The Indian accountancy profession, at the economic epicenter, is vehemently steering growth of business and industry to unprecedented levels. The profession, led by the Institute of Chartered Accountants of India, has acquired a prominent position to become vanguard of public interest and propriety in the country. The profession continues to remain catalyst of business growth, sustainability and governance.
Built on strong edifice of ethical values and morals, the Institute of Chartered Accountants of India stands tall as one of the most reliable, trusted, authentic and renowned regulator in the eminent world of accountancy and business. Working with government and institutions the profession is adding credibility and trust to the business financial systems. The Institute upholds an indomitable legacy of unwavering ideals and even after decades of its admired existence continues to reflect as a prestigious symbol of good faith, academic brilliance and economic goodwill.
The Institute has persistently endeavoured to foster educated, productive and engaging members, who are relentlessly rendering expert services in the area of accountancy, auditing, finance, taxation, laws, business strategy and so on. In fact, members of the profession have scaled great heights to acquire illustrious and eminent positions in the global business world, much more than mere accountancy and finance.
Through the echoes of time, the Institute continues its journey by the constant enforcement of dependable regulations and propagation of high standards. These sworn-by regulations and standards orbit around ethical corporate governance and dissolve scope of economic malpractices, fraud and deceit. As it is correctly remarked, change is the only constant; these standards are also modified to align with the developing industry and progressing humanity. With the alliance of the professional and commerce sphere, it is noteworthy that CA members perseveringly drive forward towards yielding prosperity and providing welfare.
In order to respond to the regulatory changes at national level, the Institute of Chartered Accountants of India released this position paper in 2018 which unraveled the momentous journey of ICAI in building a strong and resilient financial system by persistent efforts by unleashing financial regulation in the country all through. The instant publication is an updation of the Position which was released in 2018 and how ICAI has been able to present its strong role in effective delivery of the governance and regulation and meeting the changing demands of the stakeholders.
This publication brings out historical and developmental perspective of financial regulation by ICAI. It explicates the current model of regulatory framework that has evolved with the Indian economy and how it is superior in Indian context to models followed elsewhere in the globe. The publication puts forward a strong case for emulating Indian model by other nations for effective regulation through a statutorily recognized body, instead of multiple organisations trying to attain same results. Contrary to the current disposition of shifting some of the power vested in ICAI outside its purview, the publication effectively brings out the need for empowering ICAI with more powers as a mechanism to correct financial aberrations in the business. At a basic level such a scenario augurs well with managerial principle that authority and responsibility must go hand in hand.