Indian chartered accountants are working for international clients. Accounting, software and medical transcription are the jobs that are dominating the outsourcing industry. The KPO industry is for financial research, risk management, taxation, valuation services, accounting services, legal process outsourcing, market research, Intellectual property research and management, data analytics and business intelligence. The KPO industry leverages the analytical skills, financial knowledge and strategic planning of a chartered accountant.
As the demand for chartered accountants is increasing day by day, ICAI is constituting the aggregation of CA firms. The ICAI is working for the capacity building of professionals and technological advancement in the accountancy profession. ICAI president Ranjeet Kumar Agarwal said that the government expects growth in the accounting and auditing profession. He says that small partnership firms grew into big partnership CA firms with the idea of capacity building. He says that the proprietorship firms in India are around 75,000, and the proprietorship firms in India are around 25,000. Partnership firms grow to international standards only with the guidance of ICAI. ICAI is focusing on tools, technology, regulation and capacity building. The blog walks us through the life of a chartered accountant, opportunities to CA in the KPO industry, the growth of CA firms, CA firms offering international services and the functions of committees for aggregation of CA firms.
Opportunities for CA in KPO:
Chartered accountants work in the following positions and serve international clients through KPO. CA firms also offer services to international clients.
Financial research:
Chartered accountants have specialised courses on equity research. The course helps conduct equity research for international clients. The new CA syllabus has multidisciplinary subjects with strategic management-based case students. The chartered accountants with knowledge in equity research and strategic management work for international clients.
Risk and compliance management:
Chartered accountants learn about risk management in specialised courses. Paper six of the CA final teaches about business case studies and risk management. It is an open-book examination. Chartered accountants adhere to the international regulatory standards and provide consultancy for international clients.
Accounting services:
Chartered accountants understand the basic accounting principles and manage the financial records of international clients. The reporting standards vary in different foreign countries. Chartered accountants learn the financial reporting system and increase the efficiency of financial processes.
Taxation services:
Chartered accountants learn about international taxation in CA final. Chartered accountants advise in transfer price, and cross-border financial transactions, assist in international tax calculation and resolve the tax issues.
Business intelligence services:
Chartered accountants have the potential to do a competitor analysis and advise international clients on growth opportunities. Chartered accountants do strategic analysis and discuss the insights of the reports.
Data analytics:
Chartered accountants conduct system audits after taking the DISA course. The DISA course is for conducting bank audits. The professionals understand the financial data, decision-making, and performance through data analytics.
Valuation services:
Chartered accountants handle the valuation services. The various types of valuation services are as follows: acquisitions, mergers, investments, IP portfolios, commercialization strategies, IP infringement cases, intellectual property valuation, asset valuation, and due diligence process.
CA firms offering international services:
Globalisation is the concept that is bridging the gap between Indian and international businesses. Indian CA firms are offering services to certified public accountant firms in Europe, Australia and the USA. The international relationships educate the competencies and values. The reasons for the outsourcing process from CPA firms to Indian CA firms are listed below:
Cost management:
Indian firms offer services at Indian rates. CA firms help international CPA firms to reduce operational costs.
Quantum of work:
CPA firms take care of different business needs. The workload is high in the official season. Companies want to complete the work and send the deliverables on time. Indian CA firms help the companies to complete the job on time.
Focus towards the main auditing work:
By outsourcing the less confidential work, CPA firms concentrate on the main auditing work. The round-the-clock service from the Indian CA firms helps manage the work in terms of quantity and quality.
The committee for aggregation of CA firms:
The committee for aggregation of CA firms works under the chairmanship of CA. Sanjay Kumar Agarwal. CA. Vishal Doshi is the vice chairman of the committee. CA. Ranjeet Kumar Agarwal is the president of the committee. CA. Charanjot Singh Nanda is the vice president of the aggregation of CA firms committee.
The following points explain the functioning of the committee. The committee will lay down the procedures and guidelines to promote the CA firms.
• The committee of aggregation of CA firms aim to support and grow the Indian CA firms. ICAI president Ranjeet Kumar Agarwal said that the suggestions of the committee will increase the number of mergers, acquisitions, aggregation of CA firms, outsourcing business and tie-ups with international clients.
• The president said that the committee make changes to the regulations also. The regulations are analysed to help the smaller firms grow bigger.
• ICAI president said in a statement that the total number of CAs is four lakh. The number of practising CAs stood at 1.6 lakh. In the partnership firms, some firms have two or more partners. Some firms have over ten partners. The committee help to create a tie-up between proprietary firms and partnership firms. The resources and skills work together to grow the CA firms in size.
• Agarwal said that the listed and unlisted companies should conduct peer reviews for financial accountancy. This review process is to certify the process of financial accountancy. Currently, the peer review is only for the listed companies.
Final Thoughts:
The committee for aggregation of CA firms help promote the Indian CA firms. Chartered accountants working in Indian CA firms scale up their skills to the changing dynamic needs of the job market. Globalisation increases job opportunities and the quality of services.