'CAs should solve country's financial problems'

MRPL Managing Director M Venkatesh, who stressed that financial entities were necessary for a nation to grow, said there was a need to create and develop assets in the country

He was speaking at the inaugural session of ‘Avirath’, a national conference organised by the Committee for Capacity Building of Members in Practice (CCBMP) of Institute of Chartered Accountants of India (ICAI) and Mangaluru Branch of ICAI, held at Town Hall on Thursday.

"The members of ICAI should make their contributions towards solving financial problems of the country’’, he said.

He meanwhile stated that customs duty on non-transportable commodities such as Hydrogen, had become a burden for the industries. Such taxes result in the closing down of many industries, he noted. There is a need to have an industrial interaction at various levels to solve such problems, he added.

ICAI - CCBMP Chairman C A Rajesh Sharma said that it was important for the chartered accountants to have specialisation in several areas while practicing, to keep up the pace with the financial world.

Sharma advised chartered accountants to only provide professional advice to the clients. “The CAs should not encourage evasion of taxes as such unethical practices may boomerang on the CAs”.

He pointed out that there were instances where CAs were trapped for the wrongdoings of their clients.

ICAI - DAAB Vice Chairman Dayaniwas Sharma said that the Unique Document Identification Number (UDIN) had brought about credibility in Chartered Accountancy. As many as 75,25,116 UDIN have been generated during the last seven months which signifies the authenticity of the job being done.

“Among 1,49,000 practicing chartered accountants in the country, 1,00,900 CAs are issuing certificates to their clients, in various forms. False certification is curbed with the help of UDIN", he added.

Inaugurating the conference ‘Avirath’, Corporation Bank Managing Director and CEO P V Bharathi said that CAs were the custodians of country’s wealth. She meanwhile stressed on the need to maintain financial discipline in the system.

ICAI-SIRC Chairman CA Jomon K George, ICAI CCBMP Vice Chairman CA Prasanna Kumar D, ICAI SIRC Mangaluru branch Chairman CA Anantha Padmanabha K and Vice Chairman CA S S Nayak were present.