‘CAs maintain ethical standards’

Source: The Hitavada      Date: 10 Jul 2018 09:53:47




By Praveen Vighre

CHARTERED Accountants are not projecting borrowers’ income, hence they are not involved in any financial scams, said CA Nihar Jambusaria, Global Taxation Head, Reliance Group, Central Council Member of ICAI, Vice-Chairman, Committee for Capacity Building of CA Members in Practice (2018-19) of ICAI, Vice-Chairman, Professional Development Committee (2018-19) of ICAI. Jambusaria was talking to The Hitavada on the sidelines of the National CA Student Conference on Monday. He is also the Conference Director of the two-day national conference and Chairman of the building committee for ICAI Nagpur Chapter.

Clarifying on the various financial scams getting exposed, Jambusaria said: “CAs follow ethical global standards. Even in the PNB scam, the CEO of PNB himself has clarified that there is no CA’s role. Scams occur when the earning of the company is manipulated and overfunding is done on that basis. CAs are not certifying the borrower’s future income. The institute itself has a disciplinary mechanism to check it but it can’t be denied that less than one per cent of people in the profession may default.”When asked about the less number of students getting attracted towards CA profession, Jambusaria said, “The number is increasing, but it’s less as compared to other profession, as the course is tough. Parents and students want instant success.” He pointed out that the new syllabus was according to the need of the hour. The entry was made hard, while the exit was made easy. The number of objective questions had been increased. The new course was more practical and less theoretical. He also pointed that the value of the profession was increasing day by day.

“Banks and non-banking financial companies were due to switch over to the Indian Accounting Standards (IndAS) from 1st April 2018. It would be a new challenge before the CA professionals to train the bankers and other people about the new accounting standards,” Jambusaria said. When asked about the new building of the ICAI Nagpur Chapter, he replied that one acre of land at Besa had been purchased.The tendering process was also started, and in the next two years, the new building of ICAI Nagpur Chapter would be in place.