Accountancy is a well reputed Profession from the beginning although it passed through some ups and downs. Modification and Innovation is the key to succes s for this profession. When the way of doing business is changed then, automatically it also demands the change in Accountancy Methodology. Earlier, there we re some local standards for different regions and countries then gradually this practice was changed with the effort of IASB (International Accounting Standards Boards) and GAAP (Generally Accepted Accounting Practices).
Now, there are many treaty signed and Accountants are agreed to implement same nature of standards all over the world. For this purpose IFRS (International Financial Reporting Standards) have been introduced these standards made accountancy more Transparent and Portable. Now a Chartered Accountant can prepare and analyze Accounts under one Umbrella because all accounts are homogeneous worldwide.
Accounting Outsourcing Services are very beneficial for the Accountants and as well as for the companies because they don’t need to hire people at more price and training could also be avoided. Many Chartered Accountant firms which have large number of clients may face workload and could affect their quality o f service. For the avoidance of such scenario these large accounting firm further pass on or outsource their work to a small or medium sized firms. Again decision will be made according to the nature of work to be transfer.
That is how Workload of large firms will be transfer to small or medium sized firms and balance of the economy will maintain. Otherwise, there will be no balance and this could result into Monopolistic environment. On the other hand it will negatively affect the accountants in industrial sectors because more outsourcing could result into no work and no work means idle staff. Idle staff will be made redundant and there will be unemployment which will ultimately demolish the reputation of accountancy body.