Keeping the public's faith in India's financial system intact is the biggest responsibility a chartered accountant carries, Vice President C P Radhakrishnan said at an event marking the 78th Chartered Accountants Day in the national capital. He was firm that the standards of the profession must never be lowered, arguing that economic progress means little without ethical conduct behind it.
Radhakrishnan asked the Institute of Chartered Accountants of India (ICAI) to keep its examinations strict, saying chartered accountants protect the financial system through the work they do. He highlighted the institute's core values, integrity, excellence, accountability and service to the nation. The ICAI has more than five lakh members and conducts the qualifying examinations for the profession.
Custodians of trust
"Chartered accountants are the custodians of trust in the financial system," Radhakrishnan said, tying that trust directly to the tough requirements for entering the profession. He noted that the high standards of the chartered accountancy examination are precisely why the pass rate stays so low, and he insisted those standards should not be diluted.
Protecting honest business
The Vice President urged chartered accountants to back fair competition in the markets, saying honest businesses need protection from unethical conduct. Making it easier to do business, he added, must stay within the bounds of the law, and chartered accountants carry a key duty to keep that balance in place.
He also cautioned against cutting quality to save money, warning that saving expenses at the cost of quality would be disastrous. Linking such decisions to ethical practice in finance, he said growth without ethics serves no purpose and placed ethics at the very centre of professional work.
Push for One District One Product
Radhakrishnan said ICAI's district-level associations should build practical product knowledge under the One District One Product (ODOP) initiative. Doing so would let members guide producers, helping them cut costs without compromising quality, which in turn could sharpen competitiveness and strengthen local economies.
He also called for closer coordination among professionals on costs, saying chartered accountants and cost accountants should work together, as such teamwork can help entities reduce their expenses. Framing the approach within lawful practice and quality safeguards, he once again stressed the need to keep professional standards firm.
