President of India Graces the 75th Foundation Day Celebrations of the Institute of Chartered Accountants of India

The President of India, Smt Droupadi Murmu graced the 75th Foundation Day celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (July 1, 2023).

Speaking on the occasion, the President said that this is a special day not only for the CA community but also for the accounting and auditing profession. The Chartered Accountant community is one such strong pillar of the business sector which gives strength to good governance. She said that they have an important responsibility of reflecting the true health of the economy.

Speaking about the increasing number of women Chartered Accountants in recent time, the President said that it is a well-known fact that women are generally skilled finance managers or accountants. She added that household saving in India is a tradition and women have a habit of saving for tough times. She was happy to note that ICAI has started a "Financial and Tax Literacy” campaign for women. She said that this campaign is very beneficial for rural areas, especially for tribal areas as poor and innocent people are often deceived with the lure of high interest on savings in those areas. She expressed confidence that this campaign would save those people from such frauds.

Pointing to the Vision 2030 Statement of ICAI, the President noted that this Statement resolves to strengthen the profession based on the international standards, transparency and ethics. She was happy to note that ICAI has also taken several steps to encourage cutting edge research and development which will enable Chartered Accountants to incorporate the fast-paced changes in their profession. She emphasized on the technological changes which will revolutionize the future of accounting and auditing practices. She said that manual assessment of data has become almost obsolete and with artificial intelligence, the structure of data mining, auditing and accounting by machines will change significantly. She urged ICAI to adopt technological innovations not only to keep pace with the times but also to implement right and ethical practices in the profession.

The President said that the capability and membership of ICAI are appreciated around the world. Still, Indian firms have not reached the level of global MNCs. She noted the ongoing efforts in this direction and said that these efforts will be further strengthened if Accountancy Firms pay attention to the regulations of different sectors and collaborate with law firms. This will not only increase the horizon of knowledge but will also give impetus to the growing economy of India. She urged ICAI to adopt the best accounting principles and practices of the world. She said that the Presidency of G-20 is a good opportunity to let the world community know about Indian accounting practices.

The President said that due to the efforts of Chartered Accountant professionals with the government, the tax base is continuously expanding in the country. More and more people are adopting the Tax Compliance Regime. This makes ICAI an effective partner in nation-building.

The President said that the government is implementing many welfare schemes for the poor, Scheduled Castes and Scheduled Tribes. In such contexts, it is the social responsibility of professionals like Chartered Accountants to motivate the taxpayers. She expressed confidence that they will discharge their responsibilities properly and the profession of Chartered Accountancy will be witnessed as a 'Pillar of Economic Governance'.