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Chartered accountants are engines and architects of economic empowerment: Lok Sabha Speaker Om Birla

Mumbai, Nov 21, 2022

Lok Sabha Speaker Om Birla while addressing the 21st World Congress of Accountants in Mumbai said that Chartered Accountants (CAs) were the engines and architects of the economy to propel its growth to achieve newer heights.

Terming them the saints of the new economic order Birla said the examination held to become a Chartered Accountant is an example of reliability. Till date not a single question has been raised over the examination system that produces CAs thus sets an example of authenticity and credibility for the institute of chartered accountants of India (ICAI), he pointed out. Meanwhile, Maharshtra CM Eknath Shinde called on Birla and discussed several issues of mutual interest.

Underlining the role of CAs in today's context, Birla said that Chartered Accountants have the power and ability to work according to new innovations, new thinking and new technology. "It is possible to build a prosperous society and nation through the positive change brought in by them. Keeping in mind the changes taking place in the economies of the world, they have the power and ability to match new innovations, new thinking and new technology," he said.

So far the works of CAs have reflected in the positive socio-economic changes, he said and opined that inclusive development takes place in a democracy through discussion, dialogue and deliberation. "Today the whole world has accepted democracy as the best form of governance and hence time for CA to further strengthen democracy with their efficiency and functioning."

The ICAI and accounting professionals have changed their methodology to keep pace with the changes taking place in the field of business and their commitment to their work has won the trust of all stakeholders, he said.

Speaking on the role of CAs in digital economy, Birla said due to the impact of technology and the surging digital trends, the role of Chartered Accountants has increased a lot in today's digital economy. "Today globalization and digital economy have posed new challenges. Being experts in the economic domain, Chartered Accountants understand this challenge very well and they have the ability to address the same. He called upon CAs for newer initiatives to boost sectors like trade, agriculture, industry and services sector.

Referring to global challenges such as Covid-19 pandemic, climate change and economic challenges, he said in the era of globalization, international cooperation is the most appropriate way to secure the common future of humanity in which Chartered Accountants have an important role to play as agents of economic change, and in establishing a prosperous economic system.

Birla urged CAs to create a system of regular consultations among themselves, share their innovations and best practices, so as to establish a prosperous global economic democracy with maximum international cooperation. He urged them to make a global action plan so as to establish a strong economic system on the basis of available resources, manpower, and technology within the country. "we should become such a model and framework of global cooperation that can then become an inspiration for better international cooperation on a range of global issues," he added.

[The Times of India]

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