| February 4, 2008 |
| Hon’ble Shri Praful Patel Hon’ble Union Minister for Civil Aviation inaugurated the 58h Annual Function of the Institute of Chartered Accountants of India (ICAI), in the Capital on Monday, the 4th February, 2008. Shri Sunil Talati, President, ICAI presided over the function. He distributed Financial Reporting Excellence Awards to corporates for following best practices for Financial Reporting. |
| Addressing the function, the Hon’ble Minister stated that Chartered Accountancy profession is expected to provide a business model for increasing the momentum of economic activities through good governance and competitiveness. He stated that the profession of Chartered Accountants has an important role in enabling institutional reforms and capacity building in financial management system at all levels of governance so as to ensure high quality of accounting and financial reporting |
| Shri Patel complimented the ICAI’s initiative to restore the credibility of the auditing process of Public Sector Banks by engaging only the RBI nominated auditors for this important job which he stated to be commendable and in public interest. This he stated will help in ensuring greater transparency and accountability in the functioning of those banks. |
| He further stated that the ICAI, has an important role to play in suggesting legal, policy and institutional measures in improving the efficiency of the financial markets in the rural sector and should come forward to help the Government in assessing various subsidies so as to ascertain whether these are reaching the targeted beneficiaries and yielding the desired outcomes. |
| Earlier, Sunil H. Talati, President, ICAI in his Presidential address highlighted the achievements of the Institute during the year and how the profession is contributing in the process of anchoring economic growth and national development. Dr. Ashok Haldia, Secretary welcomed the Chief guest, Shri Praful Patel, Shri Sunil Talati. Vice-President in his vote of thanks affirmed the expectation which the Government has from the Profession and that the profession would endeavor itself in the path suggested by the Hon’ble Minister. |
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