As we progressed from evolution to civilization, modernization to globalization, the responsibility of the social advancement is being taken over more and more by the individuals of the society. To put it in another set of words, the expectations for the social welfare from the Government are now supported by the conscious efforts of the individuals of the society. The view of the public has broadened from the singular to the more general and inclusive one.
On parallel lines, the Government is also introducing landmark legislations endeavouring to place the general public system and amenities in place at par with the increasing needs and requirements of the people. One such ordinance is the Food Security Act, 2013. It is a historic initiative for ensuring food and nutritional security to the people of the country. The Act addresses the right of the people to receive adequate quantity of food grains at affordable prices. There is a special focus on the needs of poorest of the poor, children and empowerment of the women.
In the backdrop of new laws replacing the older ones, let’s play the role of an essential catalyst in strengthening transparency, discipline and ethics in the functioning of the businesses. A distinctive mark of the profession of Chartered Accountancy is acceptance of its responsibility to the public. This reliance imposes a ‘public interest’ responsibility on the accountancy profession. It is essential that the expectations of the public are understood and met.
I would like to extend my warm and heartiest season festivities to all the fraternity. In this new year, let’s try to tap new opportunities induced by competition. If the competition dies, there is only a smaller room for growth as there would be less inducement to work harder. Instead, if we go to explore newer opportunities, we may have added strength to our capabilities and skill sets thereby excel in our professional lives.
Happy reading to all the readers of this 5th edition of the newsletter being brought out by the Committee for Cooperatives & NPO Sectors of the Institute of Chartered Accountants of India!
CA. K. Raghu
The Institute of Chartered Accountants of India