FM urges independence of CAs to preserve integrity of financial statements

Says statutory filings and audit reports by CAs are public documents that multiple stakeholders rely on; urges adherence to fair and transparent practices

The independence of chartered accountants is of paramount importance to establish integrity of financial statements as they are not only responsible towards the shareholders but also towards financial institutions, government, and retail investors. This is because their statutory filings and audit reports are public documents that all these stakeholders rely on, Finance Minister Nirmala Sitharaman said on Friday.

“Accountants must ensure adherence to fair and transparent practices,” Sitharaman said at the World Congress of Accountants. “The accounting profession, if ethical and diligent, can benefit multiple stakeholders”, she said.

The finance minister said the world is in a state of flux