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| Sunday, 14 December 2003 |
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| News Business Features Editorial
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Importance of accountants' role stressed Accountants need to play an important role in a changing world in building trust and acting in public interest. This was emphasised at the ceremonial opening of the Institute of Chartered Accountants (ICASL) 24th national conference last week. "Our profession is subject to scrutiny all around the world, therefore we have to maintain high standards," President, Institute of Chartered Accountants in England and Wales, David Illingworth said as the chief guest at the opening ceremony. He said that accountants, being dynamic professionals, need to be competitive and maintain high ethical standards to influence every sector of business to achieve economic prosperity. Illingworth said Sri Lanka's economy is poised to take off and offers opportunities for accountants to be catalysts in ushering the country to greater socio-economic prosperity. He said accountants should give top priority to public expectations by raising standards. Concentrating on quality and high ethical standards to reinforce professional skepticism from economic and political deregulations is the need of the hour, Illingworth said. He also said high professional standards should be in place not only individually, but also institutionally. The positive effects of good accountancy such as ensuring good corporate governance, quality audits and assurance and overall improvement of public trust will boost foreign investments and capital markets, he added. President, Institute of Chartered Accountants of India, R. Bupathi and President, Institute of Chartered Accountants of Pakistan, N. Eshai were special guests at the ceremony. ICASL President, Asita Talwatte said Sri Lanka's economy is heading towards prosperity, therefore accountants as professionals can play an important and challenging role as catalysts in the development process. The annual conference is an important event in ICASL's calendar as it helps enhance technical knowledge to help chartered accountants to participate in decision-making processes in economic development. (HS) |
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