CAs need to introspect to revive credibility of the profession: Goyal

Union minister Piyush Goyal on Friday urged chartered accountants' community to introspect and look at ways to "revive the credibility of the profession" even as he asserted that all are not bad but exceptions sometimes damage the reputation.

Emphasising that Chartered Accountants (CAs) profession is that of a gate keeper and has a huge responsibility in nation building, he said that "honesty, loyalty and ethics" are integral to this field.

Citing examples in the gems and jewellery industry, the commerce and industry minister said that a few bad and rotten eggs in the business ruined the image and now no banker wants to lend money.

"Few big names who destroyed the name of the sector and its image, who were they?. Every jeweller was aware about them... but the sad part is that all of that happened (because) somebody was signing that balance sheet," he said.

All are "not bad" and there are exceptions but sadly sometimes exceptions take centre stage and damage the reputation and credibility of the entire industry, he said.

Speaking at an event here, Goyal said that CAs should do a bit of introspection and think of ways to revive the credibility of the profession and disciplinary action should be taken against those indulging in wrong doings.

"I think we (CAs) are the moral compass of the society," Goyal said, adding that audit is an integral element of CAs but doing honest audits is "our job and commitment".

The minister also cited an example in the steel sector.

"How many actions we have taken against CAs. Last year, disciplinary actions were taken against 22 CAs only..," Goyal said.

According to him, if the world would not trust a CA's certificate, "tab toh sabhi ke liye vichar karne ki baat hai (then it is something that we all have to think about)".

"We have to clean things... then, we can gain the confidence of society and people," Goyal said even as he mentioned that CAs should not take his words in other ways as he was speaking from his heart.

Goyal reiterated that if CAs of the country decide to work honestly and become whistleblowers, then they can change the face of the nation and can transform this nation singularly.

"We can transform the nation... not only USD 5 trillion economy, we can make a USD 50 trillion economy by 2050... this is possible," he said.