Kathmandu. On the occasion of the 29th anniversary of the Institute of Chartered Accountants of Nepal (ICAN), a conference on ‘External Resource Service in Global Accounting and Finance’ was held in Kathmandu on Saturday.
The first session on ‘Global Accounting and Financial Outsourcing: Trends, Regional Outlook and Emerging Global Opportunities’ focused on the stability of the government, ease of doing business, linguistic proficiency, depth of expertise, professional competencies and cost aspects as the key drivers of the outsourcing market.
The participants were of the view that if Nepal could transform from traditional accounting to a new-age accounting system like robotic process automation, AI automation tools by investing in technology optimization, skill development, strategic leadership, etc., Nepal could position itself as a competitive nation in the global accounting and financial services outsourcing market.
The session was chaired by ICAN Chairman CA Nil Bahadur Saru Magar. David Hill, Director of Remote Services at NOW CFO, gave a keynote address on the topic.
The panelists in the session included Saroj Sapkota, Partner of AGK Partners, CA Dhawal Kumar Deepak Thakkar, Outsourcing Partner of JHS Consulting and Head of Centre of Excellence and CA Raju Gajurel, CEO of Sterling Wells.
The second session of the conference titled ‘Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO) and Information Technology (IT) Outsourcing in Nepal: Trends, Economic Impact and Policy Interventions’ discussed on existing policies, challenges, initiatives and way forward related to the BPO/KPO sector. The session, after in-depth discussions on the topics, concluded that cooperation between the government and multilateral bodies, policy reforms and stability can accelerate the development of the BPO÷KPO sector in Nepal.
In the session, CA Ananda Raj Sharma Wagle informed that the GAIN project initiated by the organization aims to create more than 150,000 jobs annually in the next decade and earn more than 6 billion US dollars in foreign exchange.
The session was chaired by Janardan Baral, Associate Editor of Onlinekhabar.com and Chief of Business and Economic Bureau. In the second session of the conference on ‘Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO) and Information Technology (IT) Outsourcing in Nepal: Trends, Economic Impact and Policy Intervention’, CA Wagle, who is also the Vice President of ICAN, presented a working paper on ‘Existing Policy, Challenges, Initiatives and Way Forward related to BPO÷KPO sector’.
The panelists of the session were Govinda Raj Acharya, Under Secretary at the Ministry of Finance, CA Bishwaraj Basaula, Financial Management Specialist of the World Bank and Gaurav Raj Pandey, Chairman of NAS IT.
In the third session of the conference, there was a discussion on Starting Small, Thinking Global: Preparing Nepalese Accounting Firms for International Outsourcing Engagements. The session focused on real-time experience sharing of professionals involved in outsourcing business in Nepal. The panel discussion concluded that Nepal’s outsourcing firms should focus on specialised service delivery, human resource development, and work culture/code of conduct rather than focusing only on bookkeeping and regular services for sustainable operations.
The third session was chaired by ICAN Council Member CA Umesh Raj Pandey. The panelists of the session included CA Pradip Aryal, General Secretary, ACAN, Rabin Katwal, Head of ACCA Nepal, CA Shankar Thapa, Director, Four Symmetrics, Ashish Acharya, CEO, Investor Friendly CPA and Ganesh Dahal, CEO, Focus Your Finance.
ICANN’s 29th anniversary celebration has been completed. Finance Minister Rameshwor Khanal, who attended the function as the Chief Guest, appreciated the activities of ICAN since its inception and highly appreciated the role of ICAN members in the improvement of public finances in Nepal.
Pointing out the need for export of services from Nepal, he said that there is a huge potential for exporting IT-based accounting services. He also said that the government has recognized the importance of Chartered Accountants by providing them access to the Government Revenue Service and Public Financial Management Service. He stressed on the need of big accounting and auditing firms that can provide international level services from Nepal and the role of accountants in controlling tax evasion.
Special Guest Shovakanta Poudel, Comptroller General of ICAN, while congratulating ICAN on its 29th anniversary, highlighted the importance of Chartered Accountants and Accountants in the financial services sector of Nepal. He further said that the implementation of the MoU between the Office of Financial Comptroller General and ICAN was significant.
Auditor General and another special guest at the event, Toyam Raya, pointed out the need to further strengthen ICANN’s regulatory roles. He emphasized on the importance of auditing in both government and private sectors, involvement of ICAN members in public sector auditing, need for performance audit and use of latest information technology including artificial intelligence (AI) along with appropriate data security arrangements for accounting and auditing purposes. He also extended his best wishes for the success of ACAN’s anniversary.
In his welcome speech, Executive Director of ICAN, CA Bimal Dangol presented a brief overview of the activities and programs conducted by ICAN in the fiscal year 2081/82.
Chairman of ICAN, CA Nil Bahadur Saru Magar shed light on the current strategy of ICAN and informed about the MoUs signed with various agencies including Global Accounting Initiative, Campus Placement Project and various agencies including Central Research Bureau (CIB), National Cooperative Regulatory Authority and Public Procurement Monitoring Office.
He also shed light on the organization’s plan to collaborate with the Ministry of Finance for the professional capacity building of the members and for the economic development of the nation.
