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Accounting and Auditing in India: ISIC 7412
- An improving economic situation fuelled demand for accounting and auditing services causing the industry to grow by an annual 8% since 2000. In 2000, B2B purchases accounted for 88% of total sales but during the decade the share decreased to 80% in 2010. The household purchases constituted 20% of total sales in 2010, increasing their spending by 14% on average per annum. In general, family business is very important in India.
- The value of local sales was INR32 billion in 2010. The largest segment consistently was tax advisory, which accounted for 39% of total turnover in 2010, down from 47% in 2000. Financial auditing and bookkeeping services generated stable share of one third of turnover over the review period, growing by an average annual 6%. Insolvency services was the fastest growing – 9% on average each year. In 2010, insolvency services accounted for 29% of industry’s turnover. Leading accounting companies in India were Jiya and Associates, Ernest Young, Chatrath Capital Services Pvt. Ltd, and MK Tyagi and Co.
- Foreign financial companies offered services to both Indian companies and private consumers. The share of imported accounting, auditing, consultancy and insolvency services was 9% in 2000, and it increased over the decade by 543% to reach 28% in 2010. The annual growth pace of imports was also an incredible 110%. The foreign trade was mostly accounted for by foreigners doing business in India for the first time, and Indians executing deals outside of the country.
- Over the review period, the number of players in the industry increased significantly and the growth is set to continue into the forecast period. The largest accountancy service provider in the world Deloitte announced its intention to invest US$100 million in Indian accounting and auditing services to expand its services in the country and increase its headcount by an additional 20% to take its total number of employees to over 18,000 by 2012. With this move, Deloitte India operations have already exceeded the projected headcount for fiscal year 2011, the company stated. Other financial services grants such as PwC, Ernst and Young, KPMG are also investing heavily in India.
- B2B costs accounted for 78% of total costs in 2010, growing by an annual 7%. 20% of total spending was allocated to remuneration, while 2% attributed to contribution to the state budget via taxes. International companies (for example, Owings Mills) considered the possibility of launching virtual audits in order to take advantage of the economical Indian labour. Other significant advantages of Indian human resources are good English skills and education. Generally, over the review period, the annual average growth rate in total costs was 5%, while turnover grew marginally quicker. As a result, the local service providers were able to increase the profitability of businesses from 17% of turnover in 2000 to 20% in 2010.
- The implementation of International Financial Reporting Standards (IFRS) in India is set to bring more revenues for audit firms, citing increased workload and complexity involved in the new accounting regime. According to the IFRS road map of the ministry of corporate affairs, firms in the 50 stock Nifty index, companies listed abroad and all firms having net worth of at least INR10 billion will have to report their financial statements under the new regime by April 2011. This means that accounting as well as auditing firms will have more work to be done and the justification for increasing their fees. Auditors are training their staff to implement this new system and expect to recover the costs in the years ahead.
With the Indian economy continuing to shift towards a higher growth trajectory and being positioned to play a greater role in the global economic arena, the importance of financial services will increase. Overall accounting and auditing services is predicted to grow by an average annual 9%. Introduction of new financial reporting standards will increase profits; therefore, more companies will be willing to enter accounting and auditing services.
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