Export of accounting services: the CA Institute wants the “barriers” to be removed

The CA Institute is very keen to facilitate the export of professional services now that the government has declared the accounting and financial services sector as one of the “12 champion sectors”.

To that end, the CA Institute has now sought feedback from its members on the type of barriers they face when providing outsourcing services to organizations overseas.

In addition, they were asked to give their opinion on which country has the most barriers and more stringent regulations for accounting outsourcing services. Members of the CA Institute were asked to indicate if there are any barriers related to language, education (recognition of diplomas) and legal requirements. “ICAI members have been invited to suggest how the CA Institute can work to reduce barriers and help facilitate the export of professional services,” sources said.

More training

They were also asked to suggest areas in which they believe training is necessary to be better equipped to face competition from foreign companies. “It would help ICAI understand the issues and challenges involved,” official sources said.

Considering the market competition in all industries, organizations are leveraging accounting outsourcing services as a smart business initiative to gain practical benefit, cost reduction being one of them. In India, financial and accounting services occupy a substantial share of total outsourcing services.

Following the practice units facing an operational outage due to the lockdown imposed by several state governments across the country due to the pandemic, the CA Institute peer review committee has now decided to grant an extension to peer review certificates expiring during the period April 1 to June 30 to July 31. As a result, the validity of such a certificate would now be considered July 31, the ICAI said.

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