Chartered accountants from India are topping most-desired lists of American accounting firms. The firms are seeking to hire those Indian accountants with good English communication skills reports the Times of India.
Referring to an exclusionary request from U.S. accounting firms, Sunil Talati, central council member of the Institute of Chartered Accountants in India (ICAI) speaking in the Times of India said, “A lack of proficiency in English and poor presentation skills of graduates from all universities in Gujarat are primary reasons.” “Communication skills were found to be poor in CAs across India, with Gajarat faring worse than others,” said Jayesh M. Shah, chairman of the Ahmedabad branch of ICAI, also speaking in the Times of India.
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The Times of India reports that with the passage of the Sarbanes-Oxley Act, workloads have increased and caused a talent shortage leading the Big Four U.S. accounting firms to only seek candidates in “English-speaking” cities such as Mumbai, Chennai, and Bangalore.
Three years ago, ICAI initiated the General Management and Communication Skills capsule as a required part of the curriculum for Chartered Accountants. The ICAI regulates the profession of Chartered Accountancy in India. The organization has initiated this and other educational activities to keep up with international developments economics, trade, and industry.
ICAI has given institutional and technical support to the establishment of the Institute of Chartered Accountants of Nepal. ICAI have also helped other CA organizations in Mauritius, Oman, Sri Lanka, and has opened an office in Dubai to facilitate activities in the Middle East.
The ICAI also has a Memorandum of Understanding with the Chinese Institute of Certified Public Accountants for support in areas of peer review, financial report review, and post qualification courses according to News Today. ICAI will have an agreement with the Institute of Certified Public Accountants of Singapore soon with the signing of the Comprehensive Economic Cooperation Agreement between India and Singapore.
In related Indian accounting news reported in Rediff, the Delhi high court issued a notice responding to a petition filed by the Bar Council of India to permitting only chartered accountants and cost accountants to “carry out” their profession. The petition also sought to allow only accounting professionals to appear before the Income Tax Appellate Tribunal and the Appellate Tribunal Sales Tax. In filing the petition, the Bar Council sought to maintain the high standards in the accounting profession.
Rediff reported that the petition read, “If the interim orders are not passed, then irreparable loss and damage will be caused to the litigants. It will be detrimental to the interests of the profession.”