CAs Must Ensure Adherence To Fair Practices: FM Sitharaman
The finance minister highlighted that another important objective is developing sustainability reporting standards. According to her accountants must adhere to fair and transparent practices
The finance minister of India, Nirmala Sitharaman said that chartered accountants must adhere to transparent and fair practices, on 18 November. In order to build trust in financial statements, it is important for them to be independent.
She said that the fundamental requisite for corporate governance according to her is accounts which must reflect transparency, clarity and accountability in a company’s financial affairs.
According to her accountants must adhere to fair and transparent practices. The independence of Chartered Accountants is crucial and significant to develop trust and integrity in their financial statements, she added.
Addressing a virtually at the World Congress of Accountants 2022 event happening at Mumbai, she said that the responsibility of chartered accountants is not only limited to shareholders, however to other stakeholders too which includes financial institutions and the government.
Also, the finance minister highlighted that another important objective is developing sustainability reporting standards. She noted the increasing need for technology adoption ans said that it will make a huge difference in a way in which financial information is gathered, processed, and reported.
Blockchain, artificial intelligence, machine learning, cloud computing and data analytics are all going to enhance accounting. The decision-making will majorly be machine-driven in the future, she said while concluding her address.