Accounting firms eyeing India

[OhioChick]

Mumbai March 13, 2007


When Control Solutions, one of the biggest accounting firms in the US dealing with Sarbanes-Oxley (SOX) accounting compliance procedures, wanted to recruit accountants for its expanding practice, it looked at Enabilizer, a New Delhi-based accounting outsourcing firm.

The two signed a joint venture agreement on February 22 that allows Control Solutions to outsource its SOX work to the Indian JV.

Rain, a mid-sized South African accounting firm, chose to hire six experienced senior staff from its network partner in India, the Mumbai-based Chokshi and Chokshi for two years.

The firm is facing an annual attrition rate of nearly 50 per cent. Rain and Control Solutions are among the growing breed of accounting firms that looking at India to outsource their work, both on-shore and off-shore. The reason - a looming global shortage of accounting professionals, especially in the US and Europe at a time when accounting regulations are becoming more stringent there.

Akshay Bhalla, CEO of Enabilizer estimates as much as 60 per cent of the F1 visas to the US in the next few years would be cornered by the financial & accounting (F&A) segment, especially as the quantum of on-shore work goes up. Says James Mendelsohn, CEO of MSI, a global network on accounting firms with 250 members, “In the US, the number of students going into accounting fell drastically in the wake of the Enron collapse.”

http://www.business-standard.com/common/storypage.php?autono=277510&leftnm=1&subLeft=0&chkFlg=

:eyes:

[Deja Q]

1. I find that hard to believe; lots of people are going to school for accounting...

Especially insurance...

Enron has nothing to do with it. BEING CROOKED DOES.

[papau]

2. like there are a lack of qualified US folks that could do the job ? What bull n/t

n/t

[reprobate]

3. Only a lack of US folks willing to work for slave wages.

[OhioChick]

4. I had a response

but lost my train of thought after reading your signature line!

"They Call Him "W" So He Can Spell It."

LMAO...:rofl:

[ChromeFoundry]

5. Huh, a decline in Accounting students since Enron??? BS...

St. Louis Business Journal
March 2, 2007
by Frank Fuerst

In the wake of efforts by state and national associations to educate high school students about the accounting profession, an increasing number of area college students are majoring in accounting.

Nationally, 6 percent of college students studied accounting in 2005, compared with only 1 percent in 2001, said Dawn Martin, director of marketing for the Creve Coeur-based Missouri Society of Certified Public Accountants (MSCPA).

More...