Opportunities for Chartered Accountants in

Transcript:Opportunities for Chartered Accountants in:
Opportunities for Chartered Accountants in Outsourced Financial activities CA Parthasarathy K CA Veena Venugopal TOPICS COVERED Basics- Outsourcing & Offshoring Benefits Services that can be outsourced Services relevant to Chartered Accountants Services elaborated : Audit & Assurance Taxation Consultancy services Potential Benefits for Chartered Accountants Outsourcing & Offshoring Outsourcing is the practice of hiring external service providers or third-party firms to handle specific business functions or processes that were previously performed in-house. Offshoring involves moving your operations, processes, or services to another country. Outsourcing & Offshoring BENEFITS BENEFITS Cost Savings Access to Expertise/Global talent Focus on Core Business/Activities Enhanced Efficiency Audit support Regulatory compliance Taxation Research & Development Data & Analytics Education & Training Project Management Financial planning & advisory Risk Management & compliance Business Valuation & Due Diligence What all can be outsourced? Accounting & Book keeping Payroll processing AP, AR management Human Resources services Training & development IT support & helpdesk Data backup and recovery Customer support Marketing & social media management Consulting Services Legal Services Admin Services SERVICES NOT EXHAUSTIVE ! Accounting & Book keeping Payroll processing AP, AR management Human Resources services Training & development IT support & helpdesk Data backup and recovery Customer support Marketing & social media management Consulting Services Legal Services Admin Services Many of them are relevant to Chartered Accountants ! Audit support Regulatory compliance Taxation Research & Development Data & Analytics Education & Training Project Management Financial planning & advisory Risk Management & compliance Business Valuation & Due Diligence What all can be outsourced? NOT EXHAUSTIVE ! Compliance audits (tax, regulatory) Ensuring that organizations comply with relevant laws, regulations, industry standards, and contractual obligations. Includes tax compliance, environmental regulations, labor laws, anti-money laundering (AML), etc. External audits for clients Review and audit of financial statements (compliance with accounting standards like IFRS, GAAP) Verification of the accuracy and completeness of financial reporting. Working paper documentation Audit & Assurance Services CA’s with knowledge of IT systems, cybersecurity, and data privacy laws can specialize in IT audits. Indirect tax (VAT/GST) Services include tax compliance, filing VAT/GST returns, advising on exemptions, tax credits, and helping businesses comply with indirect tax regulations. International taxation and transfer pricing Tax return filings Cross-border tax issues such as double taxation, tax treaties, foreign income taxation, and withholding taxes. TP - determining the prices at which transactions between related entities should be conducted for tax purposes Corporate tax compliance and