India could emerge as one of the preferred destination for accounting and related job outsourcing in one to three years.

Addressing the 26th Regional Conference of the Institute of Internal Auditors of India, Roopen Roy, managing director, PricewaterhouseCoopers Pvt Ltd said, "India had the potential of being one of the most preferred destination for companies looking for accounting job outsourcing to other countries. This could also provide tremendous employment opportunities in India."

He said there was a huge shortage of accountants around the world specially in the developed countries.

The demographics of European countries as well as America, and Japan had led to this, like the declining birth rate in these countries over the years. Accounting professionals in these countries in the last five years have lost credibility and trust.

There has also been a movement from this profession to other jobs in these years, which has led to shortage of trained people in the segment in developed countries.

Citing an example, Roy said, "If one talks to any international firm one finds out that they have been recruiting people from India in their organisation."

Roy said the popular IT model of outsourcing can also be applied to this segment.

Offshoring of accounting to India could also result in huge cost savings to these foreign companies and this could be a better cost model where accountants in India will be able to audit firms in these countries, he said.