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Newly-elected office-bearers of the Institute of Chartered Accountants of India (ICAI) on Tuesday spoke of the imminent need for accounting professionals to maintain high standards and get back the trust of the people.
The first-ever President of the ICAI to be elected from erstwhile Andhra Pradesh, M. Devaraja Reddy and vice-president Nilesh S. Vikamsey on Tuesday said society’s perception of an auditor’s signature on balance sheets was being challenged. “Every signature of ours is going to be under scrutiny and our relevance is at stake,” they said, adding that it was the collective responsibility of accounting professionals to respect their own signatures first, considering the economic, financial and social ramifications, they said.
On the sidelines of a rousing reception accorded to Mr. Devaraja Reddy as the first professional from the Hyderabad Branch of ICAI to be elected President, since ICAI’s inception in 1949, he said he would be working on coming up with a vision document. “It will include initiatives aimed at helping poor students to access accounting education so that they could become CAs. We will come up with a document that will specify what is right for our profession,” he said.
The implementation of the new Indian Accounting Standards for companies with a net worth of Rs. 500 crore and above from the financial year 2016-17 presented a great opportunity for accounting professionals, said the newly-elected Vice-President, Nilesh S. Vikamsey.
‘CAs must maintain high standards’ - The Hindu
The first-ever President of the ICAI to be elected from erstwhile Andhra Pradesh, M. Devaraja Reddy and vice-president Nilesh S. Vikamsey on Tuesday said society’s perception of an auditor’s signature on balance sheets was being challenged. “Every signature of ours is going to be under scrutiny and our relevance is at stake,” they said, adding that it was the collective responsibility of accounting professionals to respect their own signatures first, considering the economic, financial and social ramifications, they said.
On the sidelines of a rousing reception accorded to Mr. Devaraja Reddy as the first professional from the Hyderabad Branch of ICAI to be elected President, since ICAI’s inception in 1949, he said he would be working on coming up with a vision document. “It will include initiatives aimed at helping poor students to access accounting education so that they could become CAs. We will come up with a document that will specify what is right for our profession,” he said.
The implementation of the new Indian Accounting Standards for companies with a net worth of Rs. 500 crore and above from the financial year 2016-17 presented a great opportunity for accounting professionals, said the newly-elected Vice-President, Nilesh S. Vikamsey.
‘CAs must maintain high standards’ - The Hindu
