Limited Liability Partnership to encourage domestic CAs to go global
September, 13th 2008
India will have its brand of global chartered accountancy firms like PwC and Ernst & Young, following passage of the Limited Liability Partnership (LLP) Bill, Corporate Affairs Minister Prem Chand Gupta said.
"LLP has been brought and now CAs can have as many partners in their firm as they want, similar to other firms like Ernst & Young, PwC, so that they can also spread their firms across the globe," he said.
They will also be able to pursue multi-disciplinary activities in a single firm, acting as one-stop service centre, he added, while laying the foundation stone of Centre of Excellence envisaged here.
The bill, which proposes to remove the cap on the number of partners a firm can have, is expected to be passed in the coming session of Parliament, Corporate Affairs Secretary Anurag Goel said.
Accounting regulator ICAI is opening Centre of Excellence for providing campus training to students and to meet the growing demand for accounting and finance-related knowledge across the globe.
Gupta justified the need of such centres in the ever-growing competitive environment and said it will polish students and enable them to compete with students of IITs and IIMs.
"This centre will provide training to chartered accountants and help them get their due recognition, which they are not getting right now," he added.
While laying the foundation stone, Rajasthan Chief Minister Vasundhara Raje said with the land being given, the ICAI should take into account the corporate social responsibility involved.