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Foregin Audit Firms

CMA Arif Farooqui (Cost Accountant) (4798 Points)

04 September 2010

World is become a global Village.

Central Government is thinking whether to allow Foreign Audit Firm to do work in India or not.

Lets have a opnion of 400000+ Finance Professional.

those who are in favor or in against of this proposal, give reply with proper reason.

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18 Replies

nandini mishra (individual) (592 Points)
Replied 05 September 2010

i am not satisfied to allow foreign audit firm to do work in india. in our country there is a lot of professionals who are facing unemployment or they are working in low salary why the government in not thinking about the uilization o its own man power, why thinking to hire the same from outside the country.

CMA Arif Farooqui (Cost Accountant) (4798 Points)
Replied 05 September 2010

it will open door for Indian Professional too in outside India.

1 Like

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26258 Points)
Replied 05 September 2010

If one is not expert in his field; then ultimately one day he will not survive.

A qualified person gets low salary because he has not sharpen his various skills and has not updated himself regarding various professional issues.

Let foreign firms come; presently employed CA will also get more salaries than now.

Ask why ?

Because without the help of local persons; they would not be able to run their firms. These foreign firms work in some system which is not followed here in India by most of the CA firms.

Further; there is a tendency of Indian public to pay more for foreign item than the item which is made in India.

Mera Bharat Mahaan !!

1 Like

Faiz Ahmed ( Article Trainee) (1731 Points)
Replied 05 September 2010

I personally feel Foriegn Audit Firms should be allowed .

Why we feel awake and arise, when someone poke by his skills/talents and feel jealous??

Why we don't try to develop ourselves beforehand??

It is a great tragedy in India, when only incident happens everyone gets awake from slumber along with some blame game.

After all, Charles Darwin Survival of Fittest Theory says--- Only that creature will survive who is competent and adapt to changes in its environment.

Do not worry, sooner or later we will be allowing Foriegn Audit Firms. It is taking time because our mahaan aatma politician is not yet blessed with some soft papers.

Develop your skills and focus on overall development of society at large rather than personal development.

1 Like

CMA.Devarajan Swaminathan (ACMA) (1067 Points)
Replied 05 September 2010

Hello Arif,

Thanks for inviting me to comment. However, I really do not have much to comment on this topic, as it impacts basically ICAI, their members and students. Its their call.

Satyan Rohilla (CA (Final) Student) (119 Points)
Replied 05 September 2010

CAs are normally underpaid for the skills they posses as compared to MBAs. Allowing foreign firms to work in India will definitely benefit Indian CAs and there chances of working outside India will also increase.

But I think the work culture of foreign firms can hamper our CAs life negatively. Due to which I say BIG NO to foreign firms.

Chandan Singh (Professional) (270 Points)
Replied 05 September 2010

I THINK ALLOW THE FOREIGN CA FIRM BECAUSE IF THEY ARE NOT ARGUE WHEN THE INDIAN CA FIRM ARE AUDIT THEIR .. THEN HOW WE SAY NO.....

Satyan Rohilla (CA (Final) Student) (119 Points)
Replied 05 September 2010

Chandan,

They dont argue because they are in shortage of good CAs....

They don't have sufficient no. of professionals to get their work done....

Akhilesh (Trainee) (43 Points)
Replied 05 September 2010

Yes.........We should allow them. It will affect the client base of Big-4 only. It will not having any impact on CA firms and proprietors because of the low fees which they charge to their clients.

CMA RV Padmakumar.A (Practicing CMA and Registered Valuer (S&FA) ) (1440 Points)
Replied 05 September 2010

Originally posted by : Akhilesh
	Yes.........We should allow them. It will affect the client base of Big-4 only. It will not having any impact on CA firms and proprietors because of the low fees which they charge to their clients.

CA kuldeep kothari (own practice) (375 Points)
Replied 05 September 2010

no,A very big no! and if allowed thn there should be some strict regulation which protect indian ca's interests.

Venkat M (FCA) (133 Points)
Replied 05 September 2010

Smaller firms and proprietors might not get affected. But bigger indian firms will definitely loose big corporate clients to these foreign firms sooner or later ... and with their money and cartel power, they will soon share plum govt audits amongst themselves . I have already seen a big local firm with 11 partners in Chennai losing its corporate clients one by one to the big 4 firms.

SIVARAM CHOUDHURY (OWNER) (182 Points)
Replied 06 September 2010

In my view, Foregin Audit firms should be allowed in India. The reasons being:

1. The name and the chief's of the firms may come from abroad. This leaves the whole audit to be carried out by Indian partners, audit managers and paid assistants and also you can do the articleship in the International firms directly;

2. As evident, practically not every foreign firm will come to India. That means only the biggest ones will come, based on the Indian rules how can they take all the audits. As correctly said small firms have nothing to loose. And if the Indian clients want better level of service than they will pay higher fees to either the foreign firms or to the Indian foreign firms;

3. And please remember we may claim to be the best, but why are we oposing too see what the developed countries' CA firms are up to. May be, we also get something to learn from them.

4. However ICAI also ensure that as they are being recongnised in our country in the same way Indian CAs should also be recognised in their country. It should be give and take.