“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

Adopted from Wikiquote. Last update June 3, 2021. History

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Fakhruddin Ali Ahmed11

the fifth President of India and a politician 1905–1977

Christian Homburg (1962) German academic

Christian Homburg, and Bettina Rudolph. "Customer satisfaction in industrial markets: dimensional and multiple role issues." Journal of Business Research 52.1 (2001): 15-33.

“Our combined endeavour should be to ensure that the rate of economic growth is sustained and it is socially inclusive; We must also ensure that every region of the country participates in and benefits from the process of economic growth.”

Pratibha Patil (1934) 12th President of India

Quoted in The Times of India, "Pratibha Patil sworn in as President" http://timesofindia.indiatimes.com/india/Pratibha-Patil-sworn-in-as-President/articleshow/2232871.cms, July 25, 2007.

“If a wise man should ask, What are the modern virtues? and should answer his own question by a summary of the things we admire; if he should discard as irrelevant the ideals which by tradition we profess, but which are not found outside of the tradition or the profession—ideals like meekness, humility, the renunciation of this world; if he should include only those excellences to which our hearts are daily given, and by which our conduct is motived,—in such an inventory what virtues would he name?”

John Erskine (1879–1951) American educator

Source: The Moral Obligation to be Intelligent (1915), p. 3

“"They (CAG auditors) are the best in the world. Both developing and developed countries send their auditors to train with us at our academies. Effectiveness and robustness of our processes have led us to being appointed auditor for global agencies." - Vinod Rai at a seminar on 'Public Accountability and the Role of CAG' organized by the Institute of Public Auditors of India at New Delhi on 28/03/2012.”

Vinod Rai (1948) Comptroller and Auditor General of India

“By one estimate, 90% of international transactions were accounted for by trade before 1970, and only 10% by capital flows. Today, despite a vast increase in global trade, that ratio has been reversed, with 90% of transactions accounted for by financial flows not directly related to trade in goods and services.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 8, Bubbles And Crashes In Emergent Markets, p. 304.

“Following the lead given by new institutional economics, we shall take the transaction as our unit of analysis. For our purposes, a transaction can be thought of as any act of social exchange that depends on information flows for its accomplishment. Transactions can be as simple and brief as the purchase of a packet of cigarettes, or as complex as and extended as those which bind a Zen master to his disciples. Like institutional economists, we are interested in the relationship that can be established between different transactional characteristics and the phenomenon of institutionalization. Our use of the term transaction, however, will extend beyond that of institutional economics where the focus has tended to be primarily on transaction costs and efficiency considerations. These, to be sure, are relevant. But, as we shall see, they are not the whole story.”

Max Boisot (1943–2011) British academic and educator

Source: Knowledge Assets, 1998, p. 124; As cited in: Ortiz et al. (2006)

“The professed Philosophy of Evolution is not an adult philosophy, but rather a philosophy that in the course of growth has suffered an arrest of development.”

George Holmes Howison (1834–1916) American philosopher

Source: The Limits of Evolution, and Other Essays, Illustrating the Metaphysical Theory of Personal Ideaalism (1905), The Limits of Evolution, p.53-4

“Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.”

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 8, Behavioral Therapy, p. 187.

“By that time a structure of property rights had developed in the Netherlands and England which provided the incentives necessary for sustained growth. These included the inducements required to encourage innovation and the consequent industrialization. The industrial revolution was not the source of modern economic growth. It was the outcome of raising the private rate of return on developing new techniques and applying them to the production process.”

Douglass C. North (1920–2015) American Economist

Source: The rise of the western world, 1973, p. 157

“In the network economy, ever-less energy is needed to complete a single transaction, but ever-more effort is needed to agree on what pattern the transaction should follow.”

Kevin Kelly (1952) American author and editor

Source: Out of Control: The New Biology of Machines, Social Systems and the Economic World (1995), New Rules for the New Economy: 10 Radical Strategies for a Connected World (1999)

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Fakhruddin Ali Ahmed11

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