Vice President M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives.
Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we seek to promote a more equitable and civilized world order these measures essential for healthy economies around the globe”, he added.
Speaking at the Platinum Jubilee Celebrations of Institute of Chartered Accountants of India, in New Delhi, last evening, he pointed out that the role of Charted Accountants becomes crucial, especially in the context of increasing corporate frauds. The nation looks up to them not only detect and report frauds but also to find ways for avoiding recurrence of such frauds.
Naidu urged the CA fraternity to isolate and take action if anybody was found to have committed wrongdoing. “Few people can spoil the name of the profession”, he cautioned.
Expressing confidence that the Institute and its members will live up to the expectations and set the highest ethical standards, he told the CAs that it was their patriotic duty to see that their clients pay taxes honestly and promptly.
Stating that economic reforms undertaken by the government have opened up greater opportunities for promotion of businesses in India, the Vice President stressed that professional ethics must be followed by all and not only the CAs. Anybody who violates the professional ethics must be blacklisted, he added.
Observing that the Indian accountancy professional has evolved from a number-crunching statistician to a strategist to be a change agent, Naidu said the profession is regarded as an ‘institution of public trust’ today and Chartered Accountants are expected to act as “conscience keepers of the economy”.