India could become the preferred destination for accounting related job outsourcing in one to three years. This statement was by made Roopen Roy, managing director of PricewaterhouseCoopers, in the 26th Regional Conference of Internal Auditors of India. Roy said, "This could also provide tremendous employment opportunities in India."
According to Roy, there is a global shortage of accountants especially in developed countries. Demographics and a movement away from the accounting profession have led to the shortage in European countries, America and Japan. In the last five years, accounting professionals in these countries have lost credibility and trust.
Roy said that the IT model of outsourcing could be applied to the outsourcing of accounting as well. This could become a better cost-model wherein accountants in India would Audit foreign firms. Roy added, "This is where India will have to snatch the opportunity and create itself a leader in the segment through IT and IteS."
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