About a year ago, Prime Minister Narendra Modi had told the world that the signature of a chartered accountant on financial statements was, perhaps, more powerful than even one of his own.
“Just like doctors don’t want people to be ill to get more business, chartered accountants, too, need to safeguard the society’s economic health. Your signature is more powerful than the PM’s, and the government also believes the accounts signed by you,” Modi had said.
The CA community, however, may not have woken up to the value of the initials they put on financial statements. Last year has been more of a challenge for the community’s reputation, with banking frauds, asset quality divergences and mid-term auditor resignations dominating the headlines.
The downfall began, perhaps, in the…
