Chartered accountants and trust: Vice President C P Radhakrishnan urges ICAI to maintain exam standards

Vice President C P Radhakrishnan said chartered accountants must keep public trust strong in India’s financial system. Radhakrishnan warned that standards should not be lowered for the profession. Radhakrishnan also said economic progress loses value without ethical conduct. Radhakrishnan spoke during an event marking the 78th Chartered Accountants Day in the national capital.

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Radhakrishnan asked the Institute of Chartered Accountants of India ICAI to keep its examinations strict. Radhakrishnan said chartered accountants protect the financial system through their work. Radhakrishnan also pointed to ICAI values, including integrity, excellence, accountability and service to the nation. ICAI has more than five lakh members and runs qualifying examinations.

ICAI examination standards and chartered accountants

Radhakrishnan said, "Chartered accountants are the custodians of trust in the financial system..., Radhakrishnan said\". Radhakrishnan linked that trust to tough entry requirements for the profession. Radhakrishnan also said the failure among the chartered accountants is the highest minimal due to the high standards of the chartered accountants examination. Radhakrishnan added that the standards should not be diluted.

Ethics, law and chartered accountants in the financial system

Radhakrishnan urged chartered accountants to support fair competition in markets. Radhakrishnan said honest businesses need protection from unethical conduct. Radhakrishnan also said ease of doing business must stay within the law. Radhakrishnan said chartered accountants carry a key duty to keep that balance.

Radhakrishnan also cautioned against lowering quality to cut expenses. Radhakrishnan said saving money at the cost of quality would be disastrous. Radhakrishnan linked quality decisions with ethical practice in finance. Radhakrishnan said growth without ethics would not serve any purpose. Radhakrishnan presented ethics as central to professional work.

One District One Product ODOP and chartered accountants

Radhakrishnan said ICAI district-level associations should build practical product knowledge under the One District One Product ODOP initiative. Radhakrishnan said this would help members guide producers. Radhakrishnan said producers could reduce costs without compromising quality. Radhakrishnan said such work could improve competitiveness and strengthen local economies.

Radhakrishnan also spoke about closer coordination among professionals on costs. Radhakrishnan said chartered accountants and cost accountants should work together. Radhakrishnan said such teamwork can help entities reduce their costs. Radhakrishnan tied this approach to lawful practice and quality safeguards. Radhakrishnan reiterated the need to keep professional standards firm.

With inputs from PTI