Friday 1 July 2016

Today, 1st July, is also celebrated as Chartered Accountants Day. The Institute of Chartered Accounts of India was created on this day.

Here I will deal briefly with the importance of accountancy in the new political and social order we have to create in India.

A genuine people's revolution is the incredibly complicated and painful process of the death of the old order and birth of a new social order, affecting the mode of lives of hundreds of millions of people.

This includes the country wide, all embracing, most precise and most conscientious accounting of the production and distribution of goods, and strictest accounting of every rupee of government expenditure if such a revolution is to succeed..

We have to have planned production and distribution of goods required for the existence and basic needs of hundreds of millions of our people. For this, a crucual thing will be the organization of the strictest and country wide accounting and control. Lack of accounting means embezzlement of state funds and waste of much of the labour of our people. So without strict accountancy we will not be able to create a new, just social order, in which the masses enjoy a high standard of living.

And this means we will require a large number of competent accountants conversant with the knowledge of the principles of accountancy.

But these accountants must be honest. Unfortunately today many ( though not all ) accountants fabricate figures to suit their masters. We have no need of such accountants. We must have only honest and competent ones if we are to attain our goal

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