Saarc nations plan joint accounting services

In the not too distant future, accountants from India, Pakistan, Sri Lanka and Bangladesh could come together under a common brand name to pitch for global accounts.

"By networking among themselves accounting professionals in South Asian Association for Regional Cooperation (Saarc) countries can organise themselves under a common brand name.

"The idea emerged from the fact that Saarc countries are getting offshore work in accounting and legal services. Using tie-ups and common branding strategies, firms can leverage regional skills and cost competitiveness to the maximum in outsourcing professional services related work," Sunil Goyal, president of Institute of Chartered Accountants of India (ICAI), told Business Standard.

The South Asian Federation of Accountants (SAFA), at its recent meeting in Colombo, has formed a working group under the ICAI to suggest steps for networking among accounting professionals of Saarc nations.

ICAI has already approved the scheme for networking between Indian accounting firms. SAFA has also decided to carry out a comparative study of students' training structures in different South Asian countries. A model training framework will be formed based on the study to facilitate a common training and education system.

"The aim is to make reciprocal membership between professional accountancy bodies at the regional level easier," Goyal added.

Further, a decision has been taken to study the research initiatives by member accounting bodies.

Common cause

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• Accounting firms in the Saarc seek to leverage common strengths to bag outsourcing deals
• A working group will suggest steps for networking among accounting firms in the region
• In January 2005, SAFA will finalise proposals to position itself as a more proactive regional accounting body