January 11, 2002
‘7’
LAW MINISTER INAUGURATES REGIONAL CONFERENCE OF CHARTERED ACCOUNTANTS
The Union Minister of Law, Justice and Company Affairs, Shri Arun Jaitley sought the cooperation of the accounting profession in meeting the challenge to the sovereignty of India, challenge of alleviation of poverty and removal of cynicism of our people by generating resources for a faster development of nation. Inaugurating a two-day Regional Conference of Chartered Accountants of the Northern India Regional Council of the Institute of Chartered Accountants on Accounting Profession---The Path Ahead here today, Shri Jaitley said that the role of Chartered Accounts was changing in tune with the emerging globalistion of Indian economy.
Talking of changing economic scenario and evolving role of Chartered Accountants, the Law Minister called for labour law reforms to evolve efficiency, economy and cost-effectiveness by shunning our hostility to efficiency, removal of over-sized establishment and pro-labour mind set. The Minister was appreciative of the changing role of judiciary vis-a-vis economic policy. He referred to the judgement of the Supreme Court of India in BALCO disinvestment case that courts would not interfere in Government’s economic policy.
The Law Minister stressed the need for creation of a new ambience of ethical business in the country and appreciated the role of the Institute of Chartered Accountants in upholding moral and ethical values for the accountancy profession, which should help other professions to emulate them.
The Minister of State in Prime Minister’s Office, Shri Vijay Goel, in his address, said that Chartered Accountants played key role in the business world under World Trade Organization regime. He called upon the accountancy profession to maintain standards of excellence. He also suggested that Chartered Accountants be made responsible for financial scams and evasion of taxes by the corporate sector besides making all Ministries auditing of accounts by Comptroller and Auditor General (CAG) with the involvement of Chartered Accountants.