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NT Bureau
Chennai, Jan 12:
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organised by the Institute of Chartered Accountants of India (ICAI) at Kamaraj Arangam in Chennai yesterday. International Federation of Accountants (IFAC) president Fermin del Valle, ICAI president T N Manoharan and its secretary Ashok Haldia are also seen. |
'For the entire gambit of economy, chartered accountants, not confining only to public and private sector, should play a meaningful role in social and cultural development of our country', Deputy Chairman in the Rajya Sabha K Rahman Khan has said.
He was inaugurating a three-day International Conference on the theme 'Role of Profession in New Milieu', organised by the Institute of Chartered Accountants of India (ICAI), at Kamaraj Arangam, here, yesterday.
Hailing the ICAI for its credibility in shaping and strengthening the profession within India and globally, the Deputy Chairman said ICAI would help make the chartered accountants interact with the other professionals from various countries.
He also said the country needed more qualified chartered accountants to face the challenges of the next decade despite the present figure of 1.30 lakh.
'There is no transparency in government expenditure system since it has no checks and balances, and is almost outdated', Rahman Khan said, adding that the pro-active role of the chartered accountants should be responsible in setting up standard for accounting system so as to supplement the effect.
Being a Parliamentarian for 14 years and also as a chartered accountant, he said, 'millions of rupees were being wasted (say 25- 35 per cent government expenditure) without reporting to Parliament or people. I am not blaming the government but I feel a sense of concern as a common man.'
Saying that the Comptroller and Auditor General of India had not been undergoing changes for the past 50 years, the Deputy Chairman expressed the need to correct the faulty reporting in expenditure system of the government.
President of International Federation of Accountants (IFAC) Fermin del Valle said the role of ICAI was to set up the accounting and auditing standards at the global- level.
ICAI president T N Manoharan said that in the globalised era, acceptance of uniform globalised standard in accounting as well as in assurances seemed inevitable.
'Every elected representative is an ambassador of the profession and more often than not the image of the profession is judged based on the stature and conduct of the representative', he added.
Stating that morality cannot be legislated but conduct can be regulated, Manoharan said the demonstration of independence and ethics assumed greater significance in the globalised situation.
ICAI secretary Ashok Haldia,
its vice-president Sunil Talati and SIRC chairman M Kandasami also participated.