Govt eyes rejig of rules to help audit firms go global

LESSER HURDLES

- MANU KAUSHIK

INAMOVE to promote domestic audit and advisory firms to grow big in size, the government is planning changes in the relevant rules to modify the definition of “accountant” for the purpose of Safe Harbour rules that will facilitate chartered accountancy (CA) firms to offer different services to global clients with lesser regulatory hurdles.

“The tweaks in the definition can hugely benefit Indian audit and advisory firms since Safe Harbour rules determine who can provide cross-border accounting, costing and related services with predefined margins and tax certainty. Broadening of the definition would allow more Indian firms to qualify for these activities,’ an official told FE.