Panaji, Aug 22 (UNI) Goa Governor Dr S S Sidhu today urged the chartered accountants of the country to acquire technical expertise through continuous training, while adhering to code of conduct and ethics, for gaining credibility to stand in global competition.
Inaugurating the two-day national mega conference on 'Invigorating Intelligence', organised by the Institute of Chartered Accountants of India (ICAI)'s continuing professional education committee and Goa chapter, the Governor asked the professionals to bring the code of conduct of the ICAI in confirmity with the regulations of the advanced countries such as the USA and the UK.
This, he said, could create accounting and auditing process outsourcing like the BPO, KPO and LPO for domestic players in the area so that they are exposed to the global competition.
In this connection, the Governor appreciated the efforts of the ICAI in playing a proactive role in positioning Indian accounting profession on all the international accounting forums and building an international brand image.
In the change driven world of accounting, he said chartered accounts have an important role to play in the current economic scenario, with more and more transparency being ensured in presenting financial accounts and corporates preferring segment reporting, related parity disclosure, internal control and corporate governance.
Referring to the strengthening of regulatory structures in the market-driven economy, Dr Sidhu called for improving quality of financial reporting while ensuring that misconduct by individual members did not go unpunished.
''Involvement of stakeholders and interested parties like consumers and the media can make the regulatory process more effective,'' he added.
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