would approach the States as well as the Central Government for stipulating a statutory audit of VAT accounting on the lines of tax-audit for income-tax purposes.

The ICAI President said that the institute intends to bring out a guidance note on accounting of VAT.

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