Underlining the importance of accounting professionals in lending credibility to the financial markets, PM Manmohan Singh asked chartered accountants to ensure that the corporates conformed to high governance standards.

"Market participants, investors and shareholders look to you for high quality information, which ensures market discipline and fosters confidence of various stakeholders, PM said at the diamond jubilee celebrations of the Institute of Chartered Accounts of India (ICAI).

The PM also emphasised the value of the corporate governance and said it was not being properly adhered to within the corporates.

"In the public discourse on governance, I do not find adequate attention being given to corporate governance. Unless Indian firms come to be recognized worldwide for good corporate governance, they will not be able to compete globally in an increasingly integrated world," he said.

The PM said the Government was ready to take steps to introduce greater transparency and accountability in the financial accounting and reporting system.

He called for appropriate accounting system for Panchayati Raj Institutions and asked ICAI to meet need of the skilled accounting personnel for the growing rural economy.