PM Outlines the Important Role of Chartered Accountants Worldwide

Amidst roll out of the Goods and Services Tax (GST), Narendra Modi addressed a huge number of Charter Accountants on the occasion of Chartered Accountants’ Day. In an address seen live across multiple locations in India, PM Modi described Chartered Accountants as doctors for the economic health and well-being of society. He also compared them to the saints and sages of the economic world. PM said India’s chartered accountants have known the world over for their excellent financial skills.
Going through the entire content, his address sheds light on the business environment in India. In other words, it is an authentic account of how businesses are working and how audit firms are operating.

Demonetisation Decoded:
The Prime Minister said that while the country has the capacity to recover from any setback, its development is seriously impacted when a small section of people start indulging in corrupt practices.  Hailing decision of the demonetisation, the Prime Minister added that as many as three lakh companies have come under the scanner, in the course of inspecting the data mined after demonetization. He said that one lakh companies, who have been found to be in violation of laws, have been removed from the Register of Companies. He reiterated that the Union Government has taken bold decisions in the national interest.

Introspection:
The Prime Minister called upon Chartered Accountants to introspect and weed out corrupt practices and persons from their fraternity. Giving statistics about income declarations by the people during filing of returns, the Prime Minister urged Chartered Accountants to keep national interest supreme, while advising their clients. He reminded the gathering of the large number of professionals, including lawyers, who had played a key role in the freedom struggle, and urged the Chartered Accountants to follow in their footsteps, and advise their clients to follow the path of honesty, as the country ushers in a new era of economic integration, with the Goods and Services Tax.

The credibility of Chartered Accountants:
PM Modi said that the entire country reposes faith in the certification of Chartered Accountants, and said that this faith and trust should never be broken. He explained how the tax paid by taxpayers plays a crucial role in the welfare of society, and development of the nation.

Widen the Global Footprint:
He urged Chartered Accountants to think about the goals that they can set for their profession in 2022, the 75th anniversary of India’s independence. Talking about the Big 4 auditing firms worldwide, he urged India’s Chartered Accountants to work towards creating the next big 4 global auditing firms.