The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants
of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Indian origin chartered accountant firms, barring certain insignificant exceptions, have proved that they had been sincerely following the basic principles of code of conduct, code of ethics and tough professional standards with independence, integrity and excellence. It has been noticed during last 3 decades a number of public sector companies, the government, large public sector banks appoint their consultants and international GAAP Auditors from among large multinational brands on the basis of their size or international experience. Even large private sector companies and institutions have an apprehension in mind that Private equity funds, venture capital fund, large investing institutions, high net worth individuals and foreign institutional investors may not give adequate weightage to Indian origin CA Firms.
It is a matter of great satisfaction that all the Indian origin Chartered Accountant Firms have gained tremendous momentum during last 10 years not only in delivery infrastructure, size, geographical spread and have gained very deep expertise, experience and technology in all professional areas. The Indian origin chartered accountant firms are fully geared up to take on any challenging consulting, taxation and audit assignment to meet to the expectations of all kind of investors & other stake holders. The Indian chartered accountant firms have very good infrastructure, library and research material in addition to very deep professional aptitude to deliver professional service in an excellent manner.
The major difference, the Indian origin chartered accountant firms are making is in their commitments to their clients' interest with complete client ownership. The clients of Indian CA firms consult them on all strategic, professional, structural, personal and even family matters. The sustained growth of the clients with full justice to all stake holders in a transparent and independent manner is the biggest asset of the Indian origin chartered accountant firms.
The Indian industrial and service sector are making large investments worldwide and in spite of their compulsion to take service from local chartered accountants/CPA, Indian origin clients are invariably taking the strategic support and professional services from an Indian origin Chartered Accountant firm. Even the large multinational corporations working in India have developed great confidence in Indian origin chartered accountant firms not only because of their professional commitment, professional capability and expertise but also because of special skill and highly efficient and effective professional technology, which Indian origin chartered accountant firms have been able to apply as an expert. The Indian origin chartered accountant firms have a special expertise in the area of audit and once a senior Indian chartered accountant reviews the financial statement, undertakes ledger scrutiny and examine relevant evidence, their professional excellence always provide a 100% guarantee against fraud, manipulation and mis-statement.
The international auditing practice and standards has been further fine- tuned by the Indian chartered Accountant firms based on complex ancient Indian accounting and Auditing techniques, technical skills inherited from thousands of years. They are able to ensure that there are no cases of fraud or manipulation which went unnoticed by them. The major difference that the Indian origin chartered accountant firms do not undertake any assignment only in a standard technical manner and actually review sampling, knowledge of business, applicable laws, internal control, delegation of powers, business processes, business acumen and dealing with highly confidential areas with unmatchable knowledge and skill of Indian origin chartered accountant.
Indian Prime Minister Honourable Shri. Narendra Modi has recently observed
"Indian Government as well as Indian Companies and all other businesses have complete faith in Indian Chartered accountants because of their professional approach and commitment to serve efficiently and effectively."
The Indian origin chartered accountant firms need to come together and communicate their tremendous strength and advantages, as a class to not only international investors and multinational companies but also among Indian entrepreneurs, banks and institutions providing equity fund, venture capital fund and alternative investment fund, media, government and thinkers with various intellectual forum about deep expertise and capability of Indian origin chartered accountant firms as well as Indian chartered accountants.
The Chartered Accountant in Industry and CFOs have a special role in having confidence on Indian CA firms and to effectively communicate this without hesitation as they will gain the maximum respect and support from Indian CA firms as a team to efficiently and effectively resolve all their issues.