Chartered Accountant Day was celebrated at the city branch of the Southern India Regional Council of The Institute of Chartered Accountants of India (SIRC of ICAI) on Thursday June 1.
The chief guest of the programme DK deputy commissioner V Ponnuraj said that chartered accountants (CAs) play a vital role in the development of any company, institution, or firm; so the CA should be cautious in whatever they do.
He cited the example of software company Satyam which was at the top and then faced loss due to accounting failures.
Ponnuraj added that one should follow ethics as it is very important and is a challenge to the accountants.
Accountants should see to it that all the companies pay tax as many companies like Reliance and Tata are following the zero tax paying systems. If the tax is not paid by the big companies, the government cannot survive, he added.
Vinay Hegde, president and chancellor of NITTE Institute, was the guest of honour who said that CAs are the bridge between the public and a companys stake holders, managements, and institutions.
So, the accountants should take care in their work to clear the loop holes and ensure that all interests are looked after. Stake holders and people first look at the auditors reports; that is the level of respect the common man has for the CA, he added.
Adding to this, Hegde said that very few become CAs and to become successful the public looks at the persons ability and good qualities add up to their success.
Private organization seeks profit but a fair name should be gained because if this is lost the failure of the company is permanent. Highest level of integrity makes a real auditor, he said.
Giridhar Prabhu of Achal Industries said that a student who practices for five years should be given a certificate.
He reiterated the DCs views and said that the biggest loss to the nation is from government entities like the city corporation which has not done auditing for 11 years and the government wastes a lot of the budget by unplanned accounting and single entry in the government system which causes crores of loss to the country.
CA Chandramohan K Y welcomed the gathering. S Shrinivas Kamath, Murali Mohan, and many other CAs were present at the programme.