CAs have not covered themselves in glory

Abstract

The ICAI has done little to check their acts of commission, omission and sophistry. CAs need another governance framework. The country celebrates the birthday of the late Dr BC Roy, legendary physician and former chief minister of West Bengal, who was awarded the Bharat Ratna. By a quirk of fate, July 1 is also Chartered Accountants’ Day marking the date on which the Chartered Accountants Act came into effect in 1949. The day does not mark the birth of any CA who has made a contribution to the people of India in the way BC Roy did.

Prime Minister Narendra Modi addressed the CA Day gathering in Delhi this year. The ICAI (Institute of Chartered Accountants of India) bigwigs probably expected him to praise their contribution to “nation building” and announce new business opportunities for accountants. Startlingly, the Prime Minister chose the occasion to warn accountants of the consequences of their assisting tax evasion, money laundering and fraud. He referred to the rather murky role of CAs during the demonetisation exercise last year. He questioned the creation of shell companies, hinting more than subtly that CAs had a hand in their activities. The speech was a warning to CAs to mend their ways. Read more at: https://www.thehindubusinessline.com/opinion/cas-have-not-covered-themselves-in-glory/article9797334.ece#