January 12, 2002

‘7’

    The Secretary, Department of Company Affairs, Shri Vinod Dhall has said that Chartered Accountants should adjust themselves to the ever-changing profile of the Corporate Sector under the WTO regimen, which provides for corporate governance, social responsibility and it was in this context that the role of Chartered Accountants assumed importance. Delivering valedictory address on conclusion of two-day Regional Conference of Chartered Accountants under the auspices of the Northern India Regional Council of the Institute of Chartered Accountants of India on Accounting Profession – The Path Ahead, here today, Shri Dhall pointed out certain areas of concern under WTO and sought the cooperation of Chartered Accountants in assisting the Government to face the upfront challenges of emerging globalisation.

    Shri Dhall lashed out at Chartered Accountants in the area of corporate governance, generation of employment, compliance of laws and profitability of Indian corporates stating that the profession of accountancy could not escape responsibility in this regard. He cited the cases of large number of vanishing companies, non-banking financial companies and plantation companies which have defrauded a large number of investors of their hard-earned savings. Chartered Accountants could not escape responsibilities in such matters.

    Talking of the importance of the profession of Chartered Accountants and the role of the Institute of Chartered Accountants of India, Shri Dhall said that Department of Company Affairs often sought its advice in the management of Government finances. He complimented the profession and asked them to rise to the occasion in meetings the challenges of emerging globalization of Indian economy and integration of economic and services sectors.