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Indian chartered accountants should set up offices abroad and compete in the global markets, according to Mr G. Ramaswamy, President of the Institute of Chartered Accountants of India (ICAI).
He was speaking to the press here on Saturday after participating in a seminar on direct taxes code organised by the local chapter of the institute.
Mr Ramaswamy said the ICAI had signed mutual recognition agreements with the institutes in Britain, Wales, Australia and Canada. “Our CAs can go to these countries, pass a qualifying exam and set up practice there. We are making attempts to sign more such agreements with other countries,” he said, and added that the institute was making efforts to improve the skill levels of CAs in the country to face future challenges.
He said small and medium practitioners should merge and form limited liability partnerships and upscale their operations. “As the Indian economy is growing, CAs should also grow and it is not always possible to cater to the varied needs of corporates individually. Mergers are therefore, the order of the day, whatever may be the initial difficulties,” he added.
Mr Ramaswamy said that except in Maharashtra and Gujarat co-operative audit was not being done. The institute was of the opinion that other States should also follow suit. He said the ICAI was also assisting the Government in the introduction of the accrual system of accounting and double entry system in the Government departments.
He said the ICAI had prepared a format for disclosure of the entire income and expenditure of political parties and the report on the uniform accounting and auditing framework for parties had been submitted to the Election Commission.
Mr Ramaswamy said the Goods and Services Tax would be introduced by the Government and the ICAI had introduced a certificate course on indirect taxes to improve the skills of CAs. A Web TV would also be launched from July 1 by the institute for the continuing education of CAs. He expressed confidence that these steps would improve the professional standards.
Mr P. Vikram, Chairman of the Vizag chapter, also spoke.
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