“The Chartered ccountants by virtue of their qualifications, experience and training can render valuable services in these difficult times in areas which are vital to economic and industrial growth. It should be the duty of the members of the profession in the Northern India Regional Council, apart from examining accuracy of transactions, the modern auditor should also look into the propriety of such transactions… the profession has to develop uniform accounting principles, standard terminologies and precise definitions of various accounting concepts. This was desirable from the point of view of providing reliable information in the financial statements for the benefit of the intending investors, members of the public, government agencies and financial institutions. This will enable individuals and organisations to form a fairly accurate judgment of the financial position by a study of the audited financial statements of companies.”

—  Fakhruddin Ali Ahmed

Source: From the Desk of the Chairman... http://nirc-icai.org/Newsletter/NewsletterFebruary2012.pdf, Northern India Regional council of the ICAI, News Letter, February 2012

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Fakhruddin Ali Ahmed 11
the fifth President of India and a politician 1905–1977

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