Business & Finance
ICAI Emphasizing the Consolidation of CA Firms to Meet Increasing Global Accounting Needs
In response to the increasing demand for accounting services from overseas, the Institute of Chartered Accountants of India (ICAI) is focusing on aggregating CA firms to meet the needs of international markets. The Committee of Aggregation of CA Firms has been formed by ICAI to develop operating procedures and guidelines for creating large firms that can compete on a global scale.
ICAI President, Ranjeet Kumar Agarwal, highlighted the trend of outsourcing accounting work to India due to the availability of skilled chartered accountants and cost efficiency. He emphasized that India is becoming an “accounting hub” for the world, with young chartered accountants handling a significant amount of accounting work for international companies from within the country.
To address the growing demand for overseas accounting services, ICAI is promoting the aggregation of CA firms and providing tools like artificial intelligence for efficient use in the industry. The goal is to facilitate capacity building and enable small partnership firms to grow into larger entities to better serve the international market.
Currently, there are approximately one lakh CA firms in India, with 75,000 being proprietorship firms and 25,000 being partnership firms. The focus on aggregation and capacity building is seen as a strategic move to position Indian CA firms as major players in the global accounting sector.
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