New Delhi: Chartered accountants are the custodians of trust in the financial system and their standards should not be diluted, Vice President C P Radhakrishnan said on Wednesday.
Emphasising the importance of ethical practices, he also said that economic growth without ethics would not serve any purpose.
Speaking at the function to mark the 78th Chartered Accountants’ Day in the national capital, Radhakrishnan said the Institute of Chartered Accountants of India (ICAI) should not dilute the examination standards as chartered accountants safeguard the financial system.
“Chartered accountants are the custodians of trust in the financial system…,” Radhakrishnan said and highlighted the ICAI’s tradition of integrity, excellence, accountability and service to the nation.
ICAI has more than five lakh members. It conducts the qualifying examinations for individuals to become chartered accountants.
Radhakrishnan urged chartered accountants to ensure fair competition by protecting honest enterprises and acting firmly against unethical practices.
The ease of doing business must always operate within the framework of law and chartered accountants have a vital responsibility in ensuring that balance. Saving money at the cost of quality would be disastrous, the vice president said.
Further, Radhakrishnan said ICAI’s district-level associations should look to develop practical knowledge of products identified under the One District One Product (ODOP) initiative and such efforts would enable them to guide producers in reducing costs without compromising quality, thereby enhancing competitiveness and strengthening local economies.
The failure among the chartered accountants is the “highest minimal” due to the high standards of the chartered accountants examination, Radhakrishnan said and asserted that the standards should not be diluted.
Further, the Vice President said that chartered accountants and cost accountants should work together, whereby they can help entities in reducing their costs.
