Convergence with International Standards on Auditing
Graham Ward | Past President, International Federation of Accountants
Nov 21, 2008 | Jaipur, India | English
It is an enormous pleasure and privilege for me to be able to share time with you this morning in order to discuss convergence with international standards on auditing. President CA Ved Jain, may I start these remarks by thanking you most sincerely for the opportunity to share time with you, with your Vice President, CA Uttam Prakash Agarwal, with your fellow guests and with your members: fellow chartered accountants of the Institute of Chartered Accountants of India.
May I also take this opportunity to congratulate you on your election as a member of the Board of the International Federation of Accountants, which became effective last week on 13 November 2008. Our global profession has been illuminated by the contribution of the Institute of Chartered Accountants of India and its many excellent nominees to IFAC boards and committees; it will be even more brightly illuminated by your presence at its Board meetings. Under your leadership, the Institute of Chartered Accountants of India is the largest professional body of Chartered Accountants in the World, with a strong tradition of service to the public interest and to the Indian economy. Members of your Institute are increasingly working overseas, to the benefit of the economies of the countries in which they work.
I am particularly delighted at the MOU signed yesterday between the Institute of Chartered Accountants of India and my own professional body of the Institute of Chartered Accountants in England and Wales. This foreshadows a time of great development of our wonderful profession in India and the UK and of even more outstanding service to our two great nations. May I congratulate you on your outstanding leadership of the Institute of Chartered Accountants of India, which will shine throughout the years ahead as a major milestone in the development of the Indian profession and the Indian economy.
One of the epithets applied to the Institute of Chartered Accountants of India is "partners in nation building." To me, this is an excellent characterisation of the contribution of our profession of accountancy to the world. Our profession is concerned with adding value to economies, in particular in creating an investment climate of trust. An investment climate of trust is key to raising capital on the national and international markets. It is key to the provision of energy, water, education, healthcare, food, and employment. Indeed, it is key to the fight against poverty-a fight which is so important to us all.
High standards of auditing are an essential component of an investment climate of trust, and it is my firm belief that trust will be higher if all nations adopt and implement International Standards on Auditing as the standards to be followed by auditors in their own country. I am most encouraged by the progress which has been made in India towards the adoption of International Standards on Auditing and would strongly encourage you to complete this process at the very earliest opportunity. Indeed, I am delighted to have been told that this is your firm intention.