Exporting accounting services: the CA Institute wants to remove “barriers”

The CA Institute wants to make it much easier to export 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 input from its members on the kind of barriers they face when providing outsourcing services to organizations overseas.

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

More training

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

Considering the market competition among industries, organizations are leveraging accounting outsourcing services as a smart business decision to gain practical advantage, cost reduction being one of them. In India, finance and accounting services occupy a substantial share of total outsourcing services.

Following 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 board has now decided to grant an extension to peer review certificates expiring during the period April 1 through June 30 through July 31. As a result, the validity of this certificate would now be treated as July 31, the ICAI said.

Kristan F. Talley