Shri Sharad Yadav, Minister for Food and Consumer
Affairs has asked the Chartered Accountants to strive for bringing
accounting and financial reforms in their efforts, particularly
in case of municipality and tertiary level accounting and financial
reporting. He said that it would lend the Government a helping
hand in finding out the remedies to the problems faced by the
different quarters of the economy. Speaking at the Valedictory
Function of the 15th All India Conference of Chartered
Accountants, which was organized by the Institute of Chartered
Accountants of India (ICAI) here today, Shri Yadav said that the
credibility of not only an enterprise but the entire nation was
critically dependent on the work of the accountants.
Shri Yadav refereed to several proactive
initiatives taken by ICAI in the wake of fast-changing economic
scenario and hoped that it would make Indian accountant enable
to meet the emerging needs of the Indian economy. The Minister
suggested that the recommendations of the Naresh Chandra Panel,
set up by the Government to examine various issues relating to
corporate governance, should be thoroughly examined by the Institute
and the outcomes should be used in further strengthening of the
existing audit function. "Considering the internationalization
of trade and commerce and the global dimensions in which modern
companies operate, it is important to ponder at the harmonization
required in the financial reporting requirements and techniques",
he added.
Shri Yadav appreciated the role of the Chartered
Accountants and said that they are the key instruments to the
process of the economic growth. He described the phenomenal growth
of this profession as a reflection of the confidence and trust
which the industry and public at large has in them. He complimented
the ICAI for the successful completion of the Conference.
