18th November 2015
Membership in India reinforces our status as a top ten accounting association in the sub-continent.
International Accounting Bulletin (IAB) ranked us as the sixth-largest accounting association in India by fee income, as revenues hit 193.4 million rupees, or around $3 million last year.
Firms in India expanded by ten per cent to see our association become the seventh largest association by staff numbers. Within this, the number of partners rose from 12 in 2013 to 17 in 2014.
MGI’s Asia circle leader, Deepak Goil of Bangalore-based Tambakad & Goil, spoke to IAB about the progress made recently.
He believes it’s not been an easy time for accountants in India, but the industry is reacting positively to various changes, particularly around increased measures to tackle corruption.
“The Ministry of Corporate Affairs is likely to notify soon the threshold and the rules for flagging corporate frauds to the government, although the threshold is expected to be in line with the framework suggested by the Institute of Chartered Accountants of India (ICAI),” he told IAB.
“Any fraud below the threshold limit will have to be reported to the company’s audit committee and its board and ICAI has already issued a guidance note in this regard.”
But he also told IAB that tougher disclosure and reporting requirements is making the role of accountants more challenging.
“Disclosure requirements are onerous, even for small, privately owned companies with closely held shareholding,” added Goil.
MGI Worldwide is a global network of accounting firms with over 5,000 professionals in 321 locations worldwide.
To learn more about our regional network of accounting firms in Asia, go here