Words of Wisdom from Presidents of ICAI
The present edifice of the profession stands on a very solid foundation laid down in
the formative years of the Institute of Chartered Accountants of India since July 1,1949.
The presidents of the ICAI, the leading lights of the profession of their times, have
meticulously shaped the growth trajectory of the Institute and the profession.
WORDS OF WISDOM
Late CA. C.S. Shastri (1955-1956)
“In the field of practice, the responsibility of the chartered accountants has increased beyond measure so as to make it almost unenviable for him to function as a public auditor.”
(Spoken at the 7th Annual Meeting of the Council of ICAI on 13th Sept 1956)
Late CA. S.P. Chopra (1956-1957)
“Modern accounting is no longer a record of bookkeeping entries, reflecting merely the state of affairs of a business house. Over the years it has developed into an instrument of control and a tool for management. Accountancy has not only to keep pace with the advancement in technical and scientific knowledge in all spheres more particularly its commercialisation, but has also to be in a position to give answers with the requisite speed.”
(Excerpts from the speech delivered by CA. S.P. Chopra at Amsterdam in 1957)
Late CA. S. Vaidyanath Aiyar (1957-5th February 1959)
“We can now claim that making allowance for the different conditions in those countries the Institute’s syllabus stands comparison with that of the leading British professional Ac- countancy Societies and with the United States examination for qualification as C.P.A.”
(Spoken at the 9th Annual Meeting of the Council of ICAI on 13th Sept 1958)
Late CA. C.C. Chokshi (2nd April 1959-1960)
“After consideration, discussion and deliberation, the Chartered Accountants Act was amended. Though on the whole the requirements adumbrated in the Amendments were acceptable to the Council, I must mention that in regard to the powers now taken by Government to change the Regulations, it has created a lot of misunderstanding amongst the members of the profession. The impression created by this amendment is that the autonomy, which was granted to the profession by Parliament only a few years ago has been substantially curtailed by this change without any justification and almost strikes at the very roots of autonomy.”
(Spoken at the 10th Annual Meeting of the Council of ICAI on 7th September 1959)
Late CA. C.P. Mukherjee (1960-1961)
“I would like to make a special mention of our experience in conducting our elections under the system of polling introduced for the first time since the Institute was formed. As members might be aware, there was considerable skepticism whether this method was suited to an enlightened profession such as ours and whether the members, and particularly the seniors, would care to take the trouble of going to the polling booths to cast their votes. The Government also hesitated for some time to accept our proposal to change over to the polling system. I am very happy to state however, and I am sure my colleagues here will share my views, that the conduct of the elections by poll has been a great success.”
(Spoken at the 12th Annual Meeting of the Council of ICAI held on 14th and 15th Sept 1961)
WORDS OF WISDOM
Late CA. S.N. Desai (1961-1962)
“The Council of this Institute set up two Committees during the year, one Professional
Development Committee and the other Taxation Committee. The first mentioned Committee inter-alia is engaged in studying whether the technique of auditing as is generally applied by chartered accountants in different situations and circumstances, is effective and could be depended upon to yield results, so as to properly discharge the responsibility that there is on them, imposed by law, but more so by public opinion. The Taxation Committee, therefore, has been charged with the responsibility of examining various laws and rules in regard to direct taxation that are from time to time enacted by the Government; making representation for their amendment, if considered necessary, and preparing, notes to explain to members the implications of some of the provisions.”
(Spoken at the 13th Annual Meeting of the Council of ICAI held on 10th and 11th Sept 1962)
Late CA. P. Brahmayya (1962-63)
“It has also been said that auditors are not independent. This is a misconception arising out of an inadequate appreciation of the numerous restraints, both legal and moral, and self-discipline, which a Chartered Accountant must practice. Independence is an essential characteristic of a professional audit and it is the duty and constant care of the Chartered Accountant to preserve it.”
(Spoken at the 14th Annual Meeting of the Council of the ICAI on 14th and 15th September 1963)
CA. (Dr.) R.C. Cooper (1963-64)
“The problem of increasing the number of qualified Chartered Accountants to meet the
continuously growing demand without at the same time in any way reducing the standard
of training is a difficult one. The care which the Institute takes in this matter will determine
the quality of its members during the next few decades, a crucial period, which will call for
tremendous intellectual effort and versatility on the part of Chartered Accountants in applying their skills to the changing needs of commerce and industry.”
(Spoken at the 15th Annual Meeting of the Council of The ICAI on 17th September, 1964)
Late CA. Raghu Nath Rai (1964-65)
“It has been the constant concern of the Council of this Institute to continuously extend the scope of audit practices in order to make the work of its members both significant and purposeful and, to judge their conduct strictly. We shall, therefore, continue to advise our members that they should conceive their duties as broadly as the circumstances might require, and not to restrict them to only a literal compliance of the law.”
(Spoken at the 16th Annual Meeting of the Council of The ICAI on 20th October 1965)
Late CA. M.P. Chitale (1965-1966)
“The request recently made to us by the government for recommending a chartered accountant for the position of Accountant Member of the Income Tax Appellate Tribunal. I am sure this practice will help create the right type of climate where our members will regard that accepting such positions is an act of public service and a social duty. I suppose we shall have similar opportunities when, Sir, your idea of Tax Court materialises.”
(Spoken at the 17th Annual Meeting of the Council of ICAI on 12th Sept 1966)
WORDS OF WISDOM
CA. Rameshwar Thakur (1966-1967)
“A great change the accounting profession in India has to reckon with is the advent of computer age at the international level. Some of the industrial units even in our country have started utilising the services of these devices. The electronic data processing system has almost revolutionised the traditional accounting and auditing functions. The change being swift, has caused a sense of alarm and it is realised that unless the present day and future accountants get themselves equipped with the knowledge of working of the computers, they would be relegated to the background.”
(Spoken at the 18th Annual Meeting of the Council of ICAI on the 16th Sept 1967)
CA. V.B. Haribhakti (1967-1968)
“Every Chartered Accountant is the Ambassador of the Profession and of the Institute in the Court of the Nation and should do his best to enhance the dignity and the reputation of the Institute and the profession. To retain and enhance the trust and confidence of the Nation and of the Government, the CAs must maintain extremely high standards of professional conduct. My advice to the young members of the profession is: Do not take shortcuts; Fight the Cancer of corruption; Achieve value based progress in the profession by integrity, hard work and efficient service.”
(As expressed in June 2010 in a communication to ICAI)
Late CA. R. Venkatesan (1968-1969)
“Fraudulent relationship between an auditor and his clients is practically non-existing because of the extreme care exercised by all the reputable firms in the selection of their staff members on the basis of their professional and moral character as also because of the improved methods of internal control of financial transactions now in existence in all the well managed institutions which make any collusion virtually impossible. To quote a remark made by a past President of the American Institute of Certified Public Accountants to rest the case for rotation of auditors on this point alone that long established familiarity with the auditors’ representatives and the clients may lead to collusion, “is reminiscent of the blind man in a darkened room at midnight looking for a black hat that was not there.”
(Spoken at the 20th Annual Meeting of the Council of ICAI on 15th Sept 1969)
Late CA. H.B. Dhondy (1969-1970)
“The need to keep our members up-to-date in a fast changing world is one of the greatest
challenges facing our profession. The building up of special skills, acquired as a result of
intellectual training, is the need of the hour. Even more than at present, the auditor’s attention will be focused in the future on the end products of the accounting machines. The wealth and variety of accurate information, produced almost effortlessly, will open up fresh vistas of presentation possibilities. This is an opportunity, which the accountant must seize and hold if he has to retain his importance. It appears to me that the new accountants will need to know more about statistics, probabilities and mathematics. Their knowledge of accounting, of auditing practice and of management will have to be enlarged.”
(Spoken at the All India Conference of Chartered Accountants on 19th Dec 1970)
WORDS OF WISDOM
Late CA. M.C. Bhandari (1970-1971)
“Many young men passing out of colleges and universities are attracted to our great profession by the glittering prizes that our profession is believed to have in store for them, but when they actually enter the portals of our learned profession, they are faced with the grim reality of sweated labour in big chartered accountants’ firms, concentration of audits in the hands of a few audit firms.”
(Spoken at the 22nd annual meeting of the Council of ICAI on 16th Sept 1971)
Late CA. A.B. Tandon (1971-1972)
“What we should strive for is that once a conclusion has been reached by this elected
representative body of the profession, it should be honoured, respected and obeyed by every member of a Institute, whether or not he personally agrees with the particular conclusion or finding. To my mind, it is the basic concept of a democracy that when a decision has been taken, after free expression and exchange of views every one without exception should submit to it.”
(Spoken at the 23rd Annual Meeting of the Council of ICAI on 29th Sept 1972)
Late CA. R.K. Khanna (1972-1973)
“Looking to the future, I feel that the type of services which have stood us in good stead till now are no longer going to be so highly regarded by the Community. It is no longer sufficient that we simply comply with the statute governing the main range of auditing services.”
(Spoken at the 24th Annual Meeting of the Council of ICAI on 14th Sept 1973)
CA. S.K. Gupta (1973-1974)
“The Institute of Chartered Accountants of India has always believed that there is large common ground for the Institute and the Institute of Cost and Works Accountants and the Institute of Company Secretaries and that the three Institutes should co-operate and co-ordinate their activities to the largest possible extent.”
(Spoken at the 25th Annual Meeting of the Council of ICAI on 14th Sept 1974)
Late CA. N.C. Krishnan (1974-1975)
“Consistent with the place we aspire to hold in the world accountancy circles, I believe we also have a responsibility to discharge and in no area is this more important than in the formulation and enforcement of accounting standards.”
(Spoken at the 26th Annual Meeting of the Council of ICAI on 16th Sept 1975)
Late CA. P.M. Narielvala (1975-1976)
“A notable feature of the elections, which took place, recently is the complete ban on canvassing which was imposed by the Council in order to maintain the dignity, decorum and purity befitting the profession.”
(Spoken at the 27th Annual Meeting of the Council of ICAI on 16th Sept 1976)
WORDS OF WISDOM
CA. B.R. Maheshwari (1976-1977)
“Life without dreams is no life. But remember that dreams are not seen when you sleep, dreams are those that don’t let you sleep.The doyens in our profession had such dreams which did not allow them to sleep. By their dedication and devotion to the profession they carried it to a great height, which is visible in the rise in membership of ICAI from nearly 2000 and odd in 1949 to more than 163000 at present.”
(As expressed in June 2010 in a communication to ICAI)
CA. B.L. Kabra (1977-1978)
Intelligence is not to make no mistakes, but quickly to make them good when a person’s
conscience brings the same to his notice. Only a coward cannot muster courage to take
immediate effective steps to correct a mistake even after knowing it and thus deceives his own conscience.
(As expressed in June 2010 in a communication to ICAI)
CA. P.K. Malik (1978-1979)
“The Institute has also decided to start a National Relief Fund so that the profession’s
contribution in the event of national calamities is quick and substantial. An Education Fund has also been created by setting apart a specified sum of money out of the past-accumulated surpluses and by transfer from current revenue on an annual basis.”
(Spoken at the 30th Annual Meeting of the Council of ICAI on 15th Sept 1979)
CA. Y.H. Malegam (1979-1980)
“While in the past it was sufficient if the profession remained accountable to society for its honesty and integrity, it has now become necessary for it to be accountable also for its efficiency and productivity. Thus, society expects the profession to be not merely the “conscience-keeper” of the business world, but also a direct contributory to the welfare of society in general and commerce and industry in particular.”
(Spoken at the 31st Annual Meeting of the Council of ICAI on 16th Sept 1980)
CA. V. Rajaraman (1980-1981)
“Many changes have taken place in the general economic environment over the past few years, which I believe, will ultimately have a significant effect on the internal audit function. None of these changes is likely to have a greater impact on them than the emerging focus on corporate governances and corporate accountability. These changes have, in turn, produced a new emphasis on high standards of corporate and personal conduct and greater accountability for individuals who direct the affairs of business enterprises.”
(Spoken at the 32nd Annual Meeting of the Council of ICAI on 16th Sept 1981)
CA. Bansi S. Mehta (1981-1982)
“Competence without integrity may seem to guide our economic search, but will undoubtedly anesthetize, even kill, the spirit of professionalism. We represent one of some islands of dedication and integrity in an ocean of avarice and debasement. The question is: how can we maintain the luxury of that island unless we try to reclaim the land around it by slowly driving that ocean away”
(As expressed in May 2010 in a communication to ICAI)
WORDS OF WISDOM
Late CA. Ashok Kumbhat (1982-1983)
“The right and responsibility to govern oneself and to regulate one’s affairs is inherent in any democratic set-up and these sound principles underlie the constitution of our Institute as well. It is built on theory that members of an institution having joined together with common objectives – know what is best for themselves – the maximum good to the largest members. We have been enjoying a large measure of autonomy under the Charter and the Regulations for the last 33 years. Even in 1959, when Section 30A was introduced in the Act, giving the Government certain over-riding powers to amend our Regulations, specific assurances had been given that these powers were not likely to be used, they would be used very sparingly, and only in very important matters of public interest and that too, after consultations with the Council.”
(Spoken at the 34th Annual Meeting of the Council of ICAI on 15th Sept 1983)
CA. P.N. Shah (1983-1984)
“The Motto of every CA should be to become a ‘True Professional’. A ‘True Professional’ is a person who has intellectual honesty which makes him say what he believes to be right. He should have integrity – not only financial integrity, but also intellectual integrity and ability to maintain independence. He should have courage of his convictions and should have courage to say publicly what he believes privately. He should never give opinion to his client to suit his convenience and should guide him by showing the right path. Humility is just as important as courage and intellectual integrity. The higher the person goes in life, the humbler he should be.”
(As expressed in May 2010 in a communication to ICAI)
CA. A.C. Chakrabortti (1984-1985)
“ Let several firms of Chartered Accountants of repute combine and consolidate to form a World Class organization of excellence and highest standards so that it can meet the challenges of and compete with eight large international firms. This will add tremendous value to Indian Entrepreneurs aspiring to play an important role in global economy.
Late CA. P.A. Nair (1985-1986)
“The social status of a professional has a direct relationship with the extent of responsibility that it is willing to accept and is capable of accepting. Today, the social image of our profession is at a new peak. At the same time, the society’s demands are exacting. If we are to maintain and further enhance our social status and reputation, it will be necessary for us to demonstrate, in no uncertain terms, our ability to accept onerous and challenging responsibilities. No efforts should be spared in justifying the confidence reposed in us by the society. This calls for independent, objective, honest and impartial attitude on the part of each one of us.”
(Spoken at the 37th Annual Meeting of the Council of ICAI on 16th Sept 1986)
CA. R. Balakrishnan (1986-1987)
“ACCOUNTANCY” is the “TRAIN ENGINE”. “ACCOUNTANT” is the “ENGINE DRIVER” who keeps the train on its tracks and watches out for the red signals on the way. The “INTERNAL AUDITOR” is the “TICKET EXAMINER” who sees the convenience of passengers and controls entry to the train and gives them proper berth and takes action on defaulting passengers. The “AUDITOR” is the “GUARD” who raises the alarm through the red signal and gives a go ahead with a green light and is THE ONE WHO IS AWAKE WHEN OTHERS ARE ASLEEP. EVERYTHING together is A “CHARTERED ACCOUNTANT”.
(As expressed in June 2010 in a communication to ICAI)
WORDS OF WISDOM
CA. S.K. Dasgupta (1987-1988)
“Use our intelligence and knowledge for observance of professional ethics leading to fulfillment of social and other objectives keeping in mind ethics is more than law.”
(As expressed in June 2010 in a communication to ICAI)
CA. K.G. Somani (1988-1989)
“While technological developments have demanded professional accountants to seek
adjustment to higher level of skills, knowledge and performance, there has simultaneously
been a movement in the world towards harmonising the widely varying technical and ethical standards and practices of the profession by establishing to the extent possible, uniform standards throughout the world. This is not a small job, by any means. To the extent, varying standards are harmonised, the profession will greatly benefit from wider acceptance by the clients.”
(Spoken at the 40th Annual Meeting of the Council of ICAI on 13th Sept 1989)
CA. Arvind H. Dalal (1989-1990)
The profession of Chartered Accountancy is destined to play a pivotal role in the Economic
Development of the Country, but it should also help in the efforts of the Government for
amelioration of abysmal poverty and other equally important need of removal of corruption in the rank and file.
(As expressed in May 2010 in a communication to ICAI)
CA. K.M. Agarwal (1990-1992)
“Our ethics and competency are the best in the world – capture and show to others. Expose
yourself to the world - No one can compete with you.”
(As expressed in June 2010 in a communication to ICAI)
CA. N.C. Sundararajan (1992-1993)
“Without courage, we cannot practice any virtue with consistency. Let us adhere to the
standards as a self-regulatory measure to face any trust deficiency.”
(As expressed in June 2010 in a communication to ICAI)
CA. N.P. Sarda (1993-1994)
“We are perhaps the largest organised profession in the country in the industrial and commercial sector providing management experts, particularly in the field of financial management, systems development, audits, corporate laws, taxation and mangement accounting. Such a vast reservoir of skilled and expert manpower produced by the Institute in the last 43 years or so, without making any claim on the exchequer of the country, is a matter of pride for us.”
(Spoken at the 44th Annual Meeting of the Council of ICAI on 17th Jan 1994)
WORDS OF WISDOM
CA. B.P. Rao (1994-1995)
“The Perspective Planning Group (PPG), which was constituted to examine, inter alia, the steps necessary to meet the challenges of change pointed out that the decision of the Council to make Continuing Professional Education (CPE) mandatory, should be implemented expeditiously.”
(Spoken at the 45th Annual Meeting of the Council of ICAI on 16th Jan 1995)
CA. Y.M. Kale (1995-1996)
“Council resolutions expanded the list of what could be includible as permissible work to be performed by CAs. Like troops attempting to hold more ground than what their supply lines could sustain, the spread became thinnest at the core. Adjacent competencies waxed, while traditional proficiencies may have waned”
(Excerpts from his article titled “Reminiscences about the profession” as communicated to ICAI in June 2010)
CA. T.S. Vishwanath (1996-1997)
“Any profession grows and thrives, by continuously addressing the evolving societal needs, with integrity, value and vision. That alone, is the basis for continual trust of society. Accountancy profession is no different.”
(As expressed in June 2010 in a communication to ICAI)
CA. M.M. Chitale (1997-1998)
“The present economic situation in the country as well as in the world at large provides enough challenges to our profession. I strongly feel that the members of our profession have the requisite knowledge and skills to exploit these challenges and convert them into opportunities. As I look into the unknown future, I feel that a more proactive role of our profession, backed by competent members imbibed with good character and the requisite discipline will take us to the right direction. We will have to grapple with the technological innovations in a much bigger way. We will have to maintain and upgrade the quality of our work and achieve specialization to face the competition from within as well as outside. The prestige of the profession depends upon the collective image of its individual member. The credibility of the profession will be enhanced depending upon the manner in which the members of the profession respond to the needs of the Society collectively and remain accountable in terms of their service to the nation.”
(Spoken at the 48th Annual Function of the Council of ICAI on 16th Jan 1998)
Late CA. Rahul Roy (1998-1999)
“I believe and have faith that this support (from students and members), which has sustained and propelled our Institute to become one of the largest and most acclaimed professional bodies in the world, will push us higher towards the pinnacle of glory and excellence and, I am proud to say that in this the 50th year of the profession, I can see all signs of this future story begin unfolding itself in all its glory.”
(Spoken at the 49th Annual Function of the ICAI on 16th January 1999)
WORDS OF WISDOM
Late CA. S.P. Chhajed (1999-2000)
“…Our accounting and auditing standards should be brought on par with international
standards to enable the financial statements become more transparent and comparable
internationally… The path ahead of the profession is very challenging, but I am sure that with the cooperation of the Council and all the members of the Institute, the profession will be able to meet these challenges…”
(Excerpts from President’s message in the February 1999 issue of our Journal)
CA. G. Sitharaman (2000-2001)
“Success is the ability to go from one failure to another with no loss of enthusiasm…Being
well-trained professionals, to be in tune with the times, our endeavours must be to continue to attract and to retain the best talents. Excellence is a constant endeavour and it is suicidal to be comfortable.”
(As expressed in June 2010 in a communication to ICAI and in his Message published in the July 2000 issue of the Journal)
CA. N.D. Gupta (2001-02)
“The art and science of accountancy does not lie only in balancing Books of Accounts; one
who does not balance his life remains a Debtor to Life; So, Excel, but not narrowly; spread your wings; fly like an eagle, and like the eagle, never lose sight of what is below and around.”
( As expressed in June 2010 in a communication to ICAI)
CA. Ashok Chandak (2002-2003)
“Much has also been said about US GAAP and its scope. That very scope has been exposed
for its inadequacies in terms of corporate failures in US. These inadequacies arise from total dependence on rules, which US system has. As we all know, the tighter a knot is, the easier it slips…That is why in India we follow principle-based accounting rather than rule-based accounting. This may give rise to questions of interpretation, but what it can never do is prove to be inadequate to cover a given situation...”
“Our profession has gone through an ordeal over last one year, in a global sense. Today, we
can look back and say that not only has nothing been lost, but many things have been gained. The profession has come back to a position perhaps better than the original one...”
(Excerpts from the President’s message published in the July and November 2002 issues of our Journal)
CA. R. Bupathy (2003-2004)
“The accountancy profession, intended mainly for safeguarding the interests of stakeholders, has undergone a metamorphosis over the decades. Sensing the challenges of time and advancement of technology, it is now moulding multi-skilled professionals in the finance function, with emphasis on Duty, Dignity, Discipline and Diligence, capable of providing total business solution and to play a contributing role in the economic development of the nation.”
(As expressed in June 2010 in a communication to ICAI)
CA. Sunil Goyal (2004-05)
“Those swimming naked have been exposed in the low tide of economic crisis. On the other
hand, fairing well during the economic turbulence, the Indian Chartered Accountants have
shown their mettle that they have arrived and are poised to lead the world.“
(As expressed in June 2010 in a communication to ICAI)
WORDS OF WISDOM
CA. Kamlesh Shivji Vikamsey (2005-06)
A professional is able to command respect in the society because his motto is “pride of
service in preference to personal gain”. A person who places public good above his personal gain is a “true” professional. The prestige and confidence enjoyed by a profession, to a great extent, depends on the strictness and the scrupulous manner in which the professional code is interpreted.
(Excerpts from his message in July 2005 issue of this journal)
CA. T.N. Manoharan (2006-07) (Padma Shri Awardee)
“The emerging areas of opportunities call for different skill sets, knowledge and delivery
mechanism… In matters of innovation and empowerment, let us (CAs) swim with the current, but in matters of values and principles, let us stand like a rock. Let us blend dynamism and ethics in order to excel.”
(As expressed In his article published in July 2008 issue of this journal)
CA. Sunil H. Talati (2007-08)
“When our country, economy and our profession of Chartered Accountancy is fast growing; I see no fear, no threats and no challenges. There are better and wider opportunities and we have to grab them with comprehensive strength, confidence and competence. We are the watchdogs and every C.A. has to be careful, watchful and must remember and feel that I adore my Profession, I salute my Institute, I respect my Council and I am proud to be a Chartered Accountant.”
(As expressed in June 2010 in a communication to ICAI)
CA. Ved Jain (2008-09)
“The education, training, dedication and devotion of the Indian Chartered Accountant are
unmatched. And I am quite confident that Indian Chartered Accountants will bring laurels to the country in the same way as the Information Technology professionals have done. The next decade surely belongs to them.”
(As expressed in June 2010 in a communication to ICAI)
CA. Uttam Prakash Agarwal (2009-10)
“I have heard somewhere all that is gold does not glitter. My Chartered Accountants Parivaar is amongst all that do not glitter, but the society sure knows the value. The contributions of the CAs will not be less important just because many a time they are unpraised and undermined. The stem, branches and the leaves are ever thankful to the roots that support them.”
(As expressed in June 2010 in a communication to ICAI).
CA. Amarjit Chopra (2010-11)
“Indian accountancy profession runs on two legs: one is ethics and another is excellence.
The profession cannot run up to the acme of success until and unless both are intact and
integrated. Integrity and non-stop addition to skill sets will pave the path to the epitome of
professional excellence.”
(As expressed in June 2010)
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