Bigger role seen for chartered accountants in project monitoring
April, 26th 2011
Chartered accountants have a greater role to play in project monitoring in the years to come when significant infrastructure development will take place, said S. Viji, chairman, Sundaram Finance Limited, on Monday.
Inaugurating the diamond jubilee celebrations of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI), he said the International Financial Reporting Standards (IFRS) was ahead and it would be a challenge to restate and adapt that in the Indian context.
Time was running out for companies, especially for those in the financial services.
Apart from the traditional role of recording transactions, the chartered accountants had a greater role to play in project monitoring and tracking financials for projects, especially in infrastructure where the nation had a problem.
As the nation embarks on rapid growth, environment and sustainability should be of prime concern, he said.
As NGOs would play a greater role in development process, Mr. Viji said the accounting of NGOs had to be made transparent and accountable for which they would have to fulfil certain standards.
Stressing on robust reporting standards, he said the role of auditors could be demanding and exacting with increase in investment. On the brighter side, he said the career opportunities were boundless for chartered accountants.
G. Ramaswamy, president, ICAI, said the institute had submitted suggestions on direct taxes code and goods and services tax to the ministries concerned and was working with the government closely. He saw a great opportunity for the audit professionals in these two areas.
Jaydeep Narendra Shah, vice-president, ICAI, said the institute had decided to grant 15 minutes of additional time for students appearing for the exams to read the question paper which had been welcomed by the student community.
Nalli Kuppuswami Chetti was the guest of honour at the celebrations. SIRC chairman K. Shanmukha Sundaram and secretary S. Murali participated.