Minister for Commerce and Industry Smt Nirmala Sitharaman has called upon the Institute of Chartered accountants of India (ICAI) to act as a catalyst in evolving transparent processes and ensuring accountability. She commended the role played by the ICAI in bringing about various changes in the provisions of the Companies Act. Smt Sitharaman was speaking at the 46th Regional Conference of the ICAI in Madurai a short while ago.

The minister also asked the ICAI to interact with the government which is understanding and responsive to the demands of various sections of the society, industry and professionals. She pointed out that this is “the right government to deal with”.

Smt Sitharaman said that the ICAI must also think of upholding quality while at the same time taking care of the numbers too. She pointed out that the demand for chartered accountants is felt in every facet of the industry, be it venture capitals, companies or manufacturing units.

The minister also made the point that professionals like CAs must apply their minds to cut “the huge undergrowth of laws, regulations and help carry the economy forward without hindrance”. She reminded that the government under Shri Narendra Modi has laid stress on transparency, ”Less government and more governance” and on implementing best practices that are scalable and that can be emulated. She called upon chartered accountants to come up with new ideas in these areas.

Earlier the minister was given a warm welcome by the office bearers of the ICAI which included President of the ICAI Shri K Raghu and Chairman of the South Indian Regional Conference (SIRC) Shri P V Rajarajeswaran. BJP Tamilnadu Vice President Shri H Raja was also present.

Transparent processes urged: chartered accountants asked to simplify regulatory complexity and promote accountability in governance. Chartered accountants are urged to promote transparent processes and strengthen accountability by engaging with government and stakeholders to simplify compliance burdens, sustain professional quality, and advise on scalable best practices; they are called upon to help cut the 'huge undergrowth of laws and regulations' and advance governance-focused reforms that facilitate transparency and effective compliance.