Contribution of Chartered Accountants to Indian Economy

There was a great contribution of Chartered Accountants in Indian economy post-independence, rather we should say world economy as members of ICAI has a presence in almost every developed and developing countries of the world engaged in providing quality services in the field of accountancy, finance, auditing , business consultancy etc.

In India, CA.’s are engaged in providing services right from the inception of the business till the closure of the business, a business can never grow and prosperous without a Chartered Accountant. CA.’s has played a very important and crucial role in Nation building, they are partners in building nation’s economy, that is the reason why CA.’s have got special powers from the government and parliament for auditing of books of accounts, In India only a CA. can perform the work of Auditing of financial statements. Apart from auditing and accounting, CA.’s are engaged in proper implementation of various tax laws in the country like recently CA.’s has played a very important role in successful implementation of GST law by providing quality suggestions and consultancy to the government on timely basis. On the occasion of GST implementation and CA. Day i.e. 1st July, 2017 our honourable Prime Minister i.e. Narendra Modi has delivered a wonderful speech and has told that a signature of CA. is more powerful than the signature of PM. Moreover many CA.’s are engaged in providing consultancy to central and state government for making annual Union and State budgets.

The Accounting Board of ICAI is the supreme authority in India for implementing and regulating Accounting Standards and IND AS. They also provide clarification and guidance if any required to specific industry.

CA.’s with vast knowledge of tax laws also engaged in training and taking seminars of various govt. officials like Income tax department officers and GST officers etc.

At last would like to conclude that role and contribution of Chartered Accountants in Indian Economy was unquantifiable and will continue in future also, will take Indian economy to new heights one day.