Of course it is, and every lobby body, and that is really what the ICAI is, would try and protect its turf. What is galling is the fact that the move will hit the very Indian accountants whom ICAI represents.
Today, one of the fast-growth sectors in what is come to be known as the Business Process Outsourcing (BPO) boom is that of accounting services.
General Electric has a 1,500-strong team of accountants and finance specialists in its India office, and these people look after billions of dollars of intra-GE transactions every day.
If companies like GE are using local Indian accountants to do their in-house work, it is only one step away from doing full-blown audit work.
Just like Indian IT professionals living in the US, or going on H-1B visas, have been the best advertisement for India
