Policy

Export of accounting services: CA Institute wants ‘barriers’ removed

K.R.Srivats New Delhi | Updated on May 07, 2021

Firms are leveraging on accounting outsourcing services to cut cost   -  istock.com/Jirapong Manustrong

Members asked to give feedback on the hurdles faced in overseas markets

The CA Institute wants to facilitate export of professional services in a big way now that the government had declared the accounting and financial services sector as one of the ‘12 champion sectors’.

Towards this end, the CA Institute has now sought its members’ feedback on the kind of barriers that they are faced with while providing outsourcing services to organisations abroad.

Also, they have been asked to give feedback on which country has the most barriers and tougher regulations for accounting outsourcing services. The CA Institute members have been asked to comment on whether there are any barriers of language, education (degree recognition) and legal requirements. “ICAI members have been asked to suggest as to how the CA Institute can work towards reducing barriers and help in facilitating export of professional services,” sources said.

More training

They also been asked to suggest areas where they feel training is required to be more equipped to face competition from foreign firms. “This would help the ICAI understand the issues and challenges involved,” official sources said.

Given the market competition across industries, organisations are leveraging accounting outsourcing services as a smart business move to get practical advantage of it, cost-cutting being one of them. In India, the finance and accounting services occupy a substantial share of the total outsourcing services.

In the wake of practice units facing operational breakdown due to lockdown imposed by several State governments across the country owing to the pandemic, the CA Institute’s peer review board has now decided to grant extension to the peer review certificates expiring during the period from April 1 to June 30, up to July 31. Accordingly the validity of such certificate would now be treated as July 31, the ICAI has said.

Published on May 06, 2021

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