In a rapidly growing interdependent global economy, the Indian audit and secretarial business needs to globalise. Explain (200 Words)
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IAS Parliament 5 years
KEY POINTS
· It is in the best interest of Indian firms to globalise by adopting best practices, state-of-the-art technology and invest in people, rather than resisting international networking, especially when we have one of the best talent pool.
· If the Indian chartered accountant (CA) firms, in their own right, aspire to have a global presence, it may be necessary to adopt the internationally accepted and applied policies under the laws of the country.
· Indian CAs and company secretaries (CSs), too, should be allowed to perform advertising and marketing activities that do not bring the profession into disrepute.
· In such activities, the professional advertising should be honest and truthful, and not make exaggerated claims for the services offered, qualifications possessed, or experience gained, or make disparaging references or unsubstantiated comparisons to the work of a fellow professional.
· Indian audit and secretarial firms need to equip themselves to manage stakeholder expectations, disclosure of financial information, and global accounting practices, as domestic companies are looking to move beyond the country.
· A government-appointed committee of experts (COE) in its report on Regulating Audit Firms and the Networks last year also held out similar views, concluding that branding with international networks would increase the competitiveness of Indian audit firms.
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IAS Parliament 5 years
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Shivangi 5 years
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IAS Parliament 5 years
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IAS Parliament 5 years
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