Dear Esteem Members,
Accountancy and economic development are highly interdependent. A sound accounting system that focuses on the reliability and accuracy of the financial statements is the key factor of economic development of a country. The keyword of governments today is competence, both in its ability to serve the public and administer them. In this regard, no aspect of government can run without constantly refreshing our funds of knowledge, which can then be applied practically to our task. There is an ever-increasing need to meet the changing scenario in the management of government departments, local bodies, autonomous bodies and PSUs.
Chanakya, the great thinker and administer, highlighted the Arthashastra that prevention was better than cure and if regular checks and balances were conducted from time to time, economic crisis would not occur. It was therefore the duty of the ruler to ensure that the accounting was done and auditing took place from time to time. This philosophy was adopted in different measures in subsequent societies. The auditing profession in India is also guided by this.
I wish good luck and success to my professional colleagues ahead in their profession.